Document:

Exhibit 10.3

                              PRECEDENT AGREEMENT
                                     BETWEEN
                  KINDER MORGAN INTERSTATE GAS TRANSMISSION LLC
                                       AND
                               NEDAK ETHANOL, LLC

        This Precedent Agreement dated this 28th day of February, 2006 states an
agreement between Kinder Morgan Interstate Gas Transmission LLC ("KMIGT"), a
limited liability company organized and existing under the laws of the State of
Colorado, and NEDAK Ethanol LLC ("Shipper"), a limited liability company. KMIGT
and Shipper hereby agree to enter into a transportation service agreement for
the services described herein, provided the conditions set forth in this
Precedent Agreement are met in accordance herewith. The commitment provided by
Shipper via this Precedent Agreement will be used as support for the
construction and operation of certain facilities referred to as the Grand Island
North Project. Accordingly, KMIGT and Shipper agree to the following:

                                    RECITALS:

           WHEREAS, Shipper proposes to construct a new ethanol production plant
(herein the "NEDAK Ethanol Plant" or "Plant") situated near Atkinson, Nebraska
which will utilize natural gas. Shipper desires to have KMIGT transport
Shipper's natural gas supply requirements to a primary delivery point near
O'Neill, Nebraska (O'Neill Delivery Point) for delivery to Kinder Morgan, Inc
who will deliver to the Plant. KMIGT's transportation services will be pursuant
to applicable transportation agreements and KMIGT's FERC Gas Tariff; and

           WHEREAS, the transportation and delivery of such gas supplies by
KMIGT will require KMIGT to increase its pipeline capacity by installing new
facilities north of Grand Island, NE; and

           WHEREAS, The facilities and capacities described herein may change
based on the final capacity requirements or project design; and,

          WHEREAS, the Parties desire to establish the terms and conditions upon
which KMIGT will construct and place into service the required facilities to
provide service to the O'Neill Delivery Point and make available the increased
pipeline capacity to transport and deliver the anticipated natural gas supply
requirements; and ,

        WHEREAS, this Precedent Agreement has been executed as evidence of the
agreement between KMIGT and Shipper that, upon satisfaction of the conditions
precedent set forth below, the parties will enter into a Firm Transportation
Service agreement(s) for interstate natural gas transportation service, to be
provided by KMIGT for Shipper.

NOW, THEREFORE, in consideration of the mutual covenants and agreement contained
herein, and intending to be legally bound, KMIGT and Shipper agree as follows:

1.      EFFECTIVE DATE, TERM AND BINDING EFFECT

        This Precedent Agreement shall become effective on the date of its
        execution by both Parties and shall remain in effect until the earlier
        of: (a) the Effective Date of the Firm Transportation Service Agreement,
        or (b) either Shipper's or KMIGT's exercise of its termination rights
        pursuant to this Precedent Agreement, or (c) failure of a condition
        precedent.

<PAGE>

2.      SERVICES

        KMIGT agrees to cause the construction of the facilities necessary to
        expand KMIGT's capacity in that part of its System located north of
        Grand Island, Nebraska to flow in a northerly direction so that KMIGT is
        able to deliver 2,450 Dth/d (North Expansion) to the O'Neill Delivery
        Point. KMIGT agrees to provide Shipper with firm transportation services
        to meet Shipper's needs as set forth on Appendix A hereto; however,
        KMIGT shall in no case be obligated to construct more than the capacity
        set forth above. The construction and operation of the North Expansion
        shall be subject to the jurisdiction of the Federal Energy Regulatory
        Commission ("FERC") and shall be pursuant to a FERC Certificate of
        Public Convenience and Necessity application filing by KMIGT
        ("Certificate Application").

        The pipeline facilities to be constructed and placed into service by
        KMIGT will be owned, operated and maintained by KMIGT

        The Parties agree that KMIGT is not obligated to order material for the
        construction of the KMIGT Facilities or begin the construction and
        installation of the KMIGT Facilities until: (1) all requisite
        authorization has been received in form and substance acceptable to
        KMIGT, and (2) this Agreement has been executed by both Parties.

3.      RATES

        Shipper agrees to pay the Reservation Rate(s) as indicated on Appendix A
        for the entire term set forth on Appendix A, in accordance with the form
        of Agreement attached hereto as Appendix B. The Commodity Rate, as
        indicated on Appendix B, plus ACA and any surcharges which, subsequent
        to the date of this Precedent Agreement, are then generally applicable
        under the Tariff, shall also be paid by Shipper. Fuel and Lost and
        Unaccounted for Gas ("FL&U") shall be assessed, and will be adjusted, in
        accordance with KMIGT's Tariff, in addition to the above described
        rates.

4.      QUANTITY, TERM, RECEIPT AND DELIVERY POINTS

        The Maximum Daily Quantity (MDQ) shall be as set forth on Appendix A
        attached hereto. The Primary Term shall commence on June 1, 2007 or the
        in-service date of the North Expansion. The Primary Term and the Primary
        Receipt and Delivery Point(s) are as set forth on Appendices A and B.
        Secondary Receipt and Delivery Points will be made available pursuant to
        the terms and conditions set forth in KMIGT's FERC Gas Tariff and shall
        be subject to all maximum applicable charges under the tariff, unless
        otherwise agreed to in writing.

5.      CONDITIONS TO KMIGT'S OBLIGATIONS

        KMIGT's obligations to provide firm services and to cause the
        construction of the North Expansion are subject to the following
        conditions:

        (a)    All requisite governmental approvals must be obtained and
               maintained on terms reasonably acceptable to KMIGT, including
               approval of construction, rates and terms and conditions of
               service; and
<PAGE>

        (b)    All rights-of-way and other surface rights required to site the
               North Expansion described herein must be obtained on terms and
               conditions reasonably acceptable to KMIGT; and

        (c)    The project must remain economically viable, in KMIGT's sole
               discretion; and

        (d)    KMIGT's obligations are conditioned on Shipper having and
               maintaining such credit as provided in Section 6(c) below to
               satisfy Shipper's financial obligations under this Precedent
               Agreement and the Firm Transportation Service Agreement which is
               to be executed pursuant to this Precedent Agreement.

6.      SHIPPER'S OBLIGATIONS

        (a)    Shipper agrees that it will execute the Firm Transportation
               Service Agreement in the form attached hereto as Appendix B,
               within five (5) business days after tender by KMIGT, in
               accordance with the Tariff and the terms of this Precedent
               Agreement; and

        (b)    Upon request by KMIGT, Shipper agrees to support any
               notification, tariff or certificate filing made to the FERC, or
               other forums, that would assist KMIGT in obtaining any necessary
               authorizations to construct facilities or to provide services as
               set out herein; and

        (c)    Shipper shall provide sufficient evidence of credit worthiness as
               follows:

               The initial credit assurance in the amount of $150,000 will be
               due within fifteen (15) days of signing this Agreement. Such
               credit assurance shall be adjusted based upon the following
               schedule:

                              Period           Credit Assurance
                              ------           ----------------
                              Upon signature   $     150,000
                                      Sep-06   $   1,529,169
                                      Apr-07   $   1,529,168
                                      Jul-07   $   1,529,168
                                      Oct-07   $   1,529,168
                                      Jan-08   $   1,325,278
                                      Apr-08   $   1,197,847
                                      Jul-08   $   1,070,416
                                      Oct-08   $     942,986
                                      Jan-09   $     815,555
                                      Apr-09   $     688,124
                                      Jul-09   $     560,694
                                      Oct-09   $     433,263
                                      Jan-10   $     305,833
                                      Apr-10   $     178,402
                                      Jul-10   $     127,431

<PAGE>

Shipper shall maintain the credit assurance of this Section 6 (c) in accordance
with the terms specified in KMIGT's then effective FERC Gas Tariff and the
FERC's policy for construction of new facilities throughout the term of this
Agreement and any superseding Firm Transportation Service Agreement. Further,
this Section 6(c) shall survive the termination of this Agreement.

7.      TIMING

        KMIGT anticipates having this project ready for service by June 1, 2007,
        conditioned upon receipt of all necessary regulatory and other
        approvals. However, if KMIGT is unable to commence the service as
        contemplated hereunder by June 1, 2007, KMIGT will proceed with due
        diligence and in good faith to commence the service for Shipper at the
        earliest practicable date thereafter.

8       TERMINATION RIGHTS

        Shipper shall have the right to terminate this Precedent Agreement prior
        to the Effective Date of the Firm Transportation Service Agreement if:
        (1) if it does not obtain the minimum level of interstate natural gas
        transportation service as specified on Appendix A hereto; or, (2) KMIGT
        has not filed for FERC certificate authority by June 1, 2006; or (3)
        FERC shall deny the Certificate Application. KMIGT shall have the right
        to terminate this Precedent Agreement prior to the Effective Date of the
        Firm Transportation Service Agreement if: (1) FERC shall deny the
        Certificate Application, or (2) FERC shall attach conditions to any
        certificate which results from the Certificate Application which, in
        KMIGT's sole judgment, are unacceptable, or (3) FERC fails to issue a
        certificate in response to the Certificate Application prior to January
        31, 2007; or, (4) KMIGT determines, in its commercially reasonable
        discretion, that the project is not "Economically Viable", with such
        determination to be made no later than thirty (30) days following
        KMIGT's receipt of a certificate from FERC; or, (5) Shipper fails to
        comply with its obligation stated at Section 6(c) above. Any such
        termination by either Party shall be effected by delivery by the
        terminating Party of written notice to the other Party within twenty
        (20) business days after the relied upon occurrence. Notice of
        termination delivered later than twenty (20) business days after the
        relied upon occurrence shall not be effective, except in the case stated
        at clause (e) of this Section 8 wherein any ongoing or periodic failure
        to maintain creditworthiness shall constitute a separate occurrence.

9.      AUTHORITIES

        Performance  hereunder  shall  be  subject  to  all  valid  laws,
        orders, decisions, rules and regulations of duly constituted
        governmental authorities having jurisdiction or control of the matter
        related hereto. Should either of the Parties, by force of any such law,
        order, decision, rule or regulation, at any time during the term of this
        Precedent Agreement be ordered or required to do any act inconsistent
        with the provisions hereof, then for the period during which the
        requirements of such law, order, decision, rule or regulation are
        applicable, this Precedent Agreement shall be deemed modified to conform
        with the requirement of such law, order, decision, rule or regulation;
        provided, however, nothing herein shall alter, modify or otherwise
        affect the respective rights of the Parties to cancel or terminate this
        Precedent Agreement under the terms and conditions hereof.
<PAGE>

10.     ASSIGNMENT

        This Precedent Agreement, in whole or in part, may be assigned by KMIGT
        to a wholly or partially owned affiliate, special purpose joint venture,
        partnership, or other affiliated entity, including a parent company or
        partnership. Shipper may assign this Precedent Agreement and any of the
        rights or obligations hereunder and any associated Firm Transportation
        Service Agreement to any wholly owned affiliate which satisfies the
        credit worthiness standards of KMIGT and which is a successor to the
        business for which the transportation service was initially secured.
        Either party may assign this Precedent Agreement to an entity to which
        the party has assigned, transferred or pledged the rights and privileges
        under the applicable agreement for mortgage, pledge or as security for
        indebtedness. Once the North Expansion is in service, Shipper may
        release its capacity under the Firm Transportation Service Agreement
        pursuant to the terms of the Tariff.

11.     CHOICE OF LAW

        THIS PRECEDENT AGREEMENT SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY
        THE LAWS OF THE STATE OF COLORADO, WITHOUT REGARD TO THE CHOICE OF LAW
        RULES OF THAT STATE.

12.     FURTHER ASSURANCE

        KMIGT and Shipper shall act in good faith to achieve the benefit of the
        bargains set forth herein, and shall enter into such additional
        agreements as may be reasonable and necessary in furtherance of this
        Precedent Agreement.

13.     CONFIDENTIALITY

        Due to competitive concerns of KMIGT and Shipper, each Party and its
        respective agents, employees, affiliates, officers, directors,
        attorneys, auditors and other representatives shall keep and maintain
        this Precedent Agreement and the individual provisions hereof in strict
        confidence, and shall not transmit, reveal, disclose or otherwise
        communicate any of the provisions of this Precedent Agreement to any
        person without first obtaining the express written consent of the other
        Party, which consent shall not be unreasonably withheld; provided,
        however, that such consent shall not be required to the extent that
        either Party determines in its reasonable judgment that any such
        disclosure is expressly contemplated or required by law, regulation, an
        entity providing financing or order of any governmental authority of
        competent jurisdiction, including but not limited to the FERC.

14.     REPRESENTATIONS

        Each Party represents that this Agreement, the transactions contemplated
        herein, and the execution and delivery of this Agreement have been duly
        authorized by all necessary corporation or limited liability company
        actions, including, without limitation, required action on the part of
        the officers and agents of the representing Party, and this Agreement,
        when executed and delivered, shall be valid and binding on it.
<PAGE>

 KINDER MORGAN INTERSTATE GAS TRANSMISSION LLC

BY:      __________________________________

NAME:  ________________________________

TITLE:    ________________________________

NEDAK ETHANOL LLC

BY:        ________________________________

NAME:  ________________________________

TITLE:    _________________________________

<PAGE>

                                   APPENDIX A
                                     TO THE
                               PRECEDENT AGREEMENT
                                     BETWEEN
             KINDER MORGAN INTERSTATE GAS TRANSMISSION LLC ("KMIGT")
                                       AND
                          NEDAK ETHANOL LLC ("SHIPPER")

                                  DATED 3-23-06

        In accordance with the Precedent Agreement, Shipper makes the following
elections for service under the North Expansion Project. Unless as otherwise
specified below and agreed to by KMIGT, the commencement date of the Firm
Transportation Service Agreement is to be the in-service date of the project.
Final determination of the project size will be based upon the total elections
received that are economically acceptable:

FIRM TRANSPORTATION SERVICE
-------------------- ----------------- --------------- -------------- ----------
        PRIMARY           PRIMARY                        RESERVATION     TERM
      RECEIPT POINT     DELIVERY POINT     MDQ (DTH/D)       RATE*      (YEARS)
--- ----------------- ----------------- -------------- -------------- ----------
 1. KMOLP/Douglas      NEDAK O'Neill -         69             MAX        10
    Plant              (PIN # to be
    PIN(996620)         determined)
--- ---------------- ----------------- --------------- -------------- ----------
2.   CIG/Glenrock     NEDAK O'Neill         2,381             MAX        10
      (PIN 19350)      (PIN # to be
                       determined)
--- ---------------- ----------------- --------------- -------------- ----------
3.
--- ---------------- ----------------- --------------- -------------- ----------
                                            2,450
                     TOTAL MDQ
--- ---------------- ----------------- --------------- -------------- ----------

Commencement Date of the Firm Transportation Service contract is June 1, 2007

           * Reservation Rate shall be stated as $ per MDQ or MDCQ per month, or
           Shipper may elect to pay the maximum recourse rate by indicating
           "MAX". Negotiated Rates shall apply to the primary paths and points
           set forth above, and shall remain fixed during the entire term of the
           Firm Transportation Service Agreement

           o    Shipper's minimum acceptable quantity (please check one of the
                following boxes):

                 [ ] The quantity requested above is Shipper's minimum
                     acceptable quantity.
                 [ ] The minimum quantity is designated as follows: ___________

     Agreed to by:

Shipper Signature:    _________________________________________________

Name (Please print):  _________________________________________________

Title:  _____________________________________________________________

<PAGE>

                                   APPENDIX B
                                     TO THE
                               PRECEDENT AGREEMENT
                                     BETWEEN
             KINDER MORGAN INTERSTATE GAS TRANSMISSION LLC ("KMIGT")
                                       AND
                          NEDAK ETHANOL LLC ("SHIPPER")
                              DATED _______________

                                                          Contract No. __TBD____

                      FIRM TRANSPORTATION SERVICE AGREEMENT
                        (APPLICABLE TO RATE SCHEDULE FT)

        This Agreement ("Agreement") is made and entered into by Kinder Morgan
Interstate Gas Transmission LLC, a Colorado corporation ("Transporter") and by
the Party(s) named in Article XIII ("Shipper").

        In consideration of the premises and of the mutual covenants, the
parties do agree as follows:

                                    ARTICLE I
                               SCOPE OF AGREEMENT

        Subject to the terms, conditions and limitations hereof and of
Transporter's Rate Schedule FT, Transporter agrees to receive from, or for the
account of, Shipper for transportation on a firm basis quantities of natural gas
tendered by Shipper on any day at the Primary Receipt Point(s) up to the
applicable Maximum Daily Receipt Quantity for such Receipt Point. Shipper shall
not tender at all Primary Receipt Points on any day without the prior consent of
Transporter, a cumulative quantity of natural gas in excess of the Maximum Daily
Transportation Quantity set forth in Article XIII.

        Transporter agrees to transport and deliver to, or for the account of,
Shipper at the Delivery Point(s) the nominated gas received from Shipper at the
Receipt Point(s), less the Fuel Reimbursement Quantity and other deductions, and
Shipper agrees to accept or cause acceptance of delivery of these quantities;
provided, however, that Transporter shall not be obligated to deliver at any
Delivery Point on any day a quantity of natural gas in excess of the applicable
Maximum Daily Delivery Quantity.

                                   ARTICLE II
                                TERM OF AGREEMENT

        This Agreement shall become effective as of the date set forth below and
shall remain in full force and effect in accordance with the terms of this
Service Agreement. This Agreement may be extended for another primary term if
agreed to by both parties in accordance with the provisions in the General Terms
and Conditions on the Right of First Refusal Process.

                                   ARTICLE III
                                  RATE SCHEDULE

        Shipper shall pay Transporter for all services rendered and for the
availability of such service at rates filed under Transporter's FT Rate Schedule
as shown on Sheet No. 4-A of Second Revised Volume No. 1-A and as the same may
be hereafter revised or changed. Unless otherwise agreed to in writing between
Transporter and Shipper, the rates to be charged Shipper for transportation
shall not be more than the maximum rate under Rate Schedule FT, nor less than
the minimum rate under Rate Schedule FT.
<PAGE>

        This Agreement and all terms and provisions contained or incorporated
herein are subject to the provisions of Transporter's applicable Rate Schedules
and of Transporter's General Terms and Conditions on file with the Federal
Energy Regulatory Commission, or other duly constituted authorities having
jurisdiction, and as the same may be legally amended or superseded, which Rate
Schedules and General Terms and Conditions are by this reference made a part
hereof.

        Shipper agrees that Transporter shall have the unilateral right to file
with the appropriate regulatory authority and make changes effective in: (a) the
rates and charges applicable to service pursuant to Transporter's Rate Schedule
FT, (b) Transporter's Rate Schedule FT, pursuant to which service is rendered,
or (c) any provision of the General Terms and Conditions applicable to Rate
Schedule FT.

                                   ARTICLE IV
                            PRIMARY RECEIPT POINT(S)

        Natural gas to be received by Transporter for the account of Shipper
shall be delivered by Shipper and received by Transporter on the outlet side of
the measuring station(s) at or near the Primary Receipt Point(s) specified in
Appendix A, with the Maximum Daily Receipt Quantity and the facility number,
maximum receipt pressure, and provisions for incremental facilities as set forth
in Appendix A. If multiple primary delivery point rate zones are specified in
Appendix B the primary receipt point(s) and quantities must be allocated by
primary delivery point rate zone in Appendix A.

                                    ARTICLE V
                             PRIMARY DELIVERY POINTS

        Natural gas to be delivered by Transporter for the account of Shipper
shall be delivered by Transporter and received by Shipper on the outlet side of
the measuring station(s) at or near the Primary Delivery Point(s) specified in
Appendix B, with the Maximum Daily Delivery Quantity and the facility number,
maximum delivery pressure, and provisions for incremental facilities indicated
for each such Delivery Point as set forth in Appendix B.

                                   ARTICLE VI
                                     QUALITY

        All natural gas tendered to Transporter for transportation for the
account of Shipper at the Receipt Point(s) shall conform to the quality
specifications set forth in Section 4 of the General Terms and Conditions of
Transporter's FERC Gas Tariff, as revised from time to time unless otherwise
agreed to. Transporter may refuse to take delivery of any gas for transportation
which does not meet such quality specifications.

                                   ARTICLE VII
                                 INTERPRETATION

        The interpretation and performance of the Agreement shall be in
accordance with the laws of the State of Colorado.

        This Agreement, and all its rates, terms and conditions, shall at all
times be subject to modification by order of the FERC upon notice and hearing
and a finding of good cause therefore. In the event that any party to this
Agreement requests the FERC to take any action which could cause a modification
in the conditions of this Agreement, that party shall provide written notice to
the other parties at the time of filing the request with the FERC.

<PAGE>

                                  ARTICLE VIII
                           AGREEMENTS BEING SUPERSEDED

        When this Agreement becomes effective, it shall supersede and cancel any
other firm agreements between the parties for the same service.

                                   ARTICLE IX
                                 CERTIFICATIONS

        By executing this Agreement, Shipper certifies that: (1) Shipper has a
valid right to deliver the gas to be transported by Transporter; (2) Shipper
has, or will have, entered into all arrangements necessary for the commencement
of deliveries to Transporter; and (3) Shipper has a transportation contract(s)
or will enter into a transportation contract(s) with the party ultimately
receiving the gas, prior to the commencement of service.

                                    ARTICLE X
                                    ADDRESSES

        Except as otherwise provided or as provided in the General Terms and
Conditions of Transporter's FERC Gas Tariff, any notice, request, demand,
statement, bill or payment provided for in this Agreement, or any notice which
any party may desire to give to the other, shall be in writing and shall be
considered as duly delivered when mailed by registered, certified, or regular
mail to the post office address of the parties as follows:

        (a) Transporter:

            Mailing Address:                     Street Address:
            Kinder Morgan Interstate Gas         Kinder Morgan Interstate Gas
               Transmission LLC                     Transmission LLC
            P.O. Box 281304                      370 Van Gordon
            Lakewood, Colorado  80228-8304       Lakewood, Colorado  80228
            Telephone: (303) 989-1740
            Telecopy:  (303) 763-3515

            Scheduling:                          Payment Address:
            Transportation and Storage Services  Kinder Morgan Interstate Gas
            Telephone:  (713) 369-9329              Transmission LLC
            Telecopy:    (713) 369-9325          c/o KMP Rockies
                                                 Dept. 3035 P O Box
                                                 201607 Dallas, Texas 75320-1607

                                                 Wires:
                                                 Kinder Morgan Interstate Gas
                                                    Transmission LLC
                                                 c/o KMP Rockies
                                                 Wells Fargo Bank, NA
                                                 ABA No. 121 000 248
                                                 Account No. 412 112 0968

          (b) Shipper: As shown in Article XIII or such other address as
     either party shall designate by formal written notice.
<PAGE>

                                   ARTICLE XI
                             SUCCESSORS AND ASSIGNS

        This Agreement shall be binding upon and inure to the benefit of any
successor(s), substantially as an entirety, to either Transporter or Shipper by
merger, consolidation or acquisition. Either Transporter or Shipper may assign
or pledge this Agreement and all rights and obligations hereunder under the
provisions of any mortgage, deed of trust, indenture or other instrument which
it has executed or may execute hereafter as security for indebtedness;
otherwise, except as provided in Section 23 of the General Terms and Conditions,
neither Transporter nor Shipper shall assign this Agreement or its rights
hereunder.

                                   ARTICLE XII
                                CAPACITY RELEASE

        Shipper may release its capacity under this Firm Transportation Service
Agreement, up to Shipper's Maximum Daily Transportation Quantity or Maximum
Contract Quantity, in accordance with the General Terms and Conditions of
Transporter's FERC Gas Tariff.

<PAGE>

                                  ARTICLE XIII
                              SPECIFIC INFORMATION

        Firm Transportation Service Agreement between KINDER MORGAN INTERSTATE
GAS TRANSMISSION LLC ("Transporter") and NEDAK Ethanol LLC ("Shipper").

        Contract Number:     _______TBD______
        Contract Date:       _____________
        Term:                For Ten Years Commencing the Later of June 1, 2007
                             or the In-                  Service Date of the
                             North
                             Expansion
        Termination Notice:  __Per tariff_____________

        Shipper Address:
                            118 East State Street____

                            Atkinson, NE 68713______

        Telephone:                  ________________
        Telecopy:                   ________________

Maximum Daily
Transportation Quantity:    _2,450_ MMBtu per day.

Rate:  The rate charged  will be the maximum  transportation rate unless
otherwise agreed to in writing.

Fuel Reimbursement:  As stated on Tariff Sheet No. 4-D, unless otherwise agreed
to in writing.

       IN WITNESS WHEREOF, the parties have caused this Agreement to be
signed by their duly authorized representative.

KINDER MORGAN INTERSTATE GAS
TRANSMISSION LLC                                  NEDAK ETHANOL LLC
"Transporter"                                     "Shipper"

By:    ___________________________________ By:  _____________________________

Title: ___________________________________ Title:  ___________________________

<PAGE>

                                   APPENDIX A
                                RECEIPT POINT(S)

        To the Firm Transportation Service Agreement between KINDER MORGAN
INTERSTATE GAS TRANSMISSION LLC ("Transporter") and NEDAK ETHANOL LLC
("Shipper").

Contract Number:  ______TBD__________           Dated:___________________
                                                Effective Date: June 1, 2007

                                       Maximum                     Provision for
Primary                                Receipt     Maximum Daily    Incremental
Receipt Point(s)        Facility No.  Pressure   Receipt Quantity    Facility
-------------------     -----------   ---------  ---------------- --------------

KMOLP/Douglas Plant    PIN (996620)                    69 Dth          N/A

CIG/Glenrock           PIN (19350)                  2,381 Dth          N/A

This Appendix A supersedes and cancels any previously effective Appendix A to
the referenced Firm Transportation Service Agreement.

KINDER MORGAN INTERSTATE GAS
TRANSMISSION LLC                           NEDAK ETHANOL LLC
"Transporter"                              "Shipper"

By:     _______________________________    By:    ______________________________

Title:  _______________________________    Title: ______________________________

<PAGE>

                                   APPENDIX B
                                DELIVERY POINT(S)

        To the Firm Transportation Service Agreement between KINDER MORGAN
INTERSTATE GAS TRANSMISSION LLC ("Transporter") and NEDAK ETHANOL LLC
("Shipper").

Contract Number:  _____TBD________           Dated:         ______________
                                             Effective Date:  June 1, 2007

                                       Maximum                    Provision for
Primary                                Receipt     Maximum Daily    Incremental
Receipt Point(s)        Facility No.  Pressure   Receipt Quantity    Facility
-------------------     -----------   ---------  ---------------- --------------

NEDAK O'Neill          (PIN # TBD)                 2,450 Dth            NA

This Appendix B supersedes and cancels any previously effective Appendix B to
the referenced Firm Transportation Service Agreement.

KINDER MORGAN INTERSTATE GAS
 TRANSMISSION LLC                            NEDAK ETHANOL LLC
("Transporter")                                     ("Shipper")

By:     _____________________________        By:    ____________________________

Title:  _____________________________        Title: ____________________________

<PAGE>

                                   APPENDIX C
                   PRIMARY TRANSPORTATION PATH SEGMENT MDTQ's
         (Applicable to New, Renewed or Amended Transportation Segments)

        An MDTQ exists for each primary transportation path segment and
direction within the primary path under this Agreement. Such MDTQ is the maximum
daily transportation quantity of gas which Transporter is obligated to transport
on a firm basis along a primary transportation path segment.

        A schedule showing these primary transportation path segment MDTQ's is
attached.

        This Appendix C supersedes and cancels any previously effective Appendix
C to this Firm Transportation Service Agreement.

                                         KINDER MORGAN INTERSTATE
                                          GAS TRANSMISSION LLC
                                         ("Transporter")

                                         By :  _________________________________

                                         Title:  _______________________________

                                         NEDAK ETHANOL LLC
                                         ("Shipper")

                                         By :  _________________________________

                                         Title: ________________________________

                                             Flow Direction
                      Upstream                (F)orward Haul
Segment #             Segment                or (B)ack Haul             MDTQ
---------             -------                --------------             ----

                                         TBDUnassociated Document

    
      

      

    

    

    

    

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

     

    

     

    OPTION
      ONE MORTGAGE CORPORATION

    Servicer

     

    

     

    and

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

     

    

    

    

    POOLING
      AND SERVICING AGREEMENT

    

     

    Dated
      as
      of March 1, 2006

     

    

     

    

     

    ___________________________

     

     

    Soundview
      Home Loan Trust 2006-OPT1

     

    Asset-Backed
      Certificates, Series 2006-OPT1

     

     

    

     

    
      

      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

    

     

    
      	
              ARTICLE
                I 

              DEFINITIONS

               

            
	
              SECTION
                1.01

            	
              Defined
                Terms.

            
	
              SECTION
                1.02

            	
              Accounting.

            
	
              SECTION
                1.03

            	
              Allocation
                of Certain Interest Shortfalls.

            
	
              SECTION
                1.04

            	
              Rights
                of the NIMS Insurer.

               

            
	
              ARTICLE
                II 

              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

               

            
	
              SECTION
                2.01

            	
              Conveyance
                of Mortgage Loans.

            
	
              SECTION
                2.02

            	
              Acceptance
                by Trustee.

            
	
              SECTION
                2.03

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originator.

            
	
              SECTION
                2.04

            	
              Intentionally
                Omitted.

            
	
              SECTION
                2.05

            	
              Representations,
                Warranties and Covenants of the Servicer.

            
	
              SECTION
                2.06

            	
              Representations
                and Warranties of the Depositor.

            
	
              SECTION
                2.07

            	
              Issuance
                of Certificates.

            
	
              SECTION
                2.08

            	
              [Reserved].

            
	
              SECTION
                2.09

            	
              Acceptance
                of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 by the Trustee;
                Conveyance of REMIC 1 Regular Interests, Class C Interest and Class
                P
                Interest; Issuance of Certificates.

               

            
	
              ARTICLE
                III 

              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

               

            
	
              SECTION
                3.01

            	
              Servicer
                to Act as Servicer.

            
	
              SECTION
                3.02

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers.

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04

            	
              Liability
                of the Servicer.

            
	
              SECTION
                3.05

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

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts.

            
	
              SECTION
                3.09

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

            
	
              SECTION
                3.10

            	
              Collection
                Account and Distribution Account.

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            
	
              SECTION
                3.12

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

            
	
              SECTION
                3.13

            	
              [Reserved].

            
	
              SECTION
                3.14

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            
	
              SECTION
                3.15

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

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation.

            
	
              SECTION
                3.19

            	
              Reports
                to the Trustee; Collection Account Statements.

            
	
              SECTION
                3.20

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21

            	
              Independent
                Public Accountants’ Servicing Report.

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation; Filing of Reports by Trustee.

            
	
              SECTION
                3.23

            	
              Title,
                Management and Disposition of REO Property.

            
	
              SECTION
                3.24

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              SECTION
                3.25

            	
              [Reserved].

            
	
              SECTION
                3.26

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

            
	
              SECTION
                3.27

            	
              [Reserved].

            
	
              SECTION
                3.28

            	
              [Reserved].

            
	
              SECTION
                3.29

            	
              Advance
                Facility.

               

            
	
              ARTICLE
                IV 

              FLOW
                OF FUNDS

               

            
	
              SECTION
                4.01

            	
              Distributions.

            
	
              SECTION
                4.02

            	
              [Reserved].

            
	
              SECTION
                4.03

            	
              Statements.

            
	
              SECTION
                4.04

            	
              Remittance
                Reports; Advances.

            
	
              SECTION
                4.05

            	
              Swap
                Account.

            
	
              SECTION
                4.06

            	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            
	
              SECTION
                4.07

            	
              [Reserved].

            
	
              SECTION
                4.08

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              SECTION
                4.09

            	
              Distributions
                on the REMIC Regular Interests.

            
	
              SECTION
                4.10

            	
              Allocation
                of Realized Losses.

               

            
	
              ARTICLE
                V 

              THE
                CERTIFICATES

               

            
	
              SECTION
                5.01

            	
              The
                Certificates.

            
	
              SECTION
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	
              SECTION
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              SECTION
                5.04

            	
              Persons
                Deemed Owners.

            
	
              SECTION
                5.05

            	
              Appointment
                of Paying Agent.

               

            
	
              ARTICLE
                VI 

              THE
                SERVICER, THE DEPOSITOR AND THE CREDIT RISK MANAGER

               

            
	
              SECTION
                6.01

            	
              Liability
                of the Servicer and the Depositor.

            
	
              SECTION
                6.02

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

            
	
              SECTION
                6.03

            	
              Limitation
                on Liability of the Servicer and Others.

            
	
              SECTION
                6.04

            	
              Servicer
                Not to Resign.

            
	
              SECTION
                6.05

            	
              Delegation
                of Duties.

            
	
              SECTION
                6.06

            	
              [Reserved].

            
	
              SECTION
                6.07

            	
              Inspection.

            
	
              SECTION
                6.08

            	
              Credit
                Risk Manager.

               

            
	
              ARTICLE
                VII 

              DEFAULT

               

            
	
              SECTION
                7.01

            	
              Servicer
                Events of Termination.

            
	
              SECTION
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              SECTION
                7.03

            	
              Waiver
                of Defaults.

            
	
              SECTION
                7.04

            	
              Notification
                to Certificateholders.

            
	
              SECTION
                7.05

            	
              Survivability
                of Servicer Liabilities.

               

            
	
              ARTICLE
                VIII 

              THE
                TRUSTEE

               

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee.

            
	
              SECTION
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            
	
              SECTION
                8.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            
	
              SECTION
                8.04

            	
              Trustee
                May Own Certificates.

            
	
              SECTION
                8.05

            	
              Trustee
                Compensation, Custodian Fee and Expenses.

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee.

            
	
              SECTION
                8.07

            	
              Resignation
                or Removal of Trustee.

            
	
              SECTION
                8.08

            	
              Successor
                Trustee.

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee.

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11

            	
              Limitation
                of Liability.

            
	
              SECTION
                8.12

            	
              Trustee
                May Enforce Claims Without Possession of Certificates.

            
	
              SECTION
                8.13

            	
              Suits
                for Enforcement.

            
	
              SECTION
                8.14

            	
              Waiver
                of Bond Requirement.

            
	
              SECTION
                8.15

            	
              Waiver
                of Inventory, Accounting and Appraisal Requirement.

            
	
              SECTION
                8.16

            	
              Appointment
                of the Custodian.

               

            
	
              ARTICLE
                IX 

              REMIC
                ADMINISTRATION

               

            
	
              SECTION
                9.01

            	
              REMIC
                Administration.

            
	
              SECTION
                9.02

            	
              Prohibited
                Transactions and Activities.

            
	
              SECTION
                9.03

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

               

            
	
              ARTICLE
                X 

              TERMINATION

               

            
	
              SECTION
                10.01

            	
              Termination.

            
	
              SECTION
                10.02

            	
              Additional
                Termination Requirements.

               

            
	
              ARTICLE
                XI 

              MISCELLANEOUS
                PROVISIONS

               

            
	
              SECTION
                11.01

            	
              Amendment.

            
	
              SECTION
                11.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              SECTION
                11.03

            	
              Limitation
                on Rights of Certificateholders.

            
	
              SECTION
                11.04

            	
              Governing
                Law; Jurisdiction.

            
	
              SECTION
                11.05

            	
              Notices.

            
	
              SECTION
                11.06

            	
              Severability
                of Provisions.

            
	
              SECTION
                11.07

            	
              Article
                and Section References.

            
	
              SECTION
                11.08

            	
              Notice
                to the Rating Agencies and the NIMS Insurer.

            
	
              SECTION
                11.09

            	
              Further
                Assurances.

            
	
              SECTION
                11.10

            	
              Third
                Party Rights.

            
	
              SECTION
                11.11

            	
              Benefits
                of Agreement.

            
	
              SECTION
                11.12

            	
              Acts
                of Certificateholders.

            
	 	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits:

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class I-A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class II-A-1 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class II-A-2 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class II-A-3 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class II-A-4 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class M-10 Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class M-11 Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-18

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-19

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-20

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s/Custodian’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s/Custodian’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              Form
                of Custodial Agreement 

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Limited Power of Attorney

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Form
                of Transfer Affidavit for Residual Certificates

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of ERISA Representation Letter

            
	
              Exhibit
                N-1

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

            
	
              Exhibit
                N-2

            	
              Form
                Certification to be Provided to the Depositor by the
                Trustee

            
	
              Exhibit
                N-3

            	
              Form
                Certification to be Provided to the Depositor by the
                Servicer

            
	
              Exhibit
                O

            	
              [Reserved]

            
	
              Exhibit
                P

            	
              Form
                of Annual Statement as to Compliance

            
	
              Exhibit
                Q

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                R

            	
              Form
                of Swap Administration Agreement

            
	
              Exhibit
                S

            	
              Servicing
                Criteria

            
	
              Exhibit
                T

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

            
	
              Schedule
                I

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                II

            	
              Swap
                Payment Schedule

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of March 1, 2006 (the “Agreement”),
      among FINANCIAL ASSET SECURITIES CORP., as depositor (the “Depositor”), OPTION
      ONE MORTGAGE CORPORATION, as servicer (the “Servicer”) and DEUTSCHE BANK
      NATIONAL TRUST COMPANY, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of twenty-one classes
      of
      certificates, designated as (i) the Class I-A-1 Certificates, (ii) the Class
      II-A-1 Certificates, (iii) the Class II-A-2 Certificates, (iv) Class II-A-3
      Certificates, (v) the Class II-A-4 Certificates, (vi) the Class M-1 Certificates
      (vii) the Class M-2 Certificates, (viii) the Class M-3 Certificates, (ix) the
      Class M-4 Certificates, (x) the Class M-5 Certificates, (xi) the Class M-6
      Certificates, (xii) the Class M-7 Certificates, (xiii) the Class M-8
      Certificates, (xiv) the Class M-9 Certificates, (xv) the Class M-10
      Certificates, (xvi) the Class M-11 Certificates, (xvii) the Class C
      Certificates, (xviii) the Class P Certificates, (xix) the Class R Certificates
      and (xx) the Class R-X Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      I

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets (other than
      the Net WAC Rate Carryover Reserve Account, the Swap Account, the Serivicer
      Prepayment Charge Payment Amounts, the Supplemental Interest Trust and the
      Interest Rate Swap Agreement) subject to this Agreement as a REMIC for federal
      income tax purposes, and such segregated pool of assets shall be designated
      as
“REMIC 1.” The Class R-1 Interest shall be the sole class of “residual
      interests” in REMIC 1 for purposes of the REMIC Provisions (as defined herein).
      The following table irrevocably sets forth the designation, the Uncertificated
      REMIC 1 Pass-Through Rate, the initial Uncertificated Principal Balance and,
      for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC 1 Regular Interests (as
      defined herein). None of the REMIC 1 Regular Interests shall be
      certificated.

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial

              Uncertificated
                Principal

              Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              I

            	 	
              Variable(2)

            	 	 	
              $  
                9,815,141.57

            	 	
              March
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	 	
              $  
                6,569,422.50

            	 	
              March
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	 	
              $  
                6,569,422.50

            	 	
              March
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	 	
              $  
                8,238,642.50

            	 	
              March
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	 	
              $  
                8,238,642.50

            	 	
              March
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	 	
              $  
                9,900,581.25

            	 	
              March
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	 	
              $   9,900,581.25

            	 	
              March
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	 	
              $
                11,539,782.50

            	 	
              March
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	 	
              $
                11,539,782.50

            	 	
              March
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	 	
              $
                13,140,116.25

            	 	
              March
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	 	
              $
                13,140,116.25

            	 	
              March
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	 	
              $
                14,685,022.50

            	 	
              March
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	 	
              $
                14,685,022.50

            	 	
              March
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	 	
              $
                16,157,615.00

            	 	
              March
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	 	
              $
                16,157,615.00

            	 	
              March
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	 	
              $
                17,540,297.50

            	 	
              March
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	 	
              $
                17,540,297.50

            	 	
              March
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	 	
              $
                18,709,137.50

            	 	
              March
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	 	
              $
                18,709,137.50

            	 	
              March
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	 	
              $
                18,183,375.00

            	 	
              March
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	 	
              $
                18,183,375.00

            	 	
              March
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	 	
              $
                17,338,895.00

            	 	
              March
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	 	
              $
                17,338,895.00

            	 	
              March
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	 	
              $
                16,534,352.50

            	 	
              March
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	 	
              $
                16,534,352.50

            	 	
              March
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	 	
              $
                15,767,832.50

            	 	
              March
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	 	
              $
                15,767,832.50

            	 	
              March
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	 	
              $
                15,037,503.75

            	 	
              March
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	 	
              $
                15,037,503.75

            	 	
              March
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	 	
              $
                14,341,663.75

            	 	
              March
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	 	
              $
                14,341,663.75

            	 	
              March
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	 	
              $
                13,678,651.25

            	 	
              March
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	 	
              $
                13,678,651.25

            	 	
              March
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	 	
              $
                13,046,896.25

            	 	
              March
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	 	
              $
                13,046,896.25

            	 	
              March
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	 	
              $
                12,444,907.50

            	 	
              March
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	 	
              $
                12,444,907.50

            	 	
              March
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	 	
              $
                11,882,680.00

            	 	
              March
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	 	
              $
                11,882,680.00

            	 	
              March
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	 	
              $
                12,248,731.25

            	 	
              March
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	 	
              $
                12,248,731.25

            	 	
              March
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	 	
              $
                29,703,532.50

            	 	
              March
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	 	
              $
                29,703,532.50

            	 	
              March
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	 	
              $
                29,033,865.00

            	 	
              March
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	 	
              $
                29,033,865.00

            	 	
              March
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	 	
              $
                24,188,492.50

            	 	
              March
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	 	
              $
                24,188,492.50

            	 	
              March
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	 	
              $
                19,806,928.75

            	 	
              March
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	 	
              $
                19,806,928.75

            	 	
              March
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	 	
              $  
                8,937,341.25

            	 	
              March
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	 	
              $  
                8,937,341.25

            	 	
              March
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	 	
              $  
                6,355,892.50

            	 	
              March
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	 	
              $  
                6,355,892.50

            	 	
              March
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	 	
              $  
                6,016,900.00

            	 	
              March
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	 	
              $  
                6,016,900.00

            	 	
              March
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	 	
              $  
                5,696,895.00

            	 	
              March
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	 	
              $  
                5,696,895.00

            	 	
              March
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	 	
              $  
                5,394,872.50

            	 	
              March
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	 	
              $  
                5,394,872.50

            	 	
              March
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	 	
              $  
                5,109,997.50

            	 	
              March
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	 	
              $  
                5,109,997.50

            	 	
              March
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	 	
              $  
                4,841,093.75

            	 	
              March
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	 	
              $  
                4,841,093.75

            	 	
              March
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	 	
              $  
                4,587,231.25

            	 	
              March
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	 	
              $  
                4,587,231.25

            	 	
              March
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	 	
              $  
                4,347,537.50

            	 	
              March
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	 	
              $  
                4,347,537.50

            	 	
              March
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	 	
              $  
                4,121,071.25

            	 	
              March
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	 	
              $  
                4,121,071.25

            	 	
              March
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	 	
              $  
                3,907,117.50

            	 	
              March
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	 	
              $  
                3,907,117.50

            	 	
              March
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	 	
              $  
                3,705,243.75

            	 	
              March
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	 	
              $  
                3,705,243.75

            	 	
              March
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	 	
              $  
                3,514,536.25

            	 	
              March
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	 	
              $  
                3,514,536.25

            	 	
              March
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	 	
              $  
                3,334,347.50

            	 	
              March
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	 	
              $  
                3,334,347.50

            	 	
              March
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	 	
              $  
                3,164,077.50

            	 	
              March
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	 	
              $  
                3,164,077.50

            	 	
              March
                25, 2036

            	 
	
              I-40-A

            	 	
              Variable(2)

            	 	 	
              $  
                3,003,148.75

            	 	
              March
                25, 2036

            	 
	
              I-40-B

            	 	
              Variable(2)

            	 	 	
              $  
                3,003,148.75

            	 	
              March
                25, 2036

            	 
	
              I-41-A

            	 	
              Variable(2)

            	 	 	
              $  
                2,851,027.50

            	 	
              March
                25, 2036

            	 
	
              I-41-B

            	 	
              Variable(2)

            	 	 	
              $  
                2,851,027.50

            	 	
              March
                25, 2036

            	 
	
              I-42-A

            	 	
              Variable(2)

            	 	 	
              $  
                2,707,218.75

            	 	
              March
                25, 2036

            	 
	
              I-42-B

            	 	
              Variable(2)

            	 	 	
              $  
                2,707,218.75

            	 	
              March
                25, 2036

            	 
	
              I-43-A

            	 	
              Variable(2)

            	 	 	
              $  
                2,571,241.25

            	 	
              March
                25, 2036

            	 
	
              I-43-B

            	 	
              Variable(2)

            	 	 	
              $  
                2,571,241.25

            	 	
              March
                25, 2036

            	 
	
              I-44-A

            	 	
              Variable(2)

            	 	 	
              $
                54,594,423.75

            	 	
              March
                25, 2036

            	 
	
              I-44-B

            	 	
              Variable(2)

            	 	 	
              $
                54,594,423.75

            	 	
              March
                25, 2036

            	 

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date immediately following the maturity date for the Mortgage
      Loan
      with the latest maturity date has been designated as the “latest possible
      maturity date” for each REMIC 1 Regular Interest.

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC I Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 2.”
The Class R-2 Interest shall represent the sole class of “residual interests” in
      REMIC 2 for purposes of the REMIC Provisions (as defined herein). The following
      table irrevocably sets forth the designation, the Uncertificated REMIC 2
      Pass-Through Rate, the initial Uncertificated Principal Balance and, for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC 2 Regular Interests (as
      defined herein). None of the REMIC 2 Regular Interests shall be
      certificated.

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 2

              Pass-Through
                Rate

            	
              Initial
                Uncertificated

              Principal
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              LTAA

            	
              Variable(2)

            	 	
              $
                1,025,839,815.14

            	
              March
                25, 2036

            
	
              LTIA1

            	
              Variable(2)

            	 	
              $       
                4,645,800.00

            	
              March
                25, 2036

            
	
              LTIIA1

            	
              Variable(2)

            	 	
              $        1,683,300.00

            	
              March
                25, 2036

            
	
              LTIIA2

            	
              Variable(2)

            	 	
              $          
                823,600.00

            	
              March
                25, 2036

            
	
              LTIIA3

            	
              Variable(2)

            	 	
              $          
                855,900.00

            	
              March
                25, 2036

            
	
              LTIIA4

            	
              Variable(2)

            	 	
              $          
                260,930.00

            	
              March
                25, 2036

            
	
              LTM1

            	
              Variable(2)

            	 	
              $          
                748,440.00

            	
              March
                25, 2036

            
	
              LTM2

            	
              Variable(2)

            	 	
              $          
                193,660.00

            	
              March
                25, 2036

            
	
              LTM3

            	
              Variable(2)

            	 	
              $          
                172,720.00

            	
              March
                25, 2036

            
	
              LTM4

            	
              Variable(2)

            	 	
              $          
                167,480.00

            	
              March
                25, 2036

            
	
              LTM5

            	
              Variable(2)

            	 	
              $          
                162,250.00

            	
              March
                25, 2036

            
	
              LTM6

            	
              Variable(2)

            	 	
              $          
                141,310.00

            	
              March
                25, 2036

            
	
              LTM7

            	
              Variable(2)

            	 	
              $          
                130,850.00

            	
              March
                25, 2036

            
	
              LTM8

            	
              Variable(2)

            	 	
              $    
                        94,210.00

            	
              March
                25, 2036

            
	
              LTM9

            	
              Variable(2)

            	 	
              $     
                       68,040.00

            	
              March
                25, 2036

            
	
              LTM10

            	
              Variable(2)

            	 	
              $          
                104,680.00

            	
              March
                25, 2036

            
	
              LTM11

            	
              Variable(2)

            	 	
              $      
                      83,740.00

            	
              March
                25, 2036

            
	
              LTZZ

            	
              Variable(2)

            	 	
              $     
                10,598,596.43

            	
              March
                25, 2036

            
	
              LTP

            	
              Variable(2)

            	 	
              $                  100.00

            	
              March
                25, 2036

            
	
              LTIO

            	
              Variable(2) 

            	 	
              (3)

            	
              March
                25, 2036

            

    

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest possible maturity date has been designated as
      the
“latest possible maturity date” for each REMIC 2 Regular Interest.

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

    (3) REMIC
      2
      Regular Interest LTIO shall not have a Certificate Principal Balance, but shall
      accrue interest on its Uncertificated Notional Amount, as defined
      herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 3.”
The Class R-3 Interest shall evidence the sole class of “residual interests” in
      REMIC 3 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each Class of Certificates that represents one or more of the “regular
      interests” in REMIC 3 created hereunder.

     

    Each
      Class A and Mezzanine Certificate (as defined herein) represents ownership
      of a
      Regular Interest in REMIC 3 and also represents (i) the right to receive
      payments with respect to the Net WAC Rate Carryover Amount (as defined herein)
      and (ii) the obligation to pay Class IO Distribution Amounts (as defined
      herein). The entitlement to principal of the Regular Interest which corresponds
      to each Certificate shall be equal in amount and timing to the entitlement
      to
      principal of such Certificate.

     

    
      	
              Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                I-A-1

            	 	
              $
                464,580,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                II-A-1

            	 	
              $
                168,330,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                II-A-2

            	 	
              $  
                82,360,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                II-A-3

            	 	
              $  
                85,590,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                II-A-4

            	 	
              $  
                26,093,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-1

            	 	
              $  
                74,844,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-2

            	 	
              $  
                19,366,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-3

            	 	
              $  
                17,272,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-4

            	 	
              $  
                16,748,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-5

            	 	
              $  
                16,225,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-6

            	 	
              $  
                14,131,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-7

            	 	
              $  
                13,085,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-8

            	 	
              $     9,421,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-9

            	 	
              $    
                6,804,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-10

            	 	
              $  
                10,468,000.00

            	
              Variable(2)

            	
              March
                25, 2036

            
	
              Class
                M-11

            	 	
              $   
                 8,374,000.00

            	
              5.0000%
                per annum(3)

            	
              March
                25, 2036

            
	
              Class
                C Interest

            	 	
              $  
                13,084,321.57

            	
              Variable(4)

            	
              March
                25, 2036

            
	
              Class
                P Interest

            	 	
              $              
                100.00

            	
              Variable(5)

            	
              March
                25, 2036

            
	
              Class
                IO Interest

            	 	
              (6)

            	
              (7)

            	
              March
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for each Class of Certificates that represents one or
      more of the “regular interests” in REMIC 3.

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

    (3) Subject
      to increase and limitation as set forth in the definition of “Pass-Through Rate”
herein. 

    (4) The
      Class
      C Interest shall accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class C Interest outstanding from time to time which
      shall equal the aggregate of the Uncertificated Principal Balances of the REMIC
      2 Regular Interests (other than REMIC 2 Regular Interest LTP). The Class C
      Interest shall not accrue interest on its Certificate Principal
      Balance.

    (5) The
      Class
      P Interest shall not accrue interest.

    (6) For
      federal income tax purposes, the Class IO Interest shall not have an
      Uncertificated Principal Balance, but shall have a notional amount equal to
      the
      Uncertificated Notional Amount of REMIC 2 Regular Interest LTIO. 

    (7) For
      federal income tax purposes, the Class IO Interest shall not have a Pass-Through
      Rate, but shall be entitled to 100% of the amounts distributed on REMIC 2
      Regular Interest LTIO.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

    As
      provided herein, the Trustee shall make an election to treat the Class C
      Interest as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets shall be designated as “REMIC 4.” The Class R-4 Interest represents the
      sole class of “residual interests” in REMIC 4 for purposes of the REMIC
      Provisions.

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate and Original Class Certificate Principal Balance for the Class C
      Certificates.

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                C

            	
              $
                13,084,321.57

            	
              Variable(2)

            	
              March
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for the Class C Certificates.

    (2) The
      Class
      C Certificates shall receive 100% of amounts received in respect of the Class
      C
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

    As
      provided herein, the Trustee shall make an election to treat the Class P
      Interest as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets shall be designated as “REMIC 5.” The Class R-5 Interest represents the
      sole class of “residual interests” in REMIC 5 for purposes of the REMIC
      Provisions.

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate and Original Class Certificate Principal Balance for the Class P
      Certificates.

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P

            	
              $ 100.00

            	
              Variable(2)

            	
              March
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for the Class P Certificates.

    (2) The
      Class
      P Certificates shall receive 100% of amounts received in respect of the Class
      P
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the SWAP-IO Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 6.”
The Class R-6 Interest represents the sole class of “residual interests” in
      REMIC 6 for purposes of the REMIC Provisions. 

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the initial aggregate Certificate Principal Balance and, for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for the indicated REMIC 6 Regular Interest, which shall be
      uncertificated.

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              SWAP
                IO

            	
              N/A

            	
              Variable(2)

            	
              March
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for REMIC 6 Regular Interest SWAP IO.

    (2) REMIC
      6
      Regular Interest SWAP IO shall receive 100% of amounts received in respect
      of
      the SWAP IO Interest.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	SECTION
              1.01  	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. Unless otherwise specified, all calculations in
      respect of interest on the Floating Rate Certificates shall be made on the
      basis
      of the actual number of days elapsed and a 360-day year and all calculations
      in
      respect of interest on the Fixed Rate Certificates, Class C Certificates, Class
      IO Interest, REMIC 1 Regular Interests, REMIC 2 Regular Interests and all other
      calculations of interest described herein shall be made on the basis of a
      360-day year consisting of twelve 30-day months. The Class P Certificates and
      the Residual Certificates are not entitled to distributions in respect of
      interest and, accordingly, will not accrue interest.

     

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

     

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

     

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

     

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

     

    “Adjusted
      Net Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the related
      REO Property), as of any date of determination, a per annum rate of interest
      equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or the
      Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first
      day
      of the month preceding the month in which the related Distribution Date occurs
      minus the sum of (i) the Servicing Fee Rate, (ii) the Custodial Fee Rate and
      (iii) the Credit Risk Manager Fee Rate.

     

    “Adjusted
      Net Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property), as of any date of determination, a per annum rate of interest equal
      to the applicable Mortgage Rate for such Mortgage Loan as of the first day
      of
      the month preceding the month in which the related Distribution Date occurs
      minus the sum of (i) the Servicing Fee Rate, (ii) the Custodial Fee Rate and
      (iii) the Credit Risk Manager Fee Rate.

     

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

     

    “Advance”:
      As to any Mortgage Loan or REO Property, any advance made by the Servicer in
      respect of any Distribution Date pursuant to Section 4.04.

     

    “Advance
      Facility”: As defined in Section 3.29 hereof.

     

    “Advance
      Facility Trustee”: As defined in Section 3.29 hereof.

     

    “Advancing
      Person”: As defined in Section 3.29 hereof.

     

    “Advance
      Reimbursement Amounts”: As defined in Section 3.29 hereof.

     

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

     

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

     

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

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates, the sum of (i) any Realized Losses allocated to such
      Class of Certificates on such Distribution Date and (ii) the amount of any
      Allocated Realized Loss Amount for such Class of Certificates remaining unpaid
      from the previous Distribution Date as reduced by an amount equal to the
      increase in the related Certificate Principal Balance due to the receipt of
      Subsequent Recoveries.

     

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

     

    “Assumed
      Final Maturity Date”: As to each Class of Certificates, the date set forth as
      such in the Preliminary Statement.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to the excess of
      (i) the sum of (a) the aggregate of the related Monthly Payments on the Mortgage
      Loans due on the related Due Date and received on or prior to the related
      Determination Date, (b) Net Liquidation Proceeds, Insurance Proceeds, Subsequent
      Recoveries, Principal Prepayments, proceeds from repurchases of and
      substitutions for such Mortgage Loans 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 a related REO Property withdrawn from any REO Account and deposited in the
      Collection Account for such Distribution Date, (d) the aggregate of any amounts
      deposited in the Collection Account by the Servicer in respect of related
      Prepayment Interest Shortfalls for such Distribution Date, (e) the aggregate
      of
      any Advances made by the Servicer for such Distribution Date in respect of
      the
      Mortgage Loans, (f) the aggregate of any related advances made by the Trustee
      in
      respect of the Mortgage Loans for such Distribution Date pursuant to Section
      7.02 and (g) the amount of any Prepayment Charges collected by the Servicer
      in
      connection with the full or partial prepayment of any of the Mortgage Loans
      and
      any Servicer Prepayment Charge Payment Amount over (ii) the sum of (a) amounts
      reimbursable or payable to the Servicer pursuant to Section 3.11(a) or the
      Trustee pursuant to Section 3.11(b), (b) amounts deposited in the Collection
      Account or the Distribution Account pursuant to clauses (a) through (g) above,
      as the case may be, in error, (c) the amount of any Prepayment Charges collected
      by the Servicer in connection with the full or partial prepayment of any of
      the
      Mortgage Loans and any Servicer Prepayment Charge Payment Amount, (d) the fees
      of the Custodian payable from the Distribution Account pursuant to Section
      8.05,
      (e) any indemnification payments or expense reimbursements made by the Trust
      Fund pursuant to Section 8.05 and (f) any Net Swap Payment or Swap Termination
      Payment owed to the Swap Provider (other than any Swap Termination Payment
      owed
      to the Swap Provider resulting from a Swap Provider Trigger Event).

     

    “Balloon
      Mortgage Loan”: A Mortgage Loan that provides for the payment of the unamortized
      Stated Principal Balance of such Mortgage Loan in a single payment at the
      maturity of such Mortgage Loan that is substantially greater than the preceding
      monthly payment.

     

    “Balloon
      Payment”: A payment of the unamortized Stated Principal Balance of a Mortgage
      Loan in a single payment at the maturity of such Mortgage Loan that is
      substantially greater than the preceding Monthly Payment.

     

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

     

    “Base
      Rate”: For any Distribution Date and the Floating Rate Certificates, the sum of
      (i) LIBOR plus (ii) the related Certificate Margin.

     

    “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 5.02 hereof). On the Closing Date, the Class A and
      Mezzanine 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 Delaware, the State of Florida, the State
      of New York, the State of Texas, the State of California, the Commonwealth
      of
      Pennsylvania, 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.

     

    “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 and,
      solely for the purposes of giving any consent pursuant to this Agreement, any
      Certificate registered in the name of the Depositor or the Servicer or any
      Affiliate thereof shall be deemed not to be outstanding and the Voting Rights
      to
      which it is entitled shall not be taken into account in determining whether
      the
      requisite percentage of Voting Rights necessary to effect any such consent
      has
      been obtained, except as otherwise provided in Section 11.01. The Trustee and
      the NIMS Insurer may conclusively rely upon a certificate of the Depositor
      or
      the Servicer in determining whether a Certificate is held by an Affiliate
      thereof. All references herein to “Holders” or “Certificateholders” shall
      reflect the rights of Certificate Owners as they may indirectly exercise such
      rights through the Depository and participating members thereof, except as
      otherwise specified herein; provided, however, that the Trustee and the NIMS
      Insurer shall be required to recognize as a “Holder” or “Certificateholder” only
      the Person in whose name a Certificate is registered in the Certificate
      Register.

     

    “Certificate
      Margin”: With respect to each Class of Floating Rate Certificates and for
      purposes of the Marker Rate and the Maximum Uncertificated Accrued Interest
      Deferral Amount, the specified REMIC 2 Regular Interest, as
      follows:

     

    
      	
              Class

            	
              REMIC
                2

              Regular

              Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              I-A-1

            	
              LTIA1

            	
              0.1800%

            	
              0.3600%

            
	
              II-A-1

            	
              LTIIA1

            	
              0.0700%

            	
              0.1400%

            
	
              II-A-2

            	
              LTIIA2

            	
              0.1200%

            	
              0.2400%

            
	
              II-A-3

            	
              LTIIA3

            	
              0.1800%

            	
              0.3600%

            
	
              II-A-4

            	
              LTIIA4

            	
              0.2700%

            	
              0.5400%

            
	
              M-1

            	
              LTM1

            	
              0.3450%

            	
              0.5175%

            
	
              M-2

            	
              LTM2

            	
              0.3900%

            	
              0.5850%

            
	
              M-3

            	
              LTM3

            	
              0.4800%

            	
              0.7200%

            
	
              M-4

            	
              LTM4

            	
              0.5000%

            	
              0.7500%

            
	
              M-5

            	
              LTM5

            	
              0.5700%

            	
              0.8550%

            
	
              M-6

            	
              LTM6

            	
              1.1000%

            	
              1.6500%

            
	
              M-7

            	
              LTM7

            	
              1.3000%

            	
              1.9500%

            
	
              M-8

            	
              LTM8

            	
              2.3000%

            	
              3.4500%

            
	
              M-9

            	
              LTM9

            	
              2.5000%

            	
              3.7500%

            
	
              M-10

            	
              LTM10

            	
              2.5000%

            	
              3.7500%

            

    

    __________

    (1) For
      the
      Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Accrual Period.

    

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

     

    “Certificate
      Principal Balance”: With respect to any Class of Regular Certificates (other
      than the Class C Certificates) immediately prior to any Distribution Date,
      will
      be equal to the Initial Certificate Principal Balance thereof plus any
      Subsequent Recoveries added to the Certificate Principal Balance of such
      Certificate pursuant to Section 4.01, reduced by the sum of all amounts actually
      distributed in respect of principal of such Class and, in the case of a
      Mezzanine Certificate, Realized Losses allocated thereto on all prior
      Distribution Dates. With respect to the Class C Certificates as of any date
      of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A and Mezzanine
      Certificates and the Class P Certificates then outstanding. 

     

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

     

    “Certification”.
      As defined in Section 3.22(b)(ii).

     

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

     

    “Class
      A
      Certificates”: Any Class I-A-1 Certificate, Class II-A-1 Certificate, Class
      II-A-2 Certificate, Class II-A-3 Certificate or Class II-A-4 Certificate.

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-17, representing the right to distributions
      as
      set forth herein and therein and evidencing a regular interest in REMIC
      4.

     

    “Class
C
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class C Certificates, evidencing (i) a REMIC
      Regular Interest in REMIC 3 and (ii) the obligation to pay any Class IO
      Distribution Amount.

     

    “Class
      I-A-1 Certificate”: Any one of the Class I-A-1 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-1, representing the right
      to distributions as set forth herein and therein and evidencing (i) a REMIC
      Regular Interest in REMIC 3, (ii) the right to receive the related Net WAC
      Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A-1 Certificate”: Any one of the Class II-A-1 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-2, representing the right
      to distributions as set forth herein and therein and evidencing (i) a REMIC
      Regular Interest in REMIC 3, (ii) the right to receive the related Net WAC
      Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A-2 Certificate”: Any one of the Class II-A-2 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-3, representing the right
      to distributions as set forth herein and therein and evidencing (i) a REMIC
      Regular Interest in REMIC 3, (ii) the right to receive the related Net WAC
      Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A-3 Certificate”: Any one of the Class II-A-3 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-4, representing the right
      to distributions as set forth herein and therein and evidencing (i) a REMIC
      Regular Interest in REMIC 3, (ii) the right to receive the related Net WAC
      Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A-4 Certificate”: Any one of the Class II-A-4 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-5, representing the right
      to distributions as set forth herein and therein and evidencing (i) a REMIC
      Regular Interest in REMIC 3, (ii) the right to receive the related Net WAC
      Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-6, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-1/M-2 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date) and (ii) the aggregate Certificate Principal Balance
      of the Class M-1 Certificates and the Class M-2 Certificates immediately prior
      to such Distribution Date over (y) the lesser of (A) the product of (i) 76.00%
      and (ii) the Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-7, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-8, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-3 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date) and (iv) the Certificate Principal Balance of the Class
      M-3 Certificates immediately prior to such Distribution Date over (y) the lesser
      of (A) the product of (i) 79.30% and (ii) the aggregate Stated Principal Balance
      of the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the related Overcollateralization Floor.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-9, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date) (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date) and (v) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 82.50% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-10, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 85.60% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-11, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 88.30% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-12, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 90.80% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-13, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 92.60% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-14, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (x) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 93.90% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-15, representing the
      right
      to distributions as set forth herein and therein and evidencing (i) a REMIC
      Regular Interest in REMIC 3, (ii) the right to receive the related Net WAC
      Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

     “Class
      M-10 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (xi) the Certificate
      Principal Balance of the Class M-10 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 95.90% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-11 Certificate”: Any one of the Class M-11 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-16, representing the
      right
      to distributions as set forth herein and therein and evidencing (i) a REMIC
      Regular Interest in REMIC 3, (ii) the right to receive the related Net WAC
      Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-11 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-8 Principal
      Distribution Amount on such Distribution Date), (xi) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date) and (xii) the Certificate Principal Balance of the Class
      M-11
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 97.50% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the related Overcollateralization Floor.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-18, representing the right to distributions
      as
      set forth herein and therein and evidencing a regular interest in REMIC
      5.

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class P Certificates, evidencing a Regular Interest
      in REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trustee, and authenticated
      and delivered by the Certificate Registrar, substantially in the form annexed
      hereto as Exhibit A-19 and evidencing the ownership of the Class R-1 Interest,
      the Class R-2 Interest and the Class R-3 Interest.

     

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

     

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

     

    “Class
      R-3 Interest”: The uncertificated Residual Interest in REMIC 3.

     

    “Class
      R-4 Interest”: The uncertificated Residual Interest in REMIC 4.

     

    “Class
      R-5 Interest”: The uncertificated Residual Interest in REMIC 5.

     

    “Class
      R-6 Interest”: The uncertificated Residual Interest in REMIC 6.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-20 and evidencing the ownership of the Class
      R-4 Interest, the Class R-5 Interest and the Class R-6 Interest.

     

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

     

    “Closing
      Date”: March 10, 2006.

     

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

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.10(a), which shall be entitled “Deutsche Bank National
      Trust Company, as Trustee, in trust for registered Holders of Soundview Home
      Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1,” which must
      be an Eligible Account.

     

    “Compensating
      Interest”: As defined in Section 3.24 hereof.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at 1761 East St. Andrew Place, Santa Ana, CA
      92705-4934, Attention: Trust Administration- GC06O1, or at such other address
      as
      the Trustee may designate from time to time by notice to the Certificateholders,
      the Depositor, the Servicer and the Originator.

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest set forth below, the
      corresponding Regular Certificate set forth in the table below:

     

    
      	
              REMIC
                2 Regular Interest

            	
              Regular
                Certificate

            
	
              LTIA1

            	
              Class
                I-A-1

            
	
              LTIIA1

            	
              Class
                II-A-1

            
	
              LTIIA2

            	
              Class
                II-A-2

            
	
              LTIIA3

            	
              Class
                II-A-3

            
	
              LTIIA4

            	
              Class
                II-A-4

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTM8

            	
              Class
                M-8

            
	
              LTM9

            	
              Class
                M-9

            
	
              LTM10

            	
              Class
                M-10

            
	
              LTM11

            	
              Class
                M-11

            
	
              LTP

            	
              Class
                P

            

    

    

    “Credit
      Risk Management Agreement”: The Credit Risk Management Agreement, dated March
      10, 2006, between the Servicer and the Credit Risk Manager.

     

    “Credit
      Risk Manager”: Clayton Fixed Income Services Inc., formerly known as The
      Murrayhill Company, its successors and assigns.

     

    “Credit
      Risk Manager Fee”: for
      any
      Distribution Date is the premium payable to the Credit Risk Manager at the
      Credit Risk Manager Fee Rate on the then current aggregate principal balance
      of
      the Mortgage Loans. 

     

    “Credit
      Risk Manager Fee Rate”: for any Distribution Date is 0.0125% per
      annum.

     

    “Cumulative
      Loss Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred from the Cut-off Date to the last day of the preceding
      calendar month and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Custodial
      Agreement”: The Custodial Agreement, dated as of March 1, 2006, among the
      Custodian, the Trustee and the Servicer.

     

    “Custodian”:
      Wells Fargo Bank, N.A., as custodian of the Mortgage Files, or any successor
      thereto, pursuant to the Custodial Agreement.

     

    “Custodial
      Fee”: The amount payable to the Custodian on each Distribution Date as
      compensation for all services rendered by it under the Custodial Agreement
      which
      amount shall equal one twelfth of the product of (i) the Custodial Fee Rate
      (without regard to the words “per annum”), multiplied by (ii) the aggregate
      Principal Balance of the Mortgage Loans (after giving effect to scheduled
      payments of principal due during the Due Period relating to the previous
      Distribution Date, to the extent received or advanced and prepayments collected
      during the Prepayment Period relating to the previous Distribution
      Date).

     

    “Custodial
      Fee Rate”: for any Distribution Date is 0.0035% per annum.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, March 1, 2006. 

     

    “Cut-off
      Date Principal Balance”: With respect to any Mortgage Loan, the unpaid Stated
      Principal Balance thereof as of the Cut-off Date of such Mortgage Loan (or
      as of
      the applicable date of substitution with respect to a Qualified Substitute
      Mortgage Loan), after giving effect to scheduled payments due on or before
      the
      Cut-off Date, whether or not received.

     

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

     

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

     

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

     

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

     

    “Delinquency
      Servicer Termination Trigger”: A Delinquency Servicer Termination Trigger will
      have occurred with respect to the Certificates on a Distribution Date if the
      Three Month Rolling Delinquency Percentage for the Mortgage Loans exceeds
      18.00%.

     

    “Delinquency
      Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
      the aggregate Stated Principal Balance of Mortgage Loans that are Delinquent
      60
      days or more (including Mortgage Loans that are in foreclosure, that have been
      converted to REO Properties or that have been discharged by reason of bankruptcy
      and are Delinquent 60 days or more) by (y) the aggregate Stated Principal
      Balance of the Mortgage Loans, in each case, as of the last day of the previous
      calendar month.

     

    “Delinquent”:
      With respect to any Mortgage Loan and related Monthly Payment, the Monthly
      Payment due on a Due Date which is not made by the Close of Business on the
      next
      scheduled Due Date for such Mortgage Loan. For example, a Mortgage Loan is
      60 or
      more days Delinquent if the Monthly Payment due on a Due Date is not made by
      the
      Close of Business on the second scheduled Due Date after such Due
      Date.

     

    “Depositor”:
      Financial Asset 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 Securities Exchange Act of 1934, as amended.
      The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(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”: With respect to any Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.

     

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

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, or any agency or instrumentality of any of the foregoing, (ii)
      any
      organization (other than a cooperative described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code unless such
      organization is subject to the tax imposed by Section 511 of the Code, (iii)
      any
      organization described in Section 1381(a)(2)(C) of the Code or (iv) an “electing
      large partnership” within the meaning of Section 775 of the Code. A corporation
      will not be treated as an instrumentality of the United States or of any state
      or political subdivision thereof, if all of its activities are subject to tax
      and, a majority of its board of directors is not selected by a governmental
      unit. The term “United States”, “state” and “international organizations” shall
      have the meanings set forth in Section 7701 of the Code.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b) which shall be entitled “Distribution Account,
      Deutsche Bank National Trust Company, as Trustee, in trust for the registered
      Certificateholders of Soundview Home Loan Trust 2006-OPT1, Asset-Backed
      Certificates, Series 2006-OPT1” and which must be an Eligible
      Account.

     

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

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under the terms of which the Monthly Payment for such Mortgage Loan was
      due
      on a day other than the first day of the calendar month in which such
      Distribution Date occurs, the day during the related Due Period on which such
      Monthly Payment 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 A-1+ by S&P,
      F-1 by Fitch and P-1 by Moody’s (or comparable ratings if S&P, Fitch and
      Moody’s are not the Rating Agencies) 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 up to the insured amount, (iii) a trust account or accounts maintained
      with the trust department of a federal or state chartered depository
      institution, national banking association or trust company acting in its
      fiduciary capacity or (iv) an account otherwise acceptable to each Rating Agency
      without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trustee
      and
      the NIMS Insurer. Eligible Accounts may bear interest.

     

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

     

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

     

    “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.

     

    “Excess
      Overcollateralized Amount”: With respect to the Class A and Mezzanine
      Certificates and any Distribution Date, the excess, if any, of the sum of (i)
      the Overcollateralized Amount for such Distribution Date, assuming that 100%
      of
      the Principal Remittance Amount is applied as a principal payment on such
      Distribution Date and (ii) any amounts received under the Interest Rate Swap
      Agreement for such purpose over (iii) the Overcollateralization Target Amount
      for such Distribution Date.

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the Monthly Interest Distributable Amount payable on the Class
      C
      Certificates on such Distribution Date as reduced by Realized Losses allocated
      thereto with respect to such Distribution Date pursuant to Section 4.08 and
      (y)
      the Overcollateralization Deficiency Amount for such Distribution
      Date.

     

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

     

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

     

    “Fitch”:
      Fitch Ratings, or its successor in interest.

     

    “Fixed
      Rate Certificates”: The Class M-11 Certificates.

     

    “Fixed-Rate
      Mortgage Loan”: A first lien or second lien Mortgage Loan which provides for a
      fixed Mortgage Rate payable with respect thereto. The Fixed-Rate Mortgage Loans
      are identified as such on the Mortgage Loan Schedule.

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
      the related amount set forth in the Interest Rate Swap Agreement.

     

    “Floating
      Rate Certificates”: Any Class A Certificate or Mezzanine Certificate (other than
      the Class M-11 Certificates).

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) Swap LIBOR, (ii) the related Base Calculation Amount
(as
      defined in the Interest Rate Swap Agreement),
      (iii)
      250 and (iv) a fraction, the numerator of which is the actual number of days
      elapsed from and including the previous Floating Rate Payer Payment Date (as
      defined in the Interest Rate Swap Agreement) to but excluding the current
      Floating Rate Payer Payment (or, for the first Floating Rate Payer Payment
      Date,
      the actual number of days elapsed from the Closing Date to but excluding the
      first Floating Rate Payer Payment Date), and the denominator of which is
      360.

     

    “Formula
      Rate”: For any Distribution Date and any Class of the Floating Rate
      Certificates, the lesser of (i) the Base Rate and (ii) the Maximum Cap
      Rate.

     

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

     

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

     

    “Group
      I
      Allocation Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is (i) the Group I Principal
      Remittance Amount for such Distribution Date, and the denominator of which
      is
      (ii) the Principal Remittance Amount for such Distribution Date.

     

    “Group
      I
      Basic Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Group I Principal Remittance Amount for such Distribution
      Date
      over (ii)(a) the Overcollateralization Release Amount, if any, for such
      Distribution Date multiplied by (b) the Group I Allocation
      Percentage.

     

    “Group
      I
      Certificates”: The Class I-A-1 Certificates.

     

    “Group
      I
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group I Mortgage Loans.

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I with a Stated Principal
      Balance at origination that conforms to Fannie Mae and Freddie Mac loan limits.
      The aggregate principal balance of the Group I Mortgage Loans as of the Cut-off
      Date is equal to $588,075,907.67.

     

    “Group
      I
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group I Basic Principal Distribution Amount for such Distribution
      Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution
      Date multiplied by (b) the Group I Allocation Percentage.

     

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

     

    “Group
      I
      Senior Principal Distribution Amount”: The excess of (x) the Certificate
      Principal Balance of the Group I Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 58.00% and
      (ii)
      the aggregate Stated Principal Balance of the Group I Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group I Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Group
      II
      Allocation Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is (i) the Group II Principal
      Remittance Amount for such Distribution Date, and the denominator of which
      is
      (ii) the Principal Remittance Amount for such Distribution Date.

     

    “Group
      II
      Basic Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Group II Principal Remittance Amount for such Distribution
      Date over (ii)(a) the Overcollateralization Release Amount, if any, for such
      Distribution Date multiplied by (b) the Group II Allocation
      Percentage.

     

    “Group
      II
      Certificates”: Any Class II-A-1 Certificate, Class II-A-2 Certificate, Class
      II-A-3 Certificate or Class II-A-4 Certificate.

     

    “Group
      II
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group II Mortgage Loans.

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II with a Stated
      Principal Balance at origination that may or may not conform to Fannie Mae
      and
      Freddie Mac loan limits. The aggregate principal balance of the Group II
      Mortgage Loans as of the Cut-off Date is equal to $458,699,513.90.

     

    “Group
      II
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group II Basic Principal Distribution Amount for such Distribution
      Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution
      Date multiplied by (b) the Group II Allocation Percentage.

     

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

     

    “Group
      II
      Senior Principal Distribution Amount”: The excess of (x) the aggregate
      Certificate Principal Balance of the Group II Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 58.00%
      and
      (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Group II Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Highest
      Priority”: As
      of any
      date of determination, the Class of Mezzanine Certificates then outstanding
      with
      a Certificate Principal Balance greater than zero, with the highest priority
      for
      payments pursuant to Section 4.01, in the following order of decreasing
      priority: Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
      Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class C
      Certificates, the Class P Certificates and/or Residual Certificates (or any
      portion thereof) which may or may not be guaranteed by the NIMS
      Insurer.

     

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

     

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

     

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

     

    “Initial
      Certificate Principal Balance”: With respect to any Regular Certificate, the
      amount designated “Initial Certificate Principal Balance” on the face
      thereof.

     

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

     

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

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of March 10, 2006 (together with the schedule thereto, the
      Master Agreement) between The Royal Bank of Scotland plc and the Trustee (in
      its
      capacity as Supplemental Interest Trust Trustee).

     

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

     

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

     

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

     

    (ii)  If
      on
      such Interest Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the higher
      of
      (i) LIBOR as determined on the previous Interest Determination Date and (ii)
      the
      Reserve Interest Rate.

     

    “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.

     

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

     

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

     

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

     

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

     

    “Loan
      Group”: Either Loan Group I or Loan Group II, as the context
      requires.

     

    “Loan
      Group I”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group I.

     

    “Loan
      Group II”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group II.

     

    “Losses”:
      As defined in Section 9.03.

     

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

     

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

     

    “Marker
      Rate”: With respect to the Class C Certificates and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for each REMIC 2 Regular Interest (other than REMIC
      2
      Regular Interest LTAA, LTIO and LTP) subject to a cap (for each such REMIC
      2
      Regular Interest other than REMIC 2 Regular Interest LTZZ) equal to the
      Pass-Through Rate for the REMIC 3 Regular Interest the ownership of which is
      represented by the Corresponding Certificate for the purpose of this
      calculation; with the rate on REMIC 2 Regular Interest LTZZ subject to a cap
      of
      zero for the purpose of this calculation; provided, however, that solely for
      this purpose, calculations of the Uncertificated REMIC 2 Pass-Through Rate
      and
      the related caps with respect to each such REMIC 2 Regular Interest, other
      than
      REMIC 2 Regular Interest LTZZ, shall be multiplied by a fraction, the numerator
      of which is the actual number of days in the Interest Accrual Period and the
      denominator of which is 30. 

     

    “Maximum
      Cap Rate”: For any Distribution Date and any Class of the Floating Rate
      Certificates, a per annum rate equal to the sum of (i) the product of (x) the
      weighted average of the Adjusted Net Maximum Mortgage Rates of the Mortgage
      Loans, weighted on the basis of the outstanding Principal Balances of the
      Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date and (y) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days elapsed in the related Accrual
      Period and (ii) an amount, expressed as a percentage, equal to a fraction,
      the
      numerator of which is equal to the Net Swap Payment made by the Swap Provider
      and the denominator of which is equal to the aggregate Stated Principal Balance
      of the Mortgage Loans, multiplied by 12 minus (a) an amount, expressed as a
      percentage, equal to the product of (i) the Net Swap Payment, if any, paid
      by
      the Trust for such Distribution Date divided by the aggregate Stated Principal
      Balance of the Mortgage Loans and (ii) 12 and (b) an amount, expressed as a
      percentage, equal to the product of (x) the Swap Termination Payment, if any,
      due from the Trust (other than any Swap Termination Payment resulting from
      a
      Swap Provider Trigger Event) for such Distribution Date and (y) 12, divided
      by
      the aggregate Stated Principal Balance of the Mortgage Loans.

     

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount,
      in
      each case for such Distribution Date, over (b) the sum of the Uncertificated
      Accrued Interest on REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9,
      REMIC 2 Regular Interest LTM10 and REMIC 2 Regular Interest LTM11 with the
      rate
      on each such REMIC 2 Regular Interest subject to a cap equal to the lesser
      of
      (i) LIBOR plus the related Certificate Margin for the related Corresponding
      Certificate and (ii) the Net WAC Rate for the purpose of this calculation;
      provided, however, that for this purpose, calculations of the Uncertificated
      REMIC 2 Pass-Through Rate and the related caps with respect to each such REMIC
      2
      Regular Interest shall be multiplied by a fraction, the numerator of which
      is
      the actual number of days in the Accrual Period and the denominator of which
      is
      30.

     

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

     

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

     

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

     

    “Mezzanine
      Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
      Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9
      Certificate, Class M-10 Certificate or Class M-11 Certificate.

     

    “MIN”:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS® System.

     

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

     

    “MOM
      Loan”: With respect to any applicable Mortgage Loan, MERS acting as the
      mortgagee of such Mortgage Loan, solely as nominee for the originator of such
      Mortgage Loan and its successors and assigns, at the origination
      thereof.

     

    “Monthly
      Interest Distributable Amount”: With respect to any Class of the Class A
      Certificates, Mezzanine Certificates and Class C Certificates and any
      Distribution Date, the amount of interest accrued during the related Accrual
      Period at the related Pass-Through Rate on the Certificate Principal Balance
      (or
      Notional Amount in the case of the Class C Certificates) of such Class
      immediately prior to such Distribution Date, in each case, reduced by any Net
      Prepayment Interest Shortfalls, Relief Act Interest Shortfalls.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan, (ii) any modifications to a Mortgage Loan
      pursuant to Section 3.07 and (iii) any reduction in the amount of interest
      collectible from the related Mortgagor pursuant to the Relief Act; (b) without
      giving effect to any extension granted or agreed to by the Servicer pursuant
      to
      Section 3.07; and (c) on the assumption that all other amounts, if any, due
      under such Mortgage Loan are paid when due.

     

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

     

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

     

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

     

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

     

    “Mortgage
      Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of
      March 7, 2006, among the Originator, the Sellers and the Depositor.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC 2
      on such date, separately identifying the Group I Mortgage Loans and the Group
      II
      Mortgage Loans, attached hereto as Exhibit D. The Mortgage Loan Schedule shall
      be prepared by the Depositor and shall set forth the following information
      with
      respect to each Mortgage Loan, as applicable:

     

    (1)  the
      Mortgage Loan identifying number;

     

    (2)  [reserved];

     

    (3)  the
      state
      and zip code of the Mortgaged Property;

     

    
      	(4)  	
              a
                code indicating whether the Mortgaged Property was represented by
                the
                borrower, at the time of origination, as being
                owner-occupied;

            

    

     

    (5)  the
      type
      of Residential Dwelling constituting the Mortgaged Property;

     

    (6)  the
      original months to maturity;

     

    
      	(7)  	
              the
                stated remaining months to maturity from the Cut-off Date based on
                the
                original amortization schedule;

            

    

     

    (8)  the
      Loan-to-Value Ratio at origination;

     

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

     

    
      	(10)  	
              the
                date on which the first Monthly Payment was due on the Mortgage
                Loan;

            

    

     

    (11)  the
      stated maturity date;

     

    (12)  the
      amount of the Monthly Payment at origination;

     

    
      	(13)  	
              the
                amount of the Monthly Payment due on the first Due Date after the
                Cut- off
                Date;

            

    

     

    
      	(14)  	
              the
                last Due Date on which a Monthly Payment was actually applied to
                the
                unpaid Stated Principal Balance;

            

    

     

    (15)  the
      original principal amount of the Mortgage Loan;

     

    
      	(16)  	
              the
                Stated Principal Balance of the Mortgage Loan as of the Close of
                Business
                on the Cut-off Date;

            

    

     

    
      	(17)  	
              a
                code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

    (18)  the
      Mortgage Rate at origination;

     

    
      	(19)  	
              a
                code indicating the documentation program (i.e., full documentation,
                limited income verification, no income verification, alternative
                income
                verification);

            

    

     

    (20)  the
      risk
      grade;

     

    (21)  the
      Value
      of the Mortgaged Property;

     

    (22)  the
      sale
      price of the Mortgaged Property, if applicable;

     

    
      	(23)  	
              the
                actual unpaid principal balance of the Mortgage Loan as of the Cut-off
                Date;

            

    

     

    (24)  the
      type
      and term of the related Prepayment Charge;

     

    
      	(25)  	
              with
                respect to any Adjustable-Rate Mortgage Loan, the rounding code,
                the
                minimum Mortgage Rate, the maximum Mortgage Rate, the Gross Margin,
                the
                next Adjustment Date and the Periodic Rate
                Cap;

            

    

     

    (26)  the
      program code;

     

    (27)  the
      Loan
      Group; and

     

    (28)  the
      lien
      priority.

     

    The
      Mortgage Loan Schedule shall set forth the following information, with respect
      to the Mortgage Loans in the aggregate and for each Loan Group as of the Cut-off
      Date: (1) the number of Mortgage Loans (separately identifying the number of
      Fixed-Rate Mortgage Loans and the number of Adjustable-Rate Mortgage Loans);
      (2)
      the current Principal Balance of the Mortgage Loans; (3) the weighted average
      Mortgage Rate of the Mortgage Loans and (4) the weighted average remaining
      term
      to maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be amended
      from time to time by the Servicer in accordance with the provisions of this
      Agreement. With respect to any Qualified Substitute Mortgage Loan, Cut-off
      Date
      shall refer to the related Cut-off Date for such Mortgage Loan, determined
      in
      accordance with the definition of Cut-off Date herein. On the Closing Date,
      the
      Depositor will deliver to the Servicer, as of the Cut-off Date, an electronic
      copy of the Mortgage Loan Schedule.

     

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

     

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

     

    “Mortgage
      Rate”: With respect to each Fixed-Rate Mortgage Loan, the rate set forth in the
      related Mortgage Note. With respect to each Adjustable-Rate Mortgage Loan,
      the
      annual rate at which interest accrues on such Mortgage Loan from time to time
      in
      accordance with the provisions of the related Mortgage Note, which rate (A)
      as
      of any date of determination until the first Adjustment Date following the
      Cut-off Date shall be the rate set forth in the Mortgage Loan Schedule as the
      Mortgage Rate in effect immediately following the Cut-off Date and (B) as of
      any
      date of determination thereafter shall be the rate as adjusted on the most
      recent Adjustment Date, to equal the sum, rounded to the next highest or nearest
      0.125% (as provided in the Mortgage Note), of the Index, determined as set
      forth
      in the related Mortgage Note, plus the related Gross Margin subject to the
      limitations set forth in the related Mortgage Note. With respect to each
      Mortgage Loan that becomes an REO Property, as of any date of determination,
      the
      annual rate determined in accordance with the immediately preceding sentence
      as
      of the date such Mortgage Loan became an REO Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of a fee simple estate in a parcel of real property
      improved by a Residential Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “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 and Insurance Proceeds net of Advances, Servicing Advances,
      Servicing Fees and any other accrued and unpaid servicing fees or ancillary
      income received and retained in connection with the liquidation of such Mortgage
      Loan or Mortgaged Property.

     

    “Net
      Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
      any Overcollateralization Release Amount for such Distribution Date and (b)
      the
      excess of (x) Available Funds for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the Monthly Interest Distributable Amounts for
      the
      Class A and Mezzanine Certificates, (B) the Unpaid Interest Shortfall Amounts
      for the Class A Certificates and (C) the Principal Remittance
      Amount.

     

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

     

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

     

    “Net
      Swap
      Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
      the Fixed Swap Payment over (y) the Floating Swap Payment and in the case of
      payments made by the Swap Provider, the excess, if any, of (x) the Floating
      Swap
      Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment
      shall not be less than zero. 

     

    “Net
      WAC
      Rate”: For any Distribution Date with respect to any Class of Class A or
      Mezzanine Certificates, a per annum rate (which rate, in the case of the
      Floating Rate Certificates, shall be multiplied by a fraction, the numerator
      of
      which is 30 and the denominator of which is the actual number of days elapsed
      in
      the related Accrual Period) equal to the weighted average of the Adjusted Net
      Mortgage Rates of the Mortgage Loans, weighted based on their outstanding
      Principal Balances as of the first day of the calendar month preceding the
      month
      in which the Distribution Date occurs minus (i) an amount, expressed as a
      percentage, equal to the product of (x) the Net Swap Payment, if any, paid
      by
      the Trust for such Distribution Date divided by the aggregate Stated Principal
      Balance of the Mortgage Loans and (y) 12 and (ii) an amount, expressed as a
      percentage, equal to the product of (x) the Swap Termination Payment, if any,
      due from the Trust (other than any Swap Termination Payment resulting from
      a
      Swap Provider Trigger Event) for such Distribution Date divided by the aggregate
      Stated Principal Balance of the Mortgage Loans, and (y) 12. For federal income
      tax purposes, the equivalent of the foregoing shall be expressed as a per annum
      rate (which rate, in the case of the Floating Rate Certificates, shall be
      multiplied by a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Accrual Period) equal
      to the weighted average of the Uncertificated REMIC 2 Pass-Through Rates on
      each
      REMIC 2 Regular Interest (other than REMIC 2 Regular Interests LTIO and LTP),
      weighted on the basis of the Uncertificated Principal Balance of each such
      REMIC
      1 Regular Interest.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to any Class of Class A or Mezzanine
      Certificates and any Distribution Date, the sum of (A) the positive excess
      of
      (i) the amount of interest accrued on such Class of Certificates on such
      Distribution Date calculated at the related Pass-through Rate (without regard
      to
      the related Net WAC Rate), over (ii) the amount of interest accrued on such
      Class of Certificates at the Net WAC Rate for such Distribution Date and (B)
      the
      Net WAC Rate Carryover Amount for the previous Distribution Date not previously
      paid, together with interest thereon at a rate equal to the related Pass-Through
      Rate (without regard to the Net WAC Rate) for the most recently ended Accrual
      Period.

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 4.07.

     

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

     

    “NIMS
      Insurer”: Any insurer that is guaranteeing certain payments under notes secured
      by collateral which includes all or a portion of the Class C Certificates,
      the
      Class P Certificates and/or the Residual Certificates.

     

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

     

    “Notional
      Amount”: Immediately prior to any Distribution Date with respect to the Class C
      Interest, the aggregate of the Uncertificated Principal Balances of REMIC
      Regular 1 Interests (other than REMIC 2 Regular Interest LTP).

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine Certificates offered
      to the public pursuant to the Prospectus Supplement.

     

    “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 Servicer, the Originator or the Depositor, as
      applicable.

     

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

     

    “Optional
      Termination Date”: The first Distribution Date on which the Terminator may opt
      to terminate the Trust Fund pursuant to Section 10.01.

     

    “Original
      Class Certificate Principal Balance”: With respect to the Class A Certificates,
      the Mezzanine Certificates, the Class C Certificates, the Class C Interest,
      the
      Class P Certificates and the Class P Interest, the corresponding amounts set
      forth opposite such Class above in the Preliminary Statement.

     

    “Originator”:
      Option One Mortgage Corporation., or its successor in interest.

     

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

     

    “Overcollateralization
      Floor”: With respect to the Group I Certificates, $2,940,379.54. With respect to
      the Group II Certificates, $2,293,497.57. With respect to the Mezzanine
      Certificates, $5,233,877.11.

     

    “Overcollateralization
      Release Amount”: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the Excess
      Overcollateralized Amount.

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date (x) prior to the Stepdown
      Date, 1.25% of the aggregate Principal Balance of the Mortgage Loans as of
      the
      Cut-off Date and (y) on or after the Stepdown Date, 2.50% of the aggregate
      Stated Principal Balance of the Mortgage Loans for the related Distribution
      Date, subject to a floor equal to 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date; provided however, if
      a
      Trigger Event is in effect on the related Distribution Date, the
      Overcollateralization Target Amount will be equal to the Overcollateralization
      Target Amount for the previous Distribution Date. Notwithstanding the foregoing,
      on and after any Distribution Date following the reduction of the aggregate
      Certificate Principal Balance of the Class A and Mezzanine Certificates to
      zero,
      the Overcollateralization Target Amount shall be zero.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount equal to (i) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      (ii) the sum of the aggregate Certificate Principal Balance of the Class A
      and
      Mezzanine Certificates and the Class P Certificates as of such Distribution
      Date
      after giving effect to distributions to be made on such Distribution
      Date.

     

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

     

    “Pass-Through
      Rate”: With respect to the Fixed Rate Certificates and any Distribution Date,
      the lesser of (x) the related fixed rate per annum set forth below for such
      Distribution Date and (y) the Net WAC Rate for such Distribution
      Date.

     

    
      	
              Class

            	
              Fixed
                Rate

            
	
              (1)

            	
              (2)

            
	
              M-11

            	
              5.0000%
                per annum

            	
              5.5000%
                per annum

            

    

    __________

    (1) For
      the
      Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Accrual Period.

     

    With
      respect to each Distribution Date and each Class of Floating Rate Certificates,
      a floating rate equal to the lesser of (i) One-Month LIBOR plus the related
      Certificate Margin and (ii) the Net WAC Rate with respect to such Distribution
      Date.

     

    With
      respect to any Distribution Date and the Class C Certificates, a per annum
      rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of the amounts calculated pursuant to clauses (A) through (S) below,
      and
      the denominator of which is (y) the aggregate of the Uncertificated Principal
      Balances of the REMIC 2 Regular Interests (other than REMIC 2 Regular Interest
      LTIO and LTP). For purposes of calculating the Pass-Through Rate for the Class
      C
      Certificates, the numerator is equal to the sum of the following
      components:

     

    (A)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTAA
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT AA;

     

    (B)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTIA1
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIA1;

     

    (C)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTIIA1
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIIA;

     

    (D)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTIIA2
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIIA2;

     

    (E)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTIIA3
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIIA3;

     

    (F)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTIIA4
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIIA4;

     

    (G)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM1
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM1;

     

    (H)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM2
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM2;

     

    (I)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM3
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM3;

     

    (J)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM4
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM4;

     

    (K)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM5
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM5;

     

    (L)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM6
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM6;

     

    (M)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM7
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM7;

     

    (N)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM8
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM8;

     

    (O)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM9
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM9;

     

    (P)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM10
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTM10;

     

    (Q)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM11
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTM11;

     

    (R)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTZZ
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTZZ; and

     

    (S)  100%
      of
      the interest on REMIC 2 Regular Interest LTP.

     

    The
      Class
      P Certificates, Class R Certificates and Class R-X Certificates will not accrue
      interest and therefore will not have a Pass-Through Rate.

     

    With
      respect to the Class C Certificates, 100% of the interest distributable to
      the
      Class C Interest, expressed as a per annum rate.

     

    The
      SWAP-IO Interest shall not have a Pass-Through Rate, but interest for such
      Regular Interest and each Distribution Date shall be an amount equal to 100%
      of
      the amounts distributable to REMIC 2 Regular Interest LTIO for such Distribution
      Date.

     

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

     

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

     

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

     

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

     

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

     

    (ii)  (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agent acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in one of the two highest
      available ratings of Moody’s and the highest available rating category of Fitch
      and S&P and provided that each such investment has an original maturity of
      no more than 365 days; and provided further that, if the only Rating Agency
      is
      S&P and if the depository or trust company is a principal subsidiary of a
      bank holding company and the debt obligations of such subsidiary are not
      separately rated, the applicable rating shall be that of the bank holding
      company; and, provided further that, if the original maturity of such short-
      term obligations of a domestic branch of a foreign depository institution or
      trust company shall exceed 30 days, the short-term rating of such institution
      shall be A-1+ in the case of S&P if S&P is the Rating Agency; and (B)
      any other demand or time deposit or deposit which is fully insured by the
      FDIC;

     

    (iii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated F-1+ or higher by Fitch, P-1 by
      Moody’s and rated A-1+ or higher by S&P, provided, however, that collateral
      transferred pursuant to such repurchase obligation must be of the type described
      in clause (i) above and must (A) be valued daily at current market prices plus
      accrued interest, (B) pursuant to such valuation, be equal, at all times, to
      105% of the cash transferred by the Trustee in exchange for such collateral
      and
      (C) be delivered to the Trustee or, if the Trustee is supplying the collateral,
      an agent for the Trustee, in such a manner as to accomplish perfection of a
      security interest in the collateral by possession of certificated
      securities;

     

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

     

    (v)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by S&P
      (and if rated by any other Rating Agency, also by such other Rating Agency)
      in
      its highest short-term unsecured debt rating available at the time of such
      investment;

     

    (vi)  units
      of
      money market funds, including those money market funds managed or advised by
      the
      Trustee or its Affiliates, that have been rated “AAA” by Fitch (if rated by
      Fitch), “Aaa” by Moody’s and “AAAm” or “AAAm-G” by S&P; and

     

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

     

    provided,
      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.

     

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

     

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

     

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

     

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

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
      in connection with a full or partial Principal Prepayment of such Mortgage
      Loan
      in accordance with the terms thereof (other than any Servicer Prepayment Charge
      Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
      Loans included in the Trust Fund on such date, attached hereto as Schedule
      I
      (including the prepayment charge summary attached thereto). The Prepayment
      Charge Schedule shall set forth the following information with respect to each
      Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  a
      code
      indicating the type of Prepayment Charge;

     

    (iii)  the
      state
      of origination of the related Mortgage Loan;

     

    (iv)  the
      date
      on which the first monthly payment was due on the related Mortgage
      Loan;

     

    (v)  the
      term
      of the related Prepayment Charge; and

     

    (vi)  the
      Stated Principal Balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    The
      Prepayment Charge Schedule shall be amended from time to time by the Servicer
      in
      accordance with the provisions of this Agreement and a copy of such amended
      Prepayment Charge Schedule shall be furnished by the Servicer to the NIMS
      Insurer.

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period occurring between the first day and the 15th
      day of
      the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment for the number of days commencing on the
      first day of the calendar month in which such Distribution Date occurs and
      ending on the date on which such prepayment is so applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the portion
      of the related Prepayment Period occurring from the first day of the related
      Prepayment Period through the last day of the calendar month preceding the
      month
      in which such Distribution Date occurs, an amount equal to interest on the
      amount of such Principal Prepayment for the number of days commencing on the
      date such Principal Prepayment was applied and ending on the last day of the
      calendar month preceding the month in which such Distribution Date
      occurs.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the
      16th
      day of
      the calendar month preceding the month in which the related Distribution Date
      occurs (or, in the case of the first Distribution Date, from March 1, 2006)
      and
      ending on the 15th
      day of
      the calendar month in which such Distribution Date occurs.

     

    “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 Cut-off Date Principal Balance of any such Mortgage Loan. 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 minus any REO Principal Amortization received with respect thereto
      on
      or prior to such day.

     

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

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of the Group
      I Principal Remittance Amount and the Group II Principal Remittance
      Amount.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated March 7, 2006 relating to
      the public offering of the Class A Certificates and the Mezzanine Certificates
      (other than the Class M-9, Class M-10 and Class M-11 Certificates).

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant by the Originator or the Servicer to or as contemplated by Section
      2.03, 3.16(c) or 10.01, and as confirmed by an Officers’ Certificate from the
      Originator or the Servicer to the Trustee, an amount equal to the sum of (i)
      100% of the Stated Principal Balance thereof as of the date of purchase (or
      such
      other price as provided in Section 10.01), (ii) in the case of (x) a Mortgage
      Loan, accrued interest on such Stated Principal Balance at the applicable
      Mortgage Rate in effect from time to time from the Due Date as to which interest
      was last covered by a payment by the Mortgagor or an Advance by the Servicer,
      which payment or Advance had as of the date of purchase been distributed
      pursuant to Section 4.01, through the end of the calendar month in which the
      purchase is to be effected, and (y) an REO Property, the sum of (1) accrued
      interest on such Stated Principal Balance at the applicable Mortgage Rate in
      effect from time to time from the Due Date as to which interest was last covered
      by a payment by the Mortgagor or an advance by the Servicer through the end
      of
      the calendar month immediately preceding the calendar month in which such REO
      Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for
      each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and Advances that as of the date of purchase
      had
      been distributed as or to cover REO Imputed Interest pursuant to Section 4.04,
      (iii) any unreimbursed Servicing Advances and Advances and any unpaid Servicing
      Fees allocable to such Mortgage Loan or REO Property, (iv) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan or REO Property pursuant to Section 3.23 and (v) in the case of a Mortgage
      Loan required to be purchased pursuant to Section 2.03, expenses reasonably
      incurred or to be incurred by the Servicer, the NIMS Insurer or the Trustee
      in
      respect of the breach or defect giving rise to the purchase obligation including
      any costs and damages incurred by the Trust Fund in connection with any
      violation by such loan of any predatory or abusive lending law.

     

    “Qualified
      Insurer”: Any insurance company acceptable to Fannie Mae.

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan by the Originator pursuant to the terms of this Agreement and the Mortgage
      Loan Purchase Agreement which must, on the date of such substitution, (i) have
      an outstanding Stated Principal Balance (or in the case of a substitution of
      more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated
      Principal Balance), after application of all scheduled payments of principal
      and
      interest due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Stated Principal Balance of the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) have a Mortgage Rate not less than (and not more
      than
      one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage
      Loan, (iii) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate
      Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage
      Rate on the Deleted Mortgage Loan, (iv) if the Qualified Substitute Mortgage
      Loan is an Adjustable-Rate Mortgage Loan, have a Minimum Mortgage Rate not
      less
      than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if the
      Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have
      a
      Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage
      Loan, (vi) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate
      Mortgage Loan, have a next Adjustment Date not more than two months later than
      the next Adjustment Date on the Deleted Mortgage Loan, (vii) [reserved], (viii)
      have a remaining term to maturity not greater than (and not more than one year
      less than) that of the Deleted Mortgage Loan, (ix) be current as of the date
      of
      substitution, (x) have a Loan-to-Value Ratio as of the date of substitution
      equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan
      as
      of such date, (xi) have a risk grading determined by the Originator at least
      equal to the risk grading assigned on the Deleted Mortgage Loan, (xii) have
      been
      underwritten or reunderwritten by the Originator in accordance with the same
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiii) be
      a
      first lien mortgage loan if the Deleted Mortgage Loan is a first lien mortgage
      loan and (xiv) conform
      to each representation and warranty assigned to the Depositor pursuant to the
      Assignment Agreement. In the event that one or more mortgage loans are
      substituted for one or more Deleted Mortgage Loans, the amounts described in
      clause (i) hereof shall be determined on the basis of aggregate Stated Principal
      Balance, the Mortgage Rates described in clauses (ii) through (vi) hereof shall
      be satisfied for each such mortgage loan, the risk gradings described in clause
      (x) hereof shall be satisfied as to each such mortgage loan, the terms described
      in clause (viii) hereof shall be determined on the basis of weighted average
      remaining term to maturity (provided that no such mortgage loan may have a
      remaining term to maturity longer than the Deleted Mortgage Loan), the
      Loan-to-Value Ratios described in clause (x) 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 (xiv) hereof
      must be satisfied as to each Qualified Substitute Mortgage Loan or in the
      aggregate, as the case may be.

     

    “Rating
      Agency or Rating Agencies”: Fitch, Moody’s and S&P or their successors. If
      such agencies or their successors are no longer in existence, “Rating Agencies”
shall be such nationally recognized statistical rating agencies, or other
      comparable Persons, designated by the Depositor, notice of which designation
      shall be given to the Trustee and Servicer.

     

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

     

    “Record
      Date”: With respect to (i) the Fixed Rate Certificates, the Class P
      Certificates, the Class C Certificates and the Residual Certificates, the Close
      of Business on the last Business Day of the calendar month preceding the month
      in which the related Distribution Date occurs and (ii) the Floating Rate
      Certificates, the Close of Business on the Business Day immediately preceding
      the related Distribution Date; provided, however, that following the date on
      which Definitive Certificates for any of the Floating Rate Certificates are
      available pursuant to Section 5.02, the Record Date for such Certificates that
      are Definitive Certificates shall be the last Business Day of the calendar
      month
      preceding the month in which the related Distribution Date occurs.

     

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

     

    “Refinanced
      Mortgage Loan”: A Mortgage Loan the proceeds of which were not used to purchase
      the related Mortgaged Property.

     

    “Regular
      Certificate”: Any of the Class A Certificates, Mezzanine Certificates, Class C
      Certificates or Class P Certificates.

     

    “Reimbursement
      amount”: As defined in Section 3.29.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, as amended, or any state law
      providing for similar relief.

     

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

     

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

     

    “REMIC
      1”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made consisting of: (i) such Mortgage Loans as from time
      to
      time are subject to this Agreement, together with the Mortgage Files relating
      thereto, and together with all collections thereon and proceeds thereof, (ii)
      any REO Property, together with all collections thereon and proceeds thereof,
      (iii) the Trustee’s rights with respect to the Mortgage Loans under all
      insurance policies required to be maintained pursuant to this Agreement and
      any
      proceeds thereof, (iv) the Depositor’s rights under the Mortgage Loan Purchase
      Agreement (including any security interest created thereby) and (v) the
      Collection Account, the Distribution Account (subject to the last sentence
      of
      this definition) and 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. Notwithstanding the foregoing,
      however, REMIC 1 specifically excludes the Net WAC Rate Carryover Reserve
      Account, the Swap Account, the Servicer Prepayment Charge Payment Amounts,
      the
      Interest Rate Swap Agreement, and all payments and other collections of
      principal and interest due on the Mortgage Loans on or before the Cut-off Date
      and all Prepayment Charges payable in connection with Principal Prepayments
      made
      before the Cut-off Date.

     

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

     

    “REMIC
      2
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and related REO Properties then outstanding and (ii) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTAA
      minus
      the Marker Rate, divided by (b) 12.

     

    “REMIC
      2
      Overcollateralization Amount”: With respect to any date of determination, (i)
      1.00% of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than the REMIC 2 Regular Interest LTP) minus (ii) the aggregate
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10 and REMIC 2 Regular Interest
      LTM11, in each case as of such date of determination.

     

    “REMIC
      2
      Overcollateralization Target Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9,
      REMIC 2 Regular Interest LTM10 and REMIC 2 Regular Interest LTM11 and the
      denominator of which is the aggregate Uncertificated Principal Balance of REMIC
      2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTM11 and REMIC 2 Regular Interest
      LTZZ.

     

    “REMIC
      2
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal (other than REMIC 2 Regular Interest
      LTIO), subject to the terms and conditions hereof, in an aggregate amount equal
      to its initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto. The following is a list of each of the REMIC 2 Regular
      Interests: REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1, REMIC
      2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTM11,
      REMIC 2 Regular Interest LTZZ and REMIC 2 Regular Interest LTP.

     

    “REMIC
      3”: The segregated pool of assets consisting of all of the REMIC 2 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the Regular Certificates (other than the Class C Certificates and Class P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-3 Interest), pursuant
      to
      Article II hereunder, and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      3
      Regular Interest”: The Class C Interest, Class P Interest, Class IO Interest and
      any “regular interest” in REMIC 3 the ownership of which is represented by a
      Class A Certificate or Class M Certificate.

     

    “REMIC
      4”: The segregated pool of assets consisting of the Class C Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class C Certificates
      and the Class R-X Certificates (in respect of the Class R-4 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      4
      Regular Interest”: Any “regular interest” in REMIC 4 the ownership of which is
      represented by a Class C Certificate.

     

    “REMIC
      5”: The segregated pool of assets consisting of the Class P Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class P Certificates
      and the Class R-X Certificates (in respect of the Class R-5 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      5
      Regular Interest”: Any “regular interest” in REMIC 5 the ownership of which is
      represented by a Class P Certificate.

     

    “REMIC
      6”: The segregated pool of assets consisting of the SWAP IO Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the REMIC 6 Regular
      Interest SWAP IO and the Class R-X Certificates (in respect of the Class R-6
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

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

     

    “REMIC
      Regular Interest”: A REMIC 1 Regular Interest, REMIC 2 Regular Interest, REMIC 3
      Regular Interest, REMIC 4 Regular Interest or REMIC 5 Regular
      Interest.

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Trustee and the
      NIMS Insurer pursuant to Section 4.04.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Residual
      Certificate”: The Class R Certificates and the Class R-X
      Certificates.

     

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

     

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

     

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

     

    “SEC”:
      Securities and Exchange Commission. 

     

    “Seller”:
      Any one or all of: (i) Option One Mortgage Corporation, a California corporation
      or (ii) Option One Owner Trust 2001-1A, Option One Owner Trust 2001-1B, Option
      One Owner Trust 2001-2, Option One Owner Trust 2002-3, Option One Owner Trust
      2003-4, Option One Owner Trust 2003-5, Option One Owner Trust 2005-6, Option
      One
      Owner Trust 2005-7, Option One Owner Trust 2005-8 and/or Option One Owner Trust
      2005-9, each a Delaware statutory trust.

     

    “Senior
      Credit Enhancement Percentage”: For any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the sum of the aggregate
      Certificate Principal Balance of the Mezzanine Certificates and the Class C
      Certificates, and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans calculated prior to taking into account payments
      of principal on the Mortgage Loans and distribution of the Group I Principal
      Distribution Amount and the Group II Principal Distribution Amount to the
      Holders of the Certificates then entitled to distributions of principal on
      such
      Distribution Date.

     

    “Senior
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group I Senior Principal Distribution Amount and (ii) the Group
      II
      Senior Principal Distribution Amount.

     

    “Servicer”:
      Option One Mortgage Corporation, or any successor servicer appointed as herein
      provided, in its capacity as Servicer hereunder.

     

    “Servicer
      Certification”: As defined in Section 3.22(b) hereof.

     

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

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 2.05 or Section
      3.01.

     

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

     

    “Servicing
      Advance Reimbursement Amount”: As defined in Section 3.29.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable attorneys’ fees and expenses) incurred by the
      Servicer in the performance of its servicing obligations, including, but not
      limited to, the cost of (i) the preservation, restoration, inspection and
      protection of the Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, (iii) the management and liquidation of
      the
      REO Property, (iv) obtaining broker price opinions, (v) locating missing
      Mortgage Loan documents and (vi) compliance with the obligations under Sections
      3.01, 3.09, 3.14, 3.16, and 3.23. Servicing Advances also include any reasonable
      “out-of-pocket” costs and expenses (including legal fees) incurred by the
      Servicer in connection with executing and recording instruments of satisfaction,
      deeds of reconveyance or Assignments of Mortgage in connection with any
      foreclosure in respect of any Mortgage Loan to the extent not recovered from
      the
      related Mortgagor or otherwise payable under this Agreement. The Servicer shall
      not be required to make any Servicing Advance that would be a Nonrecoverable
      Advance.

     

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

     

    “Servicing
      Fee Rate”: 0.30%
      per
      annum for the first 10 Due Periods; 0.40% per annum for Due Periods 11 through
      30; and 0.65% per annum for Due Period 31 and thereafter.

     

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

     

    “Servicing
      Standard”: As defined in Section 3.01.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable costs and expenses incurred by the
      Trustee in connection with the transfer of servicing from a predecessor
      servicer, including, without limitation, any reasonable costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Trustee to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the Trustee (or any successor servicer appointed pursuant
      to
      Section 7.02) to service the Mortgage Loans properly and effectively and any
      fees associated with MERS.

     

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

     

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

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date on which the aggregate
      Certificate Principal Balance of the Class A Certificates have been reduced
      to
      zero and (ii) the later to occur of (x) the Distribution Date occurring in
      April
      2009 and (y) the first Distribution Date on which the Senior Credit Enhancement
      Percentage (calculated for this purpose only after taking into account payments
      of principal on the Mortgage Loans but prior to distribution of the Group I
      Principal Distribution Amount and the Group II Principal Distribution Amount
      to
      the Certificates then entitled to distributions of principal on such
      Distribution Date) is equal to or greater than 42.00%.

     

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

     

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

     

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

     

    “Subsequent
      Recoveries”:
      As
      of any Distribution Date, amounts received by the Servicer (net of any related
      expenses permitted to be reimbursed pursuant to Section 3.11) specifically
      related to a Mortgage Loan that was the subject of a liquidation or an REO
      Disposition prior to the related Prepayment Period that resulted in a Realized
      Loss.

     

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

     

    “Supplemental
      Interest Trust”: As defined in Section 4.05(a).

     

    “Swap
      Administration Agreement”: As defined in Section 4.05(b).

     

    “Swap
      Account”: The account or accounts created and maintained pursuant to Section
      4.05. The Swap Account must be an Eligible Account.

     

    “Swap
      Administrator”: Deutsche Bank National Trust Company, a national banking
      association, or any successor in interest, or any successor Swap Administrator
      appointed pursuant to the Swap Administration Agreement.

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amount of the SWAP-IO Interest
      and the scheduled notional amount pursuant to the Swap Administration
      Agreement.

     

    “Swap
      LIBOR”:
      A per annum rate equal to the floating rate payable by the Swap Provider under
      the Swap Agreement. 

     

    “Swap
      Provider”: The Royal Bank of Scotland plc.

     

    “Swap
      Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
      an Event of Default under the Interest Rate Swap Agreement with respect to
      which
      the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap
      Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
      with
      respect to which the Swap Provider is the sole Affected Party (as defined in
      the
      Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
      the
      Interest Rate Swap Agreement with respect to which the Swap Provider is the
      sole
      Affected Party.

     

    “Swap
      Termination Payment”: The payment due to either party under the Interest Rate
      Swap Agreement upon the early termination of the Interest Rate Swap
      Agreement.

     

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

     

    “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
      by
      the Trustee on behalf of each REMIC, 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.

     

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

     

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

     

    “Three
      Month Rolling Delinquency Percentage”: With respect to the Mortgage Loans and
      any Distribution Date, the average for the three most recent calendar months
      of
      the fraction, expressed as a percentage, the numerator of which is (x) the
      sum
      (without duplication) of the aggregate of the Stated Principal Balances of
      all
      Mortgage Loans that are (i) 60 or more days Delinquent, (ii) in bankruptcy
      and
      60 or more days Delinquent, (iii) in foreclosure and 60 or more days Delinquent
      or (iv) REO Properties, and the denominator of which is (y) the sum of the
      Stated Principal Balances of the Mortgage Loans, in the case of both (x) and
      (y), as of the Close of Business on the last Business Day of each of the three
      most recent calendar months.

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if:

     

    (a)  the
      Delinquency
      Percentage exceeds
      38.10% of the Senior Credit Enhancement Percentage; or

     

    (b)  the
      cumulative amount of Realized Losses incurred since the Cut-off Date as a
      percentage of the aggregate Stated Principal Balance of the Mortgage Loans
      as of
      the Cut-off Date for the related Distribution Date are greater
      than:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              April
                2008 through March 2009

            	
              1.40%
                for the first month, plus an additional 1/12th of 1.75% for each
                month
                thereafter.

            
	
              April
                2009 through March 2010

            	
              3.15%
                for the first month, plus an additional 1/12th of 1.80% for each
                month
                thereafter.

            
	
              April
                2010 through March 2011

            	
              4.95%
                for the first month, plus an additional 1/12th of 1.45% for each
                month
                thereafter.

            
	
              April
                2011 through March 2012

            	
              6.40%
                for the first month, plus an additional 1/12th of 0.75% for each
                month
                thereafter.

            
	
              April
                2012 through March 2013

            	
              7.15%
                for the first month, plus an additional 1/12th of 0.05% for each
                month
                thereafter.

            
	
              April
                2013 and thereafter

            	
              7.20%
                for each month.

            

    

    

    “Trust”:
      Soundview Home Loan Trust 2006-OPT1, the trust created hereunder.

     

    “Trust
      Fund”: All of the assets of the Trust, which is the trust created hereunder
      consisting of REMIC 2, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6,
      distributions made to the Trust Administrator by the Swap Administrator under
      the Swap Administration Agreement and the Swap Account, the right to receive
      any
      amounts from the Net WAC Rate Carryover Reserve Account and any Servicer
      Prepayment Charge Payment Amounts.

     

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

     

    “Trustee
      Compensation”: The amount payable to the Trustee on each Distribution Date
      pursuant to Section 8.05 as compensation for all services rendered by it in
      the
      execution of the trust hereby created and in the exercise and performance of
      any
      of the powers and duties of the Trustee hereunder.

     

    “Unadjusted
      Net WAC 30/360 Rate”: For any Distribution Date, a per annum rate equal to the
      weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans for
      such Distribution Date.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
      or Uncertificated Notional Amount, as applicable, of such REMIC Regular
      Interest. In each case, Uncertificated Accrued Interest will be reduced by
      any
      Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls (allocated
      to such REMIC Regular Interests as set forth in Section 1.03).

     

    “Uncertificated
      Notional Amount”: With respect to REMIC 2 Regular Interest LTIO and each
      Distribution Date listed below, the aggregate Uncertificated Principal Balance
      of the REMIC 1 Regular Interests ending with the designation “A” listed
      below: 

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interests

            
	
              1st
                through 2rd

            	
              I-1-A
                through I-44-A

            
	
              3

            	
              I-2-A
                through I-44-A

            
	
              4

            	
              I-3-A
                through I-44-A

            
	
              5

            	
              I-4-A
                through I-44-A

            
	
              6

            	
              I-5-A
                through I-44-A

            
	
              7

            	
              I-6-A
                through I-44-A

            
	
              8

            	
              I-7-A
                through I-44-A

            
	
              9

            	
              I-8-A
                through I-44-A

            
	
              10

            	
              I-9-A
                through I-44-A

            
	
              11

            	
              I-10-A
                through I-44-A

            
	
              12

            	
              I-11-A
                through I-44-A

            
	
              13

            	
              I-12-A
                through I-44-A

            
	
              14

            	
              I-13-A
                through I-44-A

            
	
              15

            	
              I-14-A
                through I-44-A

            
	
              16

            	
              I-15-A
                through I-44-A

            
	
              17

            	
              I-16-A
                through I-44-A

            
	
              18

            	
              I-17-A
                through I-44-A

            
	
              19

            	
              I-18-A
                through I-44-A

            
	
              20

            	
              I-19-A
                through I-44-A

            
	
              21

            	
              I-20-A
                through I-44-A

            
	
              22

            	
              I-21-A
                through I-44-A

            
	
              23

            	
              I-22-A
                through I-44-A

            
	
              24

            	
              I-23-A
                through I-44-A

            
	
              25

            	
              I-24-A
                through I-44-A

            
	
              26

            	
              I-25-A
                through I-44-A

            
	
              27

            	
              I-26-A
                through I-44-A

            
	
              28

            	
              I-27-A
                through I-44-A

            
	
              29

            	
              I-28-A
                through I-44-A

            
	
              30

            	
              I-29-A
                through I-44-A

            
	
              31

            	
              I-30-A
                through I-44-A

            
	
              32

            	
              I-31-A
                through I-44-A

            
	
              33

            	
              I-32-A
                through I-44-A

            
	
              34

            	
              I-33-A
                through I-44-A

            
	
              35

            	
              I-34-A
                through I-44-A

            
	
              36

            	
              I-35-A
                through I-44-A

            
	
              37

            	
              I-36-A
                through I-44-A

            
	
              38

            	
              I-37-A
                through I-44-A

            
	
              39

            	
              I-38-A
                through I-44-A

            
	
              40

            	
              I-39-A
                through I-44-A

            
	
              41

            	
              I-40-A
                through I-44-A

            
	
              42

            	
              I-41-A
                through I-44-A

            
	
              43

            	
              I-42-A
                through I-44-A

            
	
              44

            	
              I-43-A
                and I-44-A

            
	
              45

            	
              I-44-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC 2 Regular Interest
      LTIO.

     

    “Uncertificated
      Principal Balance”: With respect to each REMIC Regular Interest (other than
      REMIC 2 Regular Interest LTIO), the principal amount of such REMIC Regular
      Interest outstanding as of any date of determination. As of the Closing Date,
      the Uncertificated Principal Balance of each such REMIC Regular Interest shall
      equal the amount set forth in the Preliminary Statement hereto as its initial
      Uncertificated Principal Balance. On each Distribution Date, the Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest shall be reduced by
      all
      distributions of principal made on such REMIC 2 Regular Interest on such
      Distribution Date pursuant to Section 4.09 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.10. The Uncertificated Principal Balance of
      REMIC 2 Regular Interest LTZZ shall be increased by interest deferrals as
      provided in Section 4.09. The Uncertificated Principal Balance of each REMIC
      Regular Interest shall never be less than zero.

     

    “Uncertificated
      REMIC Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate or
      Uncertificated REMIC 2 Pass-Through Rate.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I, a per
      annum rate equal to the weighted average Net Mortgage Rate of the Mortgage
      Loans. With respect to each REMIC 1 Regular Interest ending with the designation
      “A”, a per annum rate equal to the weighted average Net Mortgage Rate of the
      Mortgage Loans multiplied by 2, subject to a maximum rate of 10.100%. With
      respect to each REMIC 1 Regular Interest ending with the designation “B”, the
      greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied
      by the weighted average Net Mortgage Rate of the Mortgage Loans over (ii)
      10.100% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interest LTAA, REMIC
      2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10 and REMIC 2 Regular Interest LTM11, REMIC 2 Regular Interest LTZZ and
      REMIC 2 Regular Interest LTP, a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I, the Uncertificated REMIC 1 Pass-Through
      Rate for such REMIC 1 Regular Interest for each such Distribution Date, (w)
      with
      respect to REMIC 1 Regular Interests ending with the designation “B”, the
      weighted average of the Uncertificated REMIC 1 Pass-Through Rates for such
      REMIC
      1 Regular Interests, weighted on the basis of the Uncertificated Principal
      Balance of such REMIC 1 Regular Interests for each such Distribution Date and
      (x) with respect to REMIC 1 Regular Interests ending with the designation “A”,
      for each Distribution Date listed below, the weighted average of the rates
      listed below for each such REMIC 1 Regular Interest listed below, weighted
      on
      the basis of the Uncertificated Principal Balance of each such REMIC 1 Regular
      Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	
              I-1-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              3

            	
              I-2-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	
              I-3-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	
              I-4-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	
              I-5-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	
              I-6-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	
              I-7-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	
              I-8-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	
              I-9-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	
              I-10-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-11-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-12-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-13-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-14-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-15-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-16-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-17-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-18-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-19-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-20-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-21-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-22-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-23-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-24-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-25-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-26-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-27-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-28-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-29-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-30-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-31-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              I-32-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              I-33-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              I-34-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              I-35-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	
              I-36-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              I-37-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-38-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-39-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-40-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-41-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-42-A
                through I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-43-A
                and I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LTIO and (a) the first Distribution Date,
      the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates
      for REMIC 1 Regular Interests ending with the designation “A” and (b) the second
      Distribution Date through the 45th Distribution Date, the excess of (i) the
      weighted average of the Uncertificated REMIC 1 Pass-Through Rates for REMIC
      1
      Regular Interests ending with the designation “A”, over (ii) 2 multiplied by
      Swap LIBOR and (c) thereafter, 0.00%. 

     

    “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 pursuant to Section 3.14.

     

    “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 United States federal income tax purposes) created or organized
      in, or under the laws of, the United States, any state thereof, or the District
      of Columbia (except in the case of a partnership, to the extent provided in
      Treasury regulations) provided that, for purposes solely of the restrictions
      on
      the transfer of Residual Certificates, no partnership or other entity treated
      as
      a partnership for United States federal income tax purposes shall be treated
      as
      a United States Person unless all persons that own an interest in such
      partnership either directly or through any entity that is not a corporation
      for
      United States federal income tax purposes are required by the applicable
      operative agreement to be United States Persons, or 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.

     

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

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the lesser of (a)
      the
      value thereof as determined by 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 Fannie Mae and Freddie Mac, and (b) the
      value thereof as determined by a review appraisal conducted by the Originator
      in
      the event any such review appraisal determines an appraised value ten percent
      or
      more lower than the value thereof as determined by the appraisal referred to
      in
      clause (i)(a) above and (ii) the purchase price paid for the related Mortgaged
      Property by the Mortgagor with the proceeds of the Mortgage Loan, provided,
      however, in the case of a Refinanced Mortgage Loan, such value of the Mortgaged
      Property is based solely upon the lesser of (1) the value determined by an
      appraisal made for the Originator of such Refinanced Mortgage Loan at the time
      of origination of such Refinanced Mortgage Loan by an appraiser who met the
      minimum requirements of Fannie Mae and Freddie Mac and (2) the value thereof
      as
      determined by a review appraisal conducted by the Originator in the event any
      such review appraisal determines an appraised value ten percent or more lower
      than the value thereof as determined by the appraisal referred to in clause
      (ii)(1) above.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times the Class A and Mezzanine
      Certificates and the Class C Certificates shall have 98% of the Voting Rights
      (allocated among the Holders of the Class A Certificates, Mezzanine Certificates
      and the Class C Certificates in proportion to the then outstanding Certificate
      Principal Balances of their respective Certificates), the Class P Certificates
      shall have 1% of the Voting Rights and the Residual Certificates shall have
      1%
      of the Voting Rights. The Voting Rights allocated to any Class of Certificates
      (other than the Class P Certificates and the Residual Certificates) shall be
      allocated among all Holders of each such Class in proportion to the outstanding
      Certificate Principal Balance of such Certificates, and the Voting Rights
      allocated to the Class P Certificates and the Residual Certificates shall be
      allocated among all Holders of each such Class in proportion to such Holders’
respective Percentage Interest; provided, however that when none of the Regular
      Certificates are outstanding, 100% of the Voting Rights shall be allocated
      among
      Holders of the Residual Certificates in accordance with such Holders’ respective
      Percentage Interests in the Certificates of such Class.

     

    
      	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.

     

    
      	SECTION
              1.03  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Class A Certificates, Mezzanine Certificates and the Class C
      Certificates for any Distribution Date, (1) the aggregate amount of any Net
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      first, among the Class C Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate and,
      thereafter, among the Class A and Mezzanine Certificates on a
      pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses and
      Net WAC Rate Carryover Amounts shall be allocated among the Class C Certificates
      on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      1
      Regular Interest I and to the REMIC 1 Regular Interests ending with the
      designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC
      1
      Regular Interests ending with the designation “A”, pro rata based on, and to the
      extent of, one month’s interest at the then applicable respective Uncertificated
      REMIC 1 Pass-Through Rates on the respective Uncertificated Principal Balances
      of each such REMIC 1 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1,
      REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC
      2
      Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest
      LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2
      Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest
      LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2
      Regular Interest LTM10, REMIC 2 Regular Interest LTM11 and REMIC 2 Regular
      Interest LTZZ pro
      rata based
      on,
      and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest.

     

    
      	SECTION
              1.04  	
              Rights
                of the NIMS Insurer.

            

    

     

    Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
      issued pursuant to an Indenture and (ii) any series of notes issued pursuant
      to
      one or more Indentures remain outstanding or the NIMS Insurer is owed amounts
      in
      respect of its guarantee of payment on such notes; provided, however, the NIMS
      Insurer shall not have any rights hereunder (except pursuant to Section 11.01
      in
      the case of clause (ii) below) so long as (i) the NIMS Insurer has not
      undertaken to guarantee certain payments of notes issued pursuant to the
      Indenture or (ii) any default has occurred and is continuing under the insurance
      policy issued by the NIMS Insurer with respect to such notes.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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 in trust 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 identified on the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon on and after the Cut-off Date and all collections
      in respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) the rights of the Depositor under the
      Mortgage Loan Purchase Agreement, (v) payments made to the Trustee by the Swap
      Administrator under the Swap Administration Agreement and the Swap Account,
      (vi)
      all other assets included or to be included in the Trust Fund and (vii) all
      proceeds of any of the foregoing. Such assignment includes all interest and
      principal due and collected by the Depositor or the Servicer after the Cut-off
      Date with respect to the Mortgage Loans.

     

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

     

    (i)  the
      original Mortgage Note, endorsed either (A) in blank or (B) in the following
      form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee,
      without recourse” or with respect to any lost Mortgage Note, an original Lost
      Note Affidavit stating that the original mortgage note was lost, misplaced
      or
      destroyed, together with a copy of the related mortgage note; provided, however,
      that such substitutions of Lost Note Affidavits for original Mortgage Notes
      may
      occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal
      Balance of which is less than or equal to 1.00% of the Pool Balance as of the
      Cut-off Date;

     

    (ii)  the
      original Mortgage (noting the presence of the MIN of the Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
      is
      a MOM Loan), with evidence of recording thereon, and the original recorded
      power
      of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with
      evidence of recording thereon or, if such Mortgage or power of attorney has
      been
      submitted for recording but has not been returned from the applicable public
      recording office, has been lost or is not otherwise available, a copy of such
      Mortgage or power of attorney, as the case may be, certified to be a true and
      complete copy of the original submitted for recording;

     

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

     

    (iv)  an
      original of any intervening assignment of Mortgage showing a complete chain
      of
      assignments (or to MERS if the Mortgage Loan is a MERS loan;

     

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

     

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

     

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

     

    The
      Trustee agrees to execute and deliver (or cause the Custodian to execute and
      deliver) and 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 F-3 hereto.

     

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

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Trustee (or the Custodian
      on
      behalf of the Trustee) shall notify the Servicer and the Servicer shall enforce
      the obligations of the Originator under the Mortgage Loan Purchase Agreement
      to
      cure such defect or deliver such missing document to the Trustee or the
      Custodian within 120 days. If the Originator does not cure such defect or
      deliver such missing document within such time period, the Servicer shall use
      commercially reasonable efforts to attempt to enforce the obligations of the
      Originator to either repurchase or substitute for such Mortgage Loan in
      accordance with Section 2.03; provided, however, that the Servicer shall not
      be
      under any obligation to take any action pursuant to this paragraph unless
      directed by the Depositor and provided, further, the Depositor hereby agrees
      to
      assist the Servicer in enforcing any obligations of the Originator to repurchase
      or substitute for a Mortgage Loan which has breached a representation or
      warranty under the Mortgage Loan Purchase Agreement. In connection with the
      foregoing, it is understood that the Custodian on behalf of the Trustee shall
      have no duty to discover any such defects except in the course of performing
      its
      review of the Mortgage Files to the extent set forth herein.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage,
      the Trustee shall enforce the obligations of the Originator under the Mortgage
      Loan Purchase Agreement to cause the Assignments which were delivered in blank
      to be completed and to record all Assignments referred to in Section 2.01(iii)
      hereof and, to the extent necessary, in Section 2.01(iv) hereof. The Trustee
      shall enforce the obligations of the Originator under the Mortgage Loan Purchase
      Agreement to deliver such assignments for recording within 180 days of the
      Closing Date. In the event that any such Assignment is lost or returned
      unrecorded because of a defect therein, the Trustee shall enforce the
      obligations of the Originator under the Mortgage Loan Purchase Agreement to
      promptly have a substitute Assignment prepared or have such defect cured, as
      the
      case may be, and thereafter cause each such Assignment to be duly
      recorded.

     

    Notwithstanding
      the foregoing, for administrative convenience and facilitation of servicing
      and
      to reduce closing costs, the Assignments of Mortgage shall not be required
      to be
      submitted for recording (except with respect to any Mortgage Loan located in
      Maryland) unless the Trustee (or the Custodian on behalf of the Trustee) and
      the
      Depositor receive notice that such failure to record would result in a
      withdrawal or a downgrading by any Rating Agency of the rating on any Class
      of
      Certificates; provided, however, each Assignment, except with respect to any
      Mortgage Loan for which MERS is identified on the Mortgage, shall be submitted
      for recording in the manner described above, at no expense to the Trust Fund
      or
      Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders
      of Certificates entitled to at least 25% of the Voting Rights, (ii) the
      occurrence of a Servicer Event of Termination, (iii) the occurrence of a
      bankruptcy, insolvency or foreclosure relating to the Originator, (iv) the
      occurrence of a servicing transfer as described in Section 7.02 hereof, (v)
      upon
      receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
      or foreclosure relating to the Mortgagor under the related Mortgage, (vi) upon
      receipt of notice from the Servicer, any Mortgage Loan that is 90 days or more
      Delinquent and such recordation would be necessary to facilitate conversion
      of
      the Mortgaged Property in accordance with Section 3.16 and (vii) reasonable
      direction by the NIMS Insurer. In the event of (i) through (vii) set forth
      in
      the immediately preceding sentence, the Trustee shall enforce the obligations
      of
      the Originator to deliver such Assignments for recording as provided above,
      promptly and in any event within 30 days following receipt of notice by the
      Originator. Notwithstanding the foregoing, if the Originator fails to pay the
      cost of recording the Assignments, such expense will be paid by the Trustee
      (if
      it reasonably believes it will be reimbursed) and the Trustee shall be
      reimbursed for such expenses by the Trust. 

     

    The
      Servicer shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with this Agreement within two weeks of their
      execution; provided, however, that the Servicer shall provide the Custodian
      with
      a certified true copy of any such document submitted for recordation within
      two
      weeks of its execution, and shall provide the original of any document submitted
      for recordation or a copy of such document certified by the appropriate public
      recording office to be a true and complete copy of the original within 365
      days
      of its submission for recordation. In the event that the Servicer cannot provide
      a copy of such document certified by the public recording office within such
      365
      day period, the Servicer shall deliver to the Custodian, within such 365 day
      period, an Officers’ Certificate of the Servicer which shall (A) identify the
      recorded document, (B) state that the recorded document has not been delivered
      to the Custodian due solely to a delay caused by the public recording office,
      (C) state the amount of time generally required by the applicable recording
      office to record and return a document submitted for recordation, if known
      and
      (D) specify the date the applicable recorded document is expected to be
      delivered to the Custodian, and, upon receipt of a copy of such document
      certified by the public recording office, the Servicer shall immediately deliver
      such document to the Custodian. In the event the appropriate public recording
      office will not certify as to the accuracy of such document, the Servicer shall
      deliver a copy of such document certified by an officer of the Servicer to
      be a
      true and complete copy of the original to the Custodian.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loan be included in the Trust that is a high-cost home loan as defined by the
      Homeownership and Equity Protection Act of 1994 or any other applicable
      predatory or abusive lending laws.

     

    The
      Depositor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Interest Rate Swap Agreement (in its capacity as
      Supplemental Interest Trust Trustee) and to assign any rights to receive
      payments from the Swap Provider to the Swap Administrator pursuant to the Swap
      Administration Agreement and the Depositor further directs the Trustee to
      execute, deliver and perform its obligations under the Swap Administration
      Agreement. The Depositor, the Servicer and the Holders of the Class A and
      Mezzanine Certificates by their acceptance of such Certificates acknowledge
      and
      agree that the Trustee shall execute, deliver and perform its obligations under
      the Interest Rate Swap Agreement and the Swap Administration Agreement and
      shall
      do so solely in its capacity as Trustee or as Swap Administrator, as the case
      may be, and not in its individual capacity. Every provision of this Agreement
      relating to the conduct or affecting the liability of or affording protection
      to
      the Trustee shall apply to the Trustee’s execution of the Interest Rate Swap
      Agreement and the Swap Administration Agreement, and the performance of its
      duties and satisfaction of its obligations thereunder

     

    
      	SECTION
              2.02  	
              Acceptance
                by Trustee.

            

    

     

    Subject
      to the provisions of Section 2.01 and subject to the review described below
      and
      any exceptions noted on the exception report described in the next paragraph
      below, the Trustee acknowledges receipt by it or the Custodian on its behalf
      of
      the documents referred to in Section 2.01 above and all other assets included
      in
      the definition of “Trust Fund” and declares that it (or the Custodian on its
      behalf) 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 agrees that it (or a Custodian will agree on its behalf) shall, for
      the
      benefit of the Certificateholders, review, or that it or a Custodian on its
      behalf has reviewed pursuant to Section 2.01 each Mortgage File on or prior
      to
      the Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage Loan, within 45 days after the
      assignment thereof). The Trustee further agrees that it or a Custodian on its
      behalf shall, for the benefit of the Certificateholders, certify to the
      Depositor and the Servicer (with
      a
      copy to the NIMS Insurer)
      in
      substantially the form attached hereto as Exhibit F-1, within 45 days after
      the
      Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage, within 45 days after the
      assignment thereof) that, as to each Mortgage Loan listed in the respective
      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 (or the Custodian on its behalf) pursuant to Section 2.01 of
      this Agreement are in its possession, (ii) such documents have been reviewed
      by
      it (or the Custodian on its behalf) and have not been mutilated, damaged or
      torn
      and appear on their face to relate to such Mortgage Loan and (iii) based on
      its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1) and (3) of the Mortgage
      Loan Schedule accurately reflects information set forth in the Mortgage File.
      It
      is herein acknowledged that, in conducting such review, the Trustee (or the
      Custodian, as applicable) is under no duty or obligation to inspect, review
      or
      examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, legally enforceable, valid or binding 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.

     

    Prior
      to
      the first anniversary date of this Agreement the Trustee (or the Custodian
      on
      its behalf) shall deliver to the Depositor and the Servicer, with a copy to
      the
      NIMS Insurer a final certification in the form annexed hereto as Exhibit F-2,
      with any applicable exceptions noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or not to conform with respect to any characteristics which
      are within the scope of the Trustee’s (or the Custodian’s, as applicable) review
      as provided herein, at the conclusion of its review, the Trustee shall so notify
      the Originator, the Depositor, the NIMS Insurer and the Servicer. In addition,
      upon the discovery by the Depositor, the NIMS Insurer or the Servicer (or upon
      receipt by the Trustee of written notification of such breach) of a breach
      of
      any of the representations and warranties made by the Originator in the Mortgage
      Loan Purchase Agreement in respect of any Mortgage Loan which 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 NIMS Insurer and the other parties
      to
      this Agreement.

     

    Notwithstanding
      anything to the contrary in this Agreement, in no event shall the Trustee be
      liable to any party hereto or to any third party for the performance of any
      custody-related functions, including without limitation with respect to which
      the Custodian shall fail to take action on behalf of the Trustee or failure
      by
      the Custodian to perform any custody related functions in the event the
      Custodian shall fail to satisfy all the related requirements under this
      Agreement or the Custodial 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
                Originator.

            

    

     

    (a)  Upon
      discovery or receipt of written notice of any materially defective document
      in,
      or that a document is missing from, a Mortgage File or of the breach by the
      Originator of any representation, warranty or covenant under the Mortgage Loan
      Purchase Agreement, as applicable, in respect of any Mortgage Loan which
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee (or the Custodian on its behalf)
      shall promptly notify the NIMS Insurer and the Servicer of such defect, missing
      document or breach and the Servicer shall request that the Originator deliver
      such missing document or that the Originator cure such defect or breach within
      90 days from the date the Originator was notified of such missing document,
      defect or breach, and if the Originator does not deliver such missing document
      or cure such defect or breach in all material respects during such period,
      the
      Servicer shall use commercially reasonable efforts to attempt to enforce the
      Originator’s obligation under the Mortgage Loan Purchase Agreement and notify
      the Originator of its obligation to repurchase such Mortgage Loan from the
      Trust
      Fund at the Purchase Price on or prior to the Determination Date following
      the
      expiration of such 90 day period (subject to Section 2.03(e)); provided,
      however, that the Servicer shall not be under any obligation to take any action
      pursuant to this paragraph unless directed by the Depositor and provided,
      further, the Depositor hereby agrees to assist the Servicer in enforcing any
      obligations of the Originator to repurchase or substitute for a Mortgage Loan
      which has breached a representation or warranty under the Mortgage Loan Purchase
      Agreement. The Purchase Price for the repurchased Mortgage Loan shall be
      remitted to the Servicer for deposit in the Collection Account, and the Trustee
      (or the Custodian on behalf of the Trustee), upon receipt of written
      certification from the Servicer of such deposit, shall release to the Originator
      the related Mortgage File and shall execute and deliver such instruments of
      transfer or assignment, in each case without recourse, as the Originator shall
      furnish to it and as shall be necessary to vest in the Originator any Mortgage
      Loan released pursuant hereto and the Trustee shall have no further
      responsibility with regard to such Mortgage File (it being understood that
      neither the Trustee nor the Custodian shall have any responsibility for
      determining the sufficiency of such assignment for its intended purpose). In
      lieu of repurchasing any such Mortgage Loan as provided above, the Originator
      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); provided, however, the Originator may not substitute for
      any
      Mortgage Loan which breaches a representation or warranty regarding abusive
      or
      predatory lending laws. In furtherance of the foregoing, if the Originator
      is
      not a member of MERS and repurchases a Mortgage Loan which is registered on
      the
      MERS® System, the Originator, at its own expense and without any right of
      reimbursement, shall cause MERS to execute and deliver an assignment of the
      Mortgage in recordable form to transfer the Mortgage from MERS to the Originator
      and shall cause such Mortgage to be removed from registration on the MERS®
System in accordance with MERS’ rules and regulations. It is understood and
      agreed that the obligation of the Originator 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
      Originator respecting such omission, defect or breach available to the Trustee
      on behalf of the Certificateholders.

     

    (b)  Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation, warranty or covenant of the
      Depositor set forth in Section 2.06, which materially and adversely affects
      the
      interests of the Certificateholders in any Mortgage Loan, the Depositor shall
      cure such breach in all material respects.

     

    (c)  Within
      90
      days of the earlier of discovery by the Servicer or receipt of notice by the
      Servicer of the breach of any representation, warranty or covenant of the
      Servicer set forth in Section 2.05 which materially and adversely affects the
      interests of the Certificateholders in any Mortgage Loan, the Servicer shall
      cure such breach in all material respects.

     

    (d)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the last Business
      Day
      that is within two years after the Closing Date. As to any Deleted Mortgage
      Loan
      for which the Originator substitutes a Qualified Substitute Mortgage Loan or
      Loans, such substitution shall be effected by the Originator delivering to
      the
      Trustee (or the Custodian on behalf of the Trustee), for such Qualified
      Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage and the
      Assignment to the Trustee in blank, and such other documents and agreements,
      with all necessary endorsements thereon, as are required by Section 2.01,
      together with an Officers’ Certificate providing that each such Qualified
      Substitute Mortgage Loan satisfies the definition thereof and specifying the
      Substitution Adjustment (as described below), if any, in connection with such
      substitution. The Trustee (or the Custodian on behalf of the Trustee) shall
      acknowledge receipt for such Qualified Substitute Mortgage Loan or Loans and,
      within 45 days thereafter, shall review such documents as specified in Section
      2.02 and deliver, with respect to such Qualified Substitute Mortgage Loan or
      Loans, a certification substantially in the form attached hereto as Exhibit
      F-1
      (with a copy to the NIMS Insurer), with any applicable exceptions noted thereon.
      Within one year of the date of substitution, the Trustee (or the Custodian
      on
      behalf of the Trustee) shall deliver to the Servicer a certification
      substantially in the form of Exhibit F-2 hereto (with a copy to the NIMS
      Insurer) with respect to such Qualified Substitute Mortgage Loan or Loans,
      with
      any applicable exceptions noted thereon. Monthly Payments due with respect
      to
      Qualified Substitute Mortgage Loans in the month of substitution are not part
      of
      the Trust Fund and will be retained by the Originator. 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 Originator shall thereafter be
      entitled to retain all amounts subsequently received in respect of such Deleted
      Mortgage Loan. The Depositor shall give or cause to be given written notice
      to
      the NIMS Insurer and the Trustee, who shall forward such 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 NIMS Insurer and the Trustee. Upon such substitution by the
      Originator, such Qualified Substitute Mortgage Loan or Loans shall constitute
      part of the Mortgage Pool and shall be subject in all respects to the terms
      of
      this Agreement and the Mortgage Loan Purchase Agreement, including all
      applicable representations and warranties thereof included in the Mortgage
      Loan
      Purchase Agreement as of the date of substitution.

     

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

     

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

     

    (e)  Upon
      discovery by the Depositor, the Servicer, the NIMS Insurer 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 hereto.
      In
      connection therewith, the Originator or the Depositor, as the case may be,
      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. Such repurchase or
      substitution shall be made (i) by the Originator if the affected Mortgage Loan’s
      status as a non-qualified mortgage is or results from a breach of any
      representation, warranty or covenant made by the Originator under the Mortgage
      Loan Purchase Agreement or (ii) the Depositor, if the affected Mortgage Loan’s
      status as a non-qualified mortgage is a breach of any representation or warranty
      of the Depositor set forth in Section 2.06, or if its status as a non-qualified
      mortgage is a breach of no representation or warranty. Any such repurchase
      or
      substitution shall be made in the same manner as set forth in Section 2.03(a)
      or
      2.03(d), if made by the Originator, or Section 2.03(b), if made by the
      Depositor. The Trustee (or the Custodian on behalf of the Trustee) shall
      reconvey to the Depositor or the Originator, as the case may be, the Mortgage
      Loan to be released pursuant hereto in the same manner, and on the same terms
      and conditions, as it would a Mortgage Loan repurchased for breach of a
      representation or warranty.

     

    (f)  In
      addition to the foregoing, to the extent of a breach of the representation
      of
      the Depositor set forth in Section 2.06(x), the Depositor 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. The Depositor acknowledges that a breach of the
      representation set forth in Section 2.06(x) will be deemed to materially
      adversely affect the interests of the Certificateholders and shall require
      a
      repurchase of the affected Mortgage Loan.

     

    
      	SECTION
              2.04  	
              Intentionally
                Omitted.

            

    

     

    
      	SECTION
              2.05  	
              Representations,
                Warranties and Covenants of the
                Servicer.

            

    

     

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

     

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

     

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

     

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

     

    (iv)  [Reserved];

     

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

     

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

     

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

     

    (viii)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01; and

     

    (ix)  The
      Servicer has fully furnished and will continue to fully furnish, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, accurate
      and complete information (i.e., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian, and Trans Union Credit Information Company
      (three of the credit repositories), on a monthly basis.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee (or the Custodian on behalf of the Trustee) and shall inure to the
      benefit of the Trustee, the Depositor and the Certificateholders. Upon discovery
      by any of the Depositor, the NIMS Insurer, the Servicer or the Trustee of a
      breach of any of the foregoing representations, warranties and covenants which
      materially and adversely affects the value of any Mortgage Loan, Prepayment
      Charge or the interests therein of the Certificateholders, the party discovering
      such breach shall give prompt written notice (but in no event later than two
      Business Days following such discovery) to the Servicer, the NIMS Insurer and
      the Trustee. Notwithstanding the foregoing, within 90 days of the earlier of
      discovery by the Servicer or receipt of notice by the Servicer of the breach
      of
      the representation or covenant of the Servicer set forth in Section 2.05(viii)
      above which materially and adversely affects the interests of the Holders of
      the
      Class P Certificates in any Prepayment Charge, the Servicer must pay the amount
      of such waived Prepayment Charge, for the benefit of the Holders of the Class
      P
      Certificates, by depositing such amount into the Collection Account. The
      foregoing shall not, however, limit any remedies available to the
      Certificateholders, the Depositor or the Trustee on behalf of the
      Certificateholders, pursuant to the Mortgage Loan Purchase Agreement respecting
      a breach of the representations, warranties and covenants of the
      Originator.

     

    
      	SECTION
              2.06  	
              Representations
                and Warranties of the Depositor.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vii)  The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or, 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 articles 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;

     

    (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; and

     

    (x)  The
      Stated Principal Balance of each Group I Mortgage Loan is within Freddie Mac’s
      dollar amount limits for conforming one-to-four-family mortgage
      loans.

     

    
      	SECTION
              2.07  	
              Issuance
                of Certificates.

            

    

     

    The
      Trustee (or the Custodian on behalf of the Trustee) acknowledges the assignment
      to it of the Mortgage Loans and the delivery to it (or the Custodian on behalf
      of the Trustee) of the Mortgage Files, subject to any exceptions noted by the
      Custodian in its exception report delivered pursuant to Section 2.02, together
      with the assignment to it of all other assets included in the Trust Fund,
      receipt of which is hereby acknowledged. Concurrently with such assignment
      and
      delivery and in exchange therefor, the Trustee, pursuant to the written request
      of the Depositor executed by an officer of the Depositor, has executed,
      authenticated and delivered to or upon the order of the Depositor, the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates constitute the entire beneficial ownership interest in the Trust
      Fund.

     

    
      	SECTION
              2.08  	
              [Reserved].

            

    

     

    
      	SECTION
              2.09  	
              Acceptance
                of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC 6 by the
                Trustee;
                Conveyance of REMIC 1 Regular Interests, Class C Interest and Class
                P
                Interest; Issuance of Certificates.

            

    

     

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

     

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

     

    (c)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      2 Regular Interests for the benefit of the holders of the Class A Certificates,
      Mezzanine Certificates, the Class C Interest, the Class P Interest, the Class
      IO
      Interest and the Class R Certificates (in respect of the Class R-3 Interest).
      The Trustee acknowledges receipt of the REMIC 2 Regular Interests and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the holders of the Class A Certificates, Mezzanine Certificates, the Class
      C
      Interest, the Class P Interest, the Class IO Interest and the Class R
      Certificates (in respect of the Class R-3 Interest). The interests evidenced
      by
      the Class R-3 Interest, together with the Class A Certificates, Mezzanine
      Certificates, the Class C Interest, the Class P Interest and the Class IO
      Interest, constitute the entire beneficial ownership interest in REMIC
      3.

     

    (d)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      C Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      C Certificates and the Class R-X Certificates (in respect of the Class R-4
      Interest). The interests evidenced by the Class R-4 Interest, together with
      the
      Class C Certificates, constitute the entire beneficial ownership interest in
      REMIC 4.

     

    (e)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-5
      Interest). The interests evidenced by the Class R-5 Interest, together with
      the
      Class P Certificates, constitute the entire beneficial ownership interest in
      REMIC 5.

     

    (f)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the SWAP
      IO Interest (which is uncertificated) for the benefit of the Holders of the
      REMIC 6 Regular Interest SWAP IO and the Class R-X Certificates (in respect
      of
      the Class R-6 Interest). The interests evidenced by the Class R-6 Interest,
      together with the REMIC 6 Regular Interest SWAP IO, constitute the entire
      beneficial ownership interest in REMIC 6

     

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

     

    (h)  In
      exchange for the REMIC 2 Regular Interests and, concurrently with the assignment
      to the Trustee thereof, pursuant to the written request of the Depositor
      executed by an officer of the Depositor, the Trustee has executed, authenticated
      and delivered to or upon the order of the Depositor, the Regular Certificates
      (other than the Class C Certificates and Class P Certificates) in authorized
      denominations, which Certificates, together with the Class C Interests and
      Class
      P Interests and the Class R Certificates (in respect of the Class R-3 Interest),
      evidence the entire beneficial ownership interest in REMIC 3.

     

    (i)  In
      exchange for the Class C Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class C Certificates in authorized
      denominations, which Certificates, together with the Class R-X Certificates
      (in
      respect of the Class R-4 Interest), evidence the entire beneficial ownership
      interest in REMIC 4.

     

    (j)  In
      exchange for the Class P Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class P Certificates in authorized
      denominations, which Certificates, together with the Class R-X Certificates
      (in
      respect of the Class R-5 Interest), evidence the entire beneficial ownership
      interest in REMIC 5.

     

    (k)  In
      exchange for REMIC 6 Regular Interest SWAP IO and, concurrently with the
      assignment to the Trustee thereof, pursuant to the written request of the
      Depositor executed by an officer of the Depositor, the Trustee has executed,
      authenticated and delivered to or upon the order of the Depositor, REMIC 6
      Regular Interest SWAP IO (which shall be uncertificated) in authorized
      denominations, which, together with the Class R-X Certificates (in respect
      of
      the Class R-6 Interest), evidence the entire beneficial ownership interest
      in
      REMIC 6.

     

    (l)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 (including the
      Residual Interest therein represented by the Class R-1 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
      Section 2.09(a), (ii) the assignment and delivery to the Trustee of REMIC 2
      (including the Residual Interest therein represented by the Class R-2 Interest)
      and the acceptance by the Trustee thereof, pursuant to Section 2.09(b), (iii)
      the assignment and delivery to the Trustee of REMIC 3 (including the Residual
      Interest therein represented by the Class R-3 Interest) and the acceptance
      by
      the Trustee thereof, pursuant to Section 2.09(c), (iv) the assignment and
      delivery to the Trustee of REMIC 4 (including the Residual Interest therein
      represented by the Class R-4 Interest) and the acceptance by the Trustee
      thereof, pursuant to Section 2.09(d), (v) the assignment and delivery to the
      Trustee of REMIC 5 (including the Residual Interest therein represented by
      the
      Class R-5 Interest) and the acceptance by the Trustee thereof, pursuant to
      Section 2.09(e) and (vi) the assignment and delivery to the Trustee of REMIC
      6
      (including the Residual Interest therein represented by the Class R-6 Interest)
      and the acceptance by the Trustee thereof, pursuant to Section 2.09(f), the
      Trustee, pursuant to the written request of the Depositor executed by an officer
      of the Depositor, has executed, authenticated and delivered to or upon the
      order
      of the Depositor, the Class R Certificates (evidencing the Class R-1 Interest,
      the
      Class
      R-2 Interest
      and the
      Class R-3 Interest) and the Class R-X Certificates (evidencing the Class R-4
      Interest, the Class R-5 Interest and the Class R-6 Interest) in authorized
      denominations.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01  	
              Servicer
                to Act as Servicer.

            

    

     

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

     

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

     

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

     

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

     

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

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek the timely
      and
      complete recovery of principal and interest on the Mortgage Notes and (b) shall
      waive
      (or
      permit a Sub-Servicer to waive) a Prepayment Charge only
      under the following circumstances: (i) such waiver is standard and customary
      in
      servicing similar Mortgage Loans and (ii) such waiver relates to a default
      or a
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan, (iii) the collection
      of
      such Prepayment Charge would be in violation of applicable laws or (iv) the
      Servicer has not received information and documentation sufficient to confirm
      the existence or amount of such Prepayment Charge. If a Prepayment Charge is
      waived as permitted by meeting the standard described in clauses (iii) or (iv)
      above, then the Servicer shall make commercially reasonable efforts to attempt
      to enforce the obligations of the Originator under the Mortgage Loan Purchase
      Agreement to pay the amount of such waived Prepayment Charge, for the benefit
      of
      the Holders of the Class P Certificates; provided, however, that the Servicer
      shall not be under any obligation to take any action pursuant to this paragraph
      unless directed by the Depositor and provided, further, the Depositor hereby
      agrees to assist the Servicer in enforcing any obligations of the Originator
      to
      repurchase or substitute for a Mortgage Loan which has breached a representation
      or warranty under the Mortgage Loan Purchase Agreement. If the Servicer makes
      a
      good faith determination as evidenced by an officer’s certificate delivered by
      the Servicer to the Trustee, that the Servicer’s efforts are not reasonably
      expected to be successful in enforcing such rights, it shall notify the Trustee
      of such failure and the Trustee, with the cooperation of the Servicer, shall
      enforce the obligation of the Originator under the Mortgage Loan Purchase
      Agreement to pay to the Servicer the amount of such waived Prepayment Charge.
      If
      the Originator fails to pay the amount of such waived Prepayment Charge in
      accordance with its obligations under the Mortgage Loan Purchase Agreement,
      the
      Trustee, the Servicer and the Depositor shall consult on further actions to
      be
      taken against the Originator. The Servicer hereby acknowledges that for the
      purposes of clause (iii) above, the law applicable to the enforcement of
      Prepayment Charges is the law applicable to the originator of the related
      Mortgage Loan. In the event the Servicer determines that (i) the foregoing
      acknowledgement is no longer accurate and (ii) applicable state law would
      prevent it from fully enforcing any Prepayment Charge, the Servicer shall (i)
      provide notice to the Depositor at least 30 days prior to waiving any such
      Prepayment Charge and (ii) provide a written opinion of counsel from a
      nationally recognized law firm experienced in regulatory matters concluding
      that
      fully enforcing such Prepayment Charge would violate applicable
      law.

     

    Subject
      only to the above-described servicing standards and the terms of this Agreement
      and of the Mortgage Loans, the Servicer shall have full power and authority,
      acting alone or through Sub-Servicers as provided in Section 3.02, to do or
      cause to be done any and all things in connection with such servicing and
      administration which it may deem necessary or desirable. Without limiting the
      generality of the foregoing, the Servicer, in the name of the Trust Fund, is
      hereby authorized and empowered by the Trustee when the Servicer believes it
      appropriate in its best judgment in accordance with the Servicing Standard,
      to
      execute and deliver, on behalf of the Certificateholders and the Trustee, any
      and all instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and all other comparable instruments, with respect to
      the
      Mortgage Loans and the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee and Certificateholders. The Servicer shall
      service and administer the Mortgage Loans in accordance with applicable state
      and federal law and shall provide to the Mortgagors any reports required to
      be
      provided to them thereby. The Servicer shall also comply in the performance
      of
      this Agreement with all reasonable rules and requirements of each insurer under
      any standard hazard insurance policy. Subject to Section 3.17, within five
      (5)
      days of the Closing Date, the Trustee shall execute and furnish to the Servicer
      and any Sub-Servicer any special or limited powers of attorney and other
      documents necessary or appropriate to enable the Servicer or any Sub-Servicer
      to
      carry out their servicing and administrative duties hereunder; provided,
      such
      limited powers of attorney or other documents shall be prepared by the Servicer
      and submitted to the Trustee for execution. The Trustee shall not be liable
      for
      the actions by the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS® System, or cause the removal from the registration of any Mortgage
      Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and
      the Certificateholders or any of them, any and all instruments of assignment
      and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses incurred in connection with
      the
      actions described in the preceding sentence or as a result of MERS discontinuing
      or becoming unable to continue operations in connection with the MERS® System,
      shall be reimbursable to the Servicer by withdrawal from the Collection Account
      pursuant to Section 3.11.

     

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

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.04)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan that would change the Mortgage Rate, reduce or increase the Stated
      Principal Balance (except for reductions resulting from actual payments of
      principal) or change the final maturity date on such Mortgage Loan (unless,
      in
      any such case, as provided in Section 3.07, the Mortgagor is in default with
      respect to the Mortgage Loan or such default is, in the judgment of the
      Servicer, reasonably foreseeable) or (ii) permit any modification, waiver or
      amendment of any term of any Mortgage Loan that would both (A) effect an
      exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
      (or
      Treasury regulations promulgated thereunder) and (B) cause any REMIC created
      hereunder to fail to qualify as a REMIC under the Code or the imposition of
      any
      tax on “prohibited transactions” or “contributions after the startup date” under
      the REMIC Provisions.

     

    The
      Servicer shall also undertake to defend, with respect to a claim against the
      Trustee or the Trust, any claims against the Trust, the Trustee or itself by
      a
      Mortgagor which relate to or affect the servicing of any Mortgage Loan. This
      shall not be construed as an assumption of liability in such matters. The
      Trustee shall notify the Servicer of any such claim as soon as practicable
      after
      receiving notice of such claim. The Servicer shall not be liable for any delay
      in responding to any claim of which it has not received timely notice. The
      Trustee shall cooperate with the Servicer in all aspects of the defense of
      such
      claims, including the timely delivery of all relevant litigation files and
      other
      related information. In the event the Servicer acts on behalf of the Trustee,
      the Trust or itself in any such litigation, the Trust shall pay all costs and
      expenses (including attorneys’ fees, court costs, settlements and judgments)
      associated with the defense and management of such claim; provided, however,
      that the Servicer shall not be indemnified for any such cost or expense relating
      to claims against the Servicer and incurred by reason of its willful
      misfeasance, bad faith or negligence in the performance of its duties
      hereunder.

     

    Within
      180 days of the Closing Date, with respect to the Mortgage Loans set forth
      on
      Schedule III of the Mortgage Loan Purchase Agreement, the Servicer shall deliver
      to the Trustee a written field report from the Servicer or from an independent
      contractor (which, in either case, need not be a qualified appraiser but who
      cannot be the related Mortgagor) certifying that, based on a visual exterior
      inspection conducted by such person, such related Mortgaged Property appears
      not
      to have been damaged materially by the recent Hurricane Katrina or Rita or
      their
      after effects.

     

    
      	SECTION
              3.02  	
              Sub-Servicing
                Agreements Between Servicer and
                Sub-Servicers.

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers, which
      may
      be Affiliates of the Servicer, for the servicing and administration of the
      Mortgage Loans; provided, however, (i) such sub-servicing arrangement and the
      terms of the related Sub-Servicing Agreement must provide for the servicing
      of
      the Mortgage Loans in a manner consistent with the servicing arrangement
      contemplated hereunder and (ii) the NIMS Insurer shall have consented to such
      sub-servicing agreement. The Trustee is hereby authorized to acknowledge, at
      the
      request of the Servicer, any Sub-Servicing Agreement. No such acknowledgment
      shall be deemed to imply that the Trustee has consented to any such
      Sub-Servicing Agreement, has passed upon whether such Sub-Servicing Agreement
      meets the requirements applicable to Sub-Servicing Agreements set forth in
      this
      Agreement or has passed upon whether such Sub-Servicing Agreement is otherwise
      permitted under this Agreement. The Servicer may, in connection with its duties
      as Servicer hereunder, enter into transactions with any of its Affiliates
      relating to the Mortgage Loans; provided, that (i) such transaction is in the
      ordinary course of business of the Servicer, and (ii) the terms of such
      transaction are no less favorable to the Servicer than it would obtain in a
      comparable arm’s-length transaction with a person that is not an Affiliate of
      the Servicer.

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      where the related Mortgaged Properties it is to service are situated, if and
      to
      the extent required by applicable law to enable the Sub-Servicer to perform
      its
      obligations hereunder and under the Sub-Servicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing Agreement
      must
      impose on the Sub-Servicer requirements conforming to the provisions set forth
      in Section 3.08 and provide for servicing of the Mortgage Loans consistent
      with
      the terms of this Agreement. The Servicer will examine each Sub-Servicing
      Agreement and will be familiar with the terms thereof. The terms of any
      Sub-Servicing Agreement will not be inconsistent with any of the provisions
      of
      this Agreement. Any variation in any Sub-Servicing Agreements from the
      provisions set forth in Section 3.08 relating to insurance or priority
      requirements of Sub-Servicing Accounts, or credits and charges to the
      Sub-Servicing Accounts or the timing and amount of remittances by the
      Sub-Servicers to the Servicer, are conclusively deemed to be inconsistent with
      this Agreement and therefore prohibited. The Servicer shall deliver to the
      NIMS
      Insurer and the Trustee copies of all Sub-Servicing Agreements, and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

    (b)  As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Trustee and the Certificateholders, shall enforce the obligations of each
      Sub-Servicer under the related Sub-Servicing Agreement, including, without
      limitation, any obligation to make advances in respect of delinquent payments
      as
      required by a Sub-Servicing Agreement. Such enforcement, including, without
      limitation, the legal prosecution of claims, termination of Sub-Servicing
      Agreements, and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Servicer, in its
      good
      faith business judgment, would require were it the owner of the related Mortgage
      Loans. The Servicer shall pay the costs of such enforcement at its own expense,
      and shall be reimbursed therefor only (i) from a general recovery resulting
      from
      such enforcement, to the extent, if any, that such recovery exceeds all amounts
      due in respect of the related Mortgage Loans, or (ii) from a specific recovery
      of costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed.

     

    
      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

    

     

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

     

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

     

    
      	SECTION
              3.04  	
              Liability
                of the Servicer.

            

    

     

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

     

    
      	SECTION
              3.05  	
              No
                Contractual Relationship Between Sub-Servicers and the NIMS Insurer,
                the
                Trustee or Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the NIMS Insurer, the Trustee or Certificateholders shall not be deemed
      parties thereto and shall have no claims, rights, obligations, duties or
      liabilities with respect to the Sub-Servicer except as set forth in Section
      3.06. The Servicer shall be solely liable for all fees owed by it to any
      Sub-Servicer, irrespective of whether the Servicer’s compensation pursuant to
      this Agreement is sufficient to pay such fees.

     

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

            

    

     

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

     

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

     

    
      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts, in accordance with the Servicing
      Standard, to collect all payments called for under the terms and provisions
      of
      the Mortgage Loans and the provisions of any applicable insurance policies
      provided to the Servicer. Consistent with the foregoing, the Servicer may in
      its
      discretion (i) waive any late payment charge or, if applicable, any penalty
      interest or any provisions of any Mortgage Loan requiring the related Mortgagor
      to submit to mandatory arbitration with respect to disputes arising thereunder,
      or (ii) extend the due dates for the Monthly Payments due on a Mortgage Note
      for
      a period of not greater than 180 days; provided, however, that any extension
      pursuant to clause (ii) above shall not affect the amortization schedule of
      any
      Mortgage Loan for purposes of any computation hereunder, except as provided
      below. In the event of any such arrangement pursuant to clause (ii) above,
      the
      Servicer shall make timely Advances on such Mortgage Loan during such extension
      pursuant to Section 4.04 and in accordance with the amortization schedule of
      such Mortgage Loan without modification thereof by reason of such arrangement.
      Notwithstanding the foregoing, in the event that any Mortgage Loan is in default
      or, in the judgment of the Servicer, such default is reasonably foreseeable,
      the
      Servicer, consistent with the standards set forth in Section 3.01, may also
      waive, modify or vary any term of such Mortgage Loan (including modifications
      that would change the Mortgage Rate, forgive the payment of principal or
      interest or extend the final maturity date of such Mortgage Loan), accept
      payment from the related Mortgagor of an amount less than the Stated Principal
      Balance in final satisfaction of such Mortgage Loan, or consent to the
      postponement of strict compliance with any such term or otherwise grant
      indulgence to any Mortgagor (any and all such waivers, modifications, variances,
      forgiveness of principal or interest, postponements, or indulgences collectively
      referred to herein as “forbearance”), provided, however, that the NIMS Insurer’s
      prior written consent shall be required for any modification, waiver or
      amendment if the aggregate number of outstanding Mortgage Loans which have
      been
      modified, waived or amended exceeds 5% of the number of Mortgage Loans as of
      the
      Cut-off Date. The Servicer's analysis supporting any forbearance and the
      conclusion that any forbearance meets the standards of Section 3.01 and the
      Loss
      Mitigation Procedures shall be reflected in writing in the Mortgage
      File.

     

    
      	SECTION
              3.08  	
              Sub-Servicing
                Accounts.

            

    

     

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

     

    
      	SECTION
              3.09  	
              Collection
                of Taxes, Assessments and Similar Items; Escrow
                Accounts.

            

    

     

    To
      the
      extent required by the related Mortgage Note, the Servicer shall establish
      and
      maintain, or cause to be established and maintained, one or more accounts (the
      “Escrow Accounts”), into which all Escrow Payments shall be deposited and
      retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit
      in the clearing account in which it customarily deposits payments and
      collections on mortgage loans in connection with its mortgage loan servicing
      activities, all Escrow Payments collected on account of the Mortgage Loans
      and
      shall deposit in the Escrow Accounts, in no event more than two Business Days
      after the receipt of such Escrow Payments, all Escrow Payments collected on
      account of the Mortgage Loans for the purpose of effecting the payment of any
      such items as required under the terms of this Agreement. Withdrawals of amounts
      from an Escrow Account may be made only to (i) effect payment of taxes,
      assessments, hazard insurance premiums, and comparable items in a manner and
      at
      a time that assures that the lien priority of the Mortgage is not jeopardized
      (or, with respect to the payment of taxes, in a manner and at a time that avoids
      the loss of the Mortgaged Property due to a tax sale or the foreclosure as
      a
      result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the
      extent provided in the related Sub-Servicing Agreement) out of related
      collections for any Servicing Advances made pursuant to Section 3.01 (with
      respect to taxes and assessments) and Section 3.14 (with respect to hazard
      insurance); (iii) refund to Mortgagors any sums as may be determined to be
      overages; (iv) pay interest, if required and as described below, to Mortgagors
      on balances in the Escrow Account; or (v) clear and terminate the Escrow Account
      at the termination of the Servicer’s obligations and responsibilities in respect
      of the Mortgage Loans under this Agreement in accordance with Article X. In
      the
      event the Servicer shall deposit in a Escrow Account any amount not required
      to
      be deposited therein, it may at any time withdraw such amount from such Escrow
      Account, any provision herein to the contrary notwithstanding. The Servicer will
      be responsible for the administration of the Escrow Accounts and will be
      obligated to make Servicing Advances to such accounts when and as necessary
      to
      avoid the lapse of insurance coverage on the Mortgaged Property, or which the
      Servicer knows, or in the exercise of the required standard of care of the
      Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged
      Property due to a tax sale or the foreclosure as a result of a tax lien. If
      any
      such payment has not been made and the Servicer receives notice of a tax lien
      with respect to the Mortgage being imposed, the Servicer will, within 10
      Business Days of receipt of such notice, advance or cause to be advanced funds
      necessary to discharge such lien on the Mortgaged Property. As part of its
      servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors
      interest on funds in the Escrow Accounts, to the extent required by law and,
      to
      the extent that interest earned on funds in the Escrow Accounts is insufficient,
      to pay such interest from its or their own funds, without any reimbursement
      therefor. The Servicer may pay to itself any excess interest on funds in the
      Escrow Accounts, to the extent such action is in conformity with the Servicing
      Standard, is permitted by law and such amounts are not required to be paid
      to
      Mortgagors or used for any of the other purposes set forth above.

     

    
      	SECTION
              3.10  	
              Collection
                Account and Distribution Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more accounts (such account or accounts,
      the
“Collection Account”), held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit
      or
      cause to be deposited in the Collection Account, in no event more than two
      Business Days after the Servicer’s receipt thereof, as and when received or as
      otherwise required hereunder, the following payments and collections received
      or
      made by it subsequent to the Cut-off Date (other than in respect of principal
      or
      interest on the Mortgage Loans due on or before the Cut-off Date) or payments
      (other than Principal Prepayments) received by it on or prior to the Cut-off
      Date but allocable to a Due Period subsequent thereto:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (viii)  all
      Prepayment Charges collected by the Servicer and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

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

     

    (b)  On
      behalf
      of the Trust Fund, the Trustee shall establish and maintain one or more
      segregated, non-interest bearing trust accounts (such account or accounts,
      the
“Distribution Account”), held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver
      to
      the Trustee in immediately available funds for deposit in the Distribution
      Account on or before 1:00 p.m. New York time on the Servicer Remittance Date,
      that portion of the Available Funds (calculated without regard to the references
      in the definition thereof to amounts that may be withdrawn from the Distribution
      Account) for the related Distribution Date then on deposit in the Collection
      Account, the amount of all Prepayment Charges collected during the applicable
      Prepayment Period by the Servicer and Servicer Prepayment Charge Payment Amounts
      in connection with the Principal Prepayment of any of the Mortgage Loans then
      on
      deposit in the Collection Account, the amount of any funds reimbursable to
      an
      Advancing Person pursuant to Section 3.29 (unless such amounts are to be
      remitted in another manner as specified in the documentation establishing the
      related Advance Facility).

     

    If,
      by
      1:00 p.m. New York time, on the Servicer Remittance Date, the Servicer fails
      to
      remit to the Trustee for deposit into the Distribution Account any amounts
      required to be so remitted by the Servicer pursuant to this Agreement, the
      Servicer shall pay to the Trustee, for its own account, interest on such amounts
      at the prime rate for such date (as set forth in the Wall
      Street Journal)
      for the
      period commencing on the Servicer Remittance Date through the Business Day
      on
      which such failure is remedied.

     

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

     

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

     

    (i)  any
      Advances, as required pursuant to Section 4.04;

     

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

     

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

     

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

     

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

     

    (vi)  any
      other
      amounts deposited hereunder which are required to be deposited in the
      Distribution Account.

     

    
      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 4.04:

     

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

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
      to the extent of amounts received which represent Late Collections (net of
      the
      related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on Mortgage
      Loans or REO Properties with respect to which such Advances were made in
      accordance with the provisions of Section 4.04; or (b) without limiting any
      right of withdrawal set forth in clause (vi) below, any unreimbursed Advances
      that, upon a Final Recovery Determination with respect to such Mortgage Loan,
      are Nonrecoverable Advances, but only to the extent that Late Collections (net
      of the related Servicing Fees), Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan are insufficient to reimburse the
      Servicer for such unreimbursed Advances; or (c) subject to 4.04(b), any
      unreimbursed Advances to the extent of funds held in the Collection Account
      for
      future distribution that were not included in Available Funds for the preceding
      Distribution Date;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid
      Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Late Collections, Liquidation
      Proceeds and Insurance Proceeds received with respect to such Mortgage Loan
      or
      REO Property, and (c) without limiting any right of withdrawal set forth in
      clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan
      that, upon a Final Recovery Determination with respect to such Mortgage Loan
      are
      Nonrecoverable Advances, but only to the extent that Late Collections,
      Liquidation Proceeds and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer
      for
      Servicing Advances;

     

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

     

    (v)  to
      pay
      itself, the NIMS Insurer or the Originator, as applicable, with respect to
      each
      Mortgage Loan that has previously been purchased or replaced pursuant to Section
      2.03 or Section 3.16(c) all amounts received thereon subsequent to the date
      of
      purchase or substitution, as the case may be and any enforcement expenses
      reasonably incurred in respect of such breach or defect, including any expenses
      arising out of the enforcement of such purchase obligations;

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.04;

     

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

     

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

     

    (ix)  to
      pay
      itself any Prepayment Interest Excess;

     

    (x)  to
      clear
      and terminate the Collection Account pursuant to Section 10.01; and

     

    (xi)  to
      withdraw any amount deposited in the Collection Account and not required to
      be
      deposited therein.

     

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

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi) and (vii) above. The Servicer shall
      provide written notification to the NIMS Insurer and the Trustee, on or prior
      to
      the next succeeding Servicer Remittance Date, upon making any withdrawals from
      the Collection Account pursuant to subclause (vi) above; provided that an
      Officers’ Certificate in the form described under Section 4.04(d) shall suffice
      for such written notification to the Trustee in respect hereof.

     

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

     

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

     

    (ii)  [Reserved];

     

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

     

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

     

    (v)  to
      pay
      any amounts required to be paid to the Trustee pursuant to this Agreement,
      including but not limited to funds required to be paid pursuant to Section
      3.06,
      Section 4.01, Section 7.02 and Section 8.05;

     

    (vi)  to
      pay to
      the Trustee, any interest or investment income earned on funds deposited in
      the
      Distribution Account;

     

    (vii)  to
      pay to
      an Advancing Person reimbursements for Advances and/or Servicing Advances
      pursuant to Section 3.29; and

     

    (viii)  to
      pay to
      the Custodian, the Custodial Fee.

     

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

            

    

     

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

     

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

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trustee that such Permitted Investment would not
      constitute a Permitted Investment in respect of funds thereafter on deposit
      in
      the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account and any REO Account held by or on behalf of the Servicer
      shall be for the benefit of the Servicer and shall be subject to its withdrawal
      in accordance with Section 3.11, Section 3.29 or Section 3.23, as applicable.
      The Servicer shall deposit in the Collection Account or any REO Account, as
      applicable, the amount of any loss of principal incurred in respect of any
      such
      Permitted Investment made with funds in such Account immediately upon
      realization of such loss.

     

    (c)  All
      income and gain realized from the investment of funds deposited in the
      Distribution Account shall be for the benefit of the Trustee. The Trustee shall
      deposit in the Distribution Account the amount of any loss of principal incurred
      in respect of any such Permitted Investment made with funds in such Account
      immediately upon realization of such loss. Notwithstanding the foregoing, the
      Trustee may at its discretion, and without liability, hold the funds in the
      Distribution Account uninvested.

     

    (d)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trustee
      may and, subject to Section 8.01 and Section 8.02(a)(v), upon the request of
      the
      NIMS Insurer or the Holders of Certificates representing more than 50% of the
      Voting Rights allocated to any Class of Certificates, shall take such action
      as
      may be appropriate to enforce such payment or performance, including the
      institution and prosecution of appropriate proceedings.

     

    (e)  The
      Trustee or its Affiliates are permitted to receive additional compensation
      that
      could be deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder servicing agent, custodian or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      Affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. Such compensation
      shall
      not be considered an amount that is reimbursable or payable to the Trustee
      pursuant to Section 3.11 or 3.12 or otherwise payable in respect of
      extraordinary Trust Fund expenses.

     

    
      	SECTION
              3.13  	
              [Reserved].

            

    

     

    
      	SECTION
              3.14  	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    (a)  The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the Mortgaged Property in an amount which is at least
      equal to the lesser of (i) the current Principal Balance of such Mortgage Loan
      and (ii) the amount necessary to fully compensate for any damage or loss to
      the
      improvements that are a part of such property on a replacement cost basis,
      in
      each case in an amount not less than such amount as is necessary to avoid the
      application of any coinsurance clause contained in the related hazard insurance
      policy. The Servicer shall also cause to be maintained hazard insurance with
      extended coverage on each REO Property in an amount which is at least equal
      to
      the lesser of (i) the maximum insurable value of the improvements which are
      a
      part of such property and (ii) the outstanding Principal Balance of the related
      Mortgage Loan at the time it became an REO Property. The Servicer will comply
      in
      the performance of this Agreement with all reasonable rules and requirements
      of
      each insurer under any such hazard policies. Any amounts to be collected by
      the
      Servicer under any such policies (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or amounts
      to be released to the Mortgagor in accordance with the procedures that the
      Servicer would follow in servicing loans held for its own account, subject
      to
      the terms and conditions of the related Mortgage and Mortgage Note) shall be
      deposited in the Collection Account, subject to withdrawal pursuant to Section
      3.11, if received in respect of a Mortgage Loan, or in the REO Account, subject
      to withdrawal pursuant to Section 3.23, if received in respect of an REO
      Property. Any cost incurred by the Servicer in maintaining any such insurance
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid Principal Balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit. It is understood
      and agreed that no earthquake or other additional insurance is to be required
      of
      any Mortgagor other than pursuant to such applicable laws and regulations as
      shall at any time be in force and as shall require such additional insurance.
      If
      the Mortgaged Property or REO Property is at any time in an area identified
      in
      the Federal Register by the Federal Emergency Management Agency as having
      special flood hazards and flood insurance has been made available, the Servicer
      will cause to be maintained a flood insurance policy in respect thereof. Such
      flood insurance shall be in an amount equal to the lesser of (i) the unpaid
      Principal Balance of the related Mortgage Loan and (ii) the maximum amount
      of
      such insurance available for the related Mortgaged Property under the national
      flood insurance program (assuming that the area in which such Mortgaged Property
      is located is participating in such program).

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy insuring
      against hazard losses on all of the Mortgage Loans, it shall conclusively be
      deemed to have satisfied its obligations as set forth in the first two sentences
      of this Section 3.14, it being understood and agreed that such policy may
      contain a deductible clause on terms substantially equivalent to those
      commercially available and maintained by competent servicers, in which case
      the
      Servicer shall, in the event that there shall not have been maintained on the
      related Mortgaged Property or REO Property a policy complying with the first
      two
      sentences of this Section 3.14, and there shall have been one or more losses
      which would have been covered by such policy, deposit to the Collection Account
      from its own funds the amount not otherwise payable under the blanket policy
      because of such deductible clause. In connection with its activities as servicer
      of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf
      of
      itself, the Depositor, the Trustee and Certificateholders, claims under any
      such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

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

     

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

            

    

     

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

     

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

     

    
      	SECTION
              3.16  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

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

     

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

     

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

     

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

     

    Notwithstanding
      the foregoing, if such environmental audit reveals, or if the Servicer has
      actual knowledge or notice, that such Mortgaged Property contains such wastes
      or
      substances, the Servicer shall not foreclose or accept a deed in lieu of
      foreclosure without the prior written consent of the NIMS Insurer.

     

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

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund;
      provided that any amounts disbursed by the Servicer pursuant to this Section
      3.16(b) shall constitute Servicing Advances, subject to Section 4.04(d). The
      cost of any such compliance, containment, clean-up or remediation shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(vii), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c)  The
      Servicer may, at its option, purchase a Mortgage Loan which has become 90 or
      more days delinquent or for which the Servicer has accepted a deed in lieu
      of
      foreclosure. Prior to purchase pursuant to this Section 3.16(c), the Servicer
      shall be required to continue to make Advances pursuant to Section 4.04. The
      Servicer shall not use any procedure in selecting Mortgage Loans to be
      repurchased which is materially adverse to the interests of the
      Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan
      at
      a price equal to the Purchase Price of such Mortgage Loan. Any such purchase
      of
      a Mortgage Loan pursuant to this Section 3.16(c) shall be accomplished by
      deposit in the Collection Account of the amount of the Purchase Price. Upon
      the
      satisfaction of the requirements set forth in Section 3.17(a), the Trustee
      shall
      immediately deliver the Mortgage File and any related documentation to the
      Servicer and will execute such documents provided to it as are necessary to
      convey the Mortgage Loan to the Servicer.

     

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

     

    
      	SECTION
              3.17  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer shall deliver to the Custodian,
      in
      written (with two executed copies) or electronic format, a Request for Release
      in the form of Exhibit E hereto (which certification shall include a statement
      to the effect that all amounts received or to be received in connection with
      such payment which are required to be deposited in the Collection Account
      pursuant to Section 3.10 have been or will be so deposited) signed by a
      Servicing Officer (or in a mutually agreeable electronic format that will,
      in
      lieu of a signature on its face, originate from a Servicing Officer) and shall
      request delivery to it or its designee of the Mortgage File. Upon receipt of
      such certification and request, the Custodian, pursuant to the Custodial
      Agreement, shall release the related Mortgage File to the Servicer or its
      designee (which, shall be sent by overnight mail at the Servicer’s expense) and
      the Servicer is authorized to cause the removal from the registration on the
      MERS® System of any such Mortgage Loan, if applicable. Except as otherwise
      provided herein, no expenses incurred in connection with any instrument of
      satisfaction or deed of reconveyance shall be chargeable to the Collection
      Account or the Distribution Account.

     

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

     

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

     

    
      	SECTION
              3.18  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      the
      Servicing Fee with respect to each Mortgage Loan payable solely from payments
      of
      interest in respect of such Mortgage Loan, subject to Section 3.24. In addition,
      the Servicer shall be entitled to recover unpaid Servicing Fees out of Insurance
      Proceeds, Liquidation Proceeds or condemnation proceeds to the extent permitted
      by Section 3.11(a)(iii) and out of amounts derived from the operation and sale
      of an REO Property to the extent permitted by Section 3.23. Except as provided
      in Section 3.29, the right to receive the Servicing Fee may not be transferred
      in whole or in part except in connection with the transfer of all of the
      Servicer’s responsibilities and obligations under this Agreement; provided,
      however, that the Servicer may pay from the Servicing Fee any amounts due to
      a
      Sub-Servicer pursuant to a Sub-Servicing Agreement entered into under Section
      3.02.

     

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

     

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

     

    
      	SECTION
              3.19  	
              Reports
                to the Trustee; Collection Account
                Statements.

            

    

     

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

     

    
      	SECTION
              3.20  	
              Statement
                as to Compliance.

            

    

     

    The
      Servicer will deliver to the Trustee not later than March 15th
      of each
      calendar year, commencing in 2007, an Officers’ Certificate (an “Annual
      Statement of Compliance”) stating, as to each signatory thereof, that (i) a
      review of the activities of the Servicer during the preceding calendar year
      and
      of performance under this Agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
      review, the Servicer has fulfilled all of its obligations under this Agreement
      in all material respects throughout such year, 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 of cure provisions
      thereof. Such Annual Statement of Compliance shall contain no restrictions
      or
      limitations on its use. The Servicer shall deliver a similar Annual Statement
      of
      Compliance by any Sub-Servicer to which the Servicer has delgated any servicing
      responsibilities with respect to the Mortgage Loans, to the Trustee as described
      above as and when required with respect to the Servicer. 

     

    If
      the
      Servicer cannot deliver the related Annual Statement of Compliance by March
      15th
      of such
      year, the Depositor, may permit a cure period for the Servicer to deliver such
      Annual Statement of Compliance, but in no event later than March 20th
      of such
      year.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 (taking into account
      the
      cure period if permitted as set forth in the preceding paragraph) shall be
      deemed an Event of Default, and the Trustee may, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance give notice to Noteholders
      that they have ten Business Days to object. If no such objection is received,
      the Trustee shall immediately terminate all the rights and obligations of the
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof without compensating the Servicer for the same (other than as provided
      herein with respect to unreimbursed Advances or Servicing Advances or accrued
      and unpaid Servicing Fees). This paragraph shall supercede any other provision
      in this Agreement or any other agreement to the contrary. 

     

    The
      Servicer shall indemnify and hold harmless the Depositor and the Trustee and
      their respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon a breach of the Servicer's obligations under this Section
      3.20.

     

    
      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      the Servicer shall deliver to the Trustee on or before March 15th
      of each
      calendar year beginning in 2007, a report regarding the Servicer’s assessment of
      compliance (an “Assessment of Compliance”) with the applicable Servicing
      Criteria (as set forth in Exhibit S) during the preceding calendar year. The
      Assessment of Compliance must contain the following:

     

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

     

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

     

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

     

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

     

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

     

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

     

    On
      or
      before March 15th
      of each
      calendar year beginning in 2007, the Servicer shall furnish to the Trustee
      a
      report (an “Attestation Report”) by a registered public accounting firm that
      attests to, and reports on, the Assessment of Compliance made by the Servicer,
      as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
      of
      Regulation AB, which Attestation Report must be made in accordance with
      standards for attestation reports issued or adopted by the Public Company
      Accounting Oversight Board. 

     

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

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall address each of the
      Servicing Criteria applicable to the Sub-Servicer. Notwithstanding the
      foregoing, as to any subcontractor determined by the Servicer to be
“participating in the servicing function,” an Assessment of Compliance is not
      required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

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

     

    Failure
      of the Servicer to timely comply with this Section 3.21 (taking into account
      the
      cure period if permitted as set forth in the preceding paragraph) shall be
      deemed an Event of Default, and the Trustee may, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, give notice to Noteholders
      that they have ten Business Days to object. If no such objection is received,
      the Indenture Trustee shall immediately terminate all the rights and obligations
      of the Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Servicer for the same (other than
      as
      provided herein with respect to unreimbursed Advances or Servicing Advances or
      accrued and unpaid Servicing Fees). This paragraph shall supercede any other
      provision in this Agreement or any other agreement to the contrary.

     

    The
      Trustee shall also provide an Assessment of Compliance (with respect to items
      (a) - (d) but not (e) above) and Attestation Report, as and when provided above,
      which shall at a minimum address each of the Servicing Criteria specified on
      Exhibit S hereto which are indicated as applicable to the “trustee”.
      Notwithstanding the foregoing, as to any trustee, an Assessment of Compliance
      is
      not required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

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

     

    
      	SECTION
              3.22  	
              Access
                to Certain Documentation; Filing of Reports by
                Trustee.

            

    

     

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

     

    
      	SECTION
              3.23  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall, subject to applicable laws,
      be
      taken in the name of the Trustee, or its nominee, in trust for the benefit
      of
      the Certificateholders. The Servicer, on behalf of REMIC 1, shall sell any
      REO
      Property as soon as practicable and in any event no later than the end of the
      third full taxable year after the taxable year in which such REMIC acquires
      ownership of such REO Property for purposes of Section 860G(a)(8) of the Code
      or
      request from the Internal Revenue Service, no later than 60 days before the
      day
      on which the three-year grace period would otherwise expire, an extension of
      such three-year period, unless the Servicer shall have delivered to the Trustee
      and the NIMS Insurer an Opinion of Counsel acceptable to the NIMS Insurer and
      addressed to the Trustee, the NIMS Insurer and the Depositor, to the effect
      that
      the holding by the REMIC of such REO Property subsequent to three years after
      its acquisition will not result in the imposition on the REMIC of taxes on
      “prohibited transactions” thereof, as defined in Section 860F of the Code, or
      cause any of the REMICs created hereunder to fail to qualify as a REMIC under
      Federal law at any time that any Certificates are outstanding. The Servicer
      shall manage, conserve, protect and operate each REO Property for the
      Certificateholders solely for the purpose of its prompt disposition and sale
      in
      a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      result in the receipt by any of the REMICs created hereunder of any “income from
      non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
      or any “net income from foreclosure property” which is subject to taxation under
      the REMIC Provisions.

     

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

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period (subject to the
      requirement of prompt disposition set forth in Section 3.23(a)) as the Servicer
      deems to be in the best interests of Certificateholders. In connection
      therewith, the Servicer shall deposit, or cause to be deposited in the REO
      Account, in no event more than two Business Days after the Servicer’s receipt
      thereof, all revenues received by it with respect to an REO Property and shall
      withdraw therefrom funds necessary for the proper operation, management and
      maintenance of such REO Property including, without limitation:

     

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

     

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

     

    (iii)  all
      costs
      and expenses necessary to maintain, operate and dispose of such REO
      Property.

     

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

     

    Notwithstanding
      the foregoing, neither the Servicer nor the Trustee shall:

     

    (A)  authorize
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property, if the New Lease by its terms will give rise to any income that
      does not constitute Rents from Real Property;

     

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

     

    (C)  authorize
      any construction on any REO Property, other than the completion of a building
      or
      other improvement thereon, and then only if more than ten percent of the
      construction of such building or other improvement was completed before default
      on the related Mortgage Loan became imminent, all within the meaning of Section
      856(e)(4)(B) of the Code; or

     

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

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Trustee and the NIMS Insurer, to the effect that such action will not cause
      such REO Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code at any time that it is held by the
      REMIC, in which case the Servicer may take such actions as are specified in
      such
      Opinion of Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property, provided that:

     

    (A)  the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (B)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty days following the
      receipt thereof by such Independent Contractor;

     

    (C)  none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

    (D)  the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such fees; provided,
      however, that to the extent that any payments made by such Independent
      Contractor would constitute Servicing Advances if made by the Servicer, such
      amounts shall be reimbursable as Servicing Advances made by the
      Servicer.

     

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

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer in a manner, at such price and upon such terms
      and conditions as shall be normal and usual in the Servicing
      Standard.

     

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

     

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

     

    
      	SECTION
              3.24  	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    Not
      later
      than 1:00 p.m. New York time on each Servicer Remittance Date, the Servicer
      shall remit to the Distribution Account an amount (“Compensating Interest”)
      equal to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls
      for the related Distribution Date and (B) its aggregate Servicing Fee received
      in the related Due Period. The Servicer shall not have the right to
      reimbursement for any amounts remitted to the Trustee in respect of Compensating
      Interest. Such amounts so remitted shall be included in the Available Funds
      and
      distributed therewith on the next Distribution Date. The Servicer shall not
      be
      obligated to pay Compensating Interest with respect to Relief Act Interest
      Shortfalls.

     

    
      	SECTION
              3.25  	
              [Reserved].

            

    

     

    
      	SECTION
              3.26  	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            

    

     

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

     

    
      	SECTION
              3.27  	
              Solicitations.

            

    

     

    From
      and
      after the Closing Date, the Servicer agrees that it will not take any action
      or
      permit or cause any action to be taken by any of its agents and Affiliates,
      or
      by any independent contractors or independent mortgage brokerage companies
      on
      the Servicer's behalf, to personally, by telephone, mail or electronic mail,
      solicit the Mortgagor under any Mortgage Loan for the purpose of refinancing
      such Mortgage Loan; provided,
      that
      the Servicer may solicit any Mortgagor for whom the Servicer has received a
      request for verification of mortgage, a request for demand for payoff, a
      mortgagor initiated written or verbal communication indicating a desire to
      prepay the related Mortgage Loan, another mortgage company has pulled a credit
      report on the mortgagor or the mortgagor initiates a title search; provided
      further, it is understood and agreed that promotions undertaken by the Servicer
      or any of its Affiliates which (i) concern optional insurance products or other
      additional products or (ii) are directed to the general public at large,
      including, without limitation, mass mailings based on commercially acquired
      mailing lists, newspaper, radio and television advertisements shall not
      constitute solicitation under this Section, nor is the Servicer prohibited
      from
      responding to unsolicited requests or inquiries made by a Mortgagor or an agent
      of a Mortgagor. Furthermore, the Servicer shall be permitted to include in
      its
      monthly statements to borrowers or otherwise, statements regarding the
      availability of the Servicer's counseling services with respect to refinancing
      mortgage loans.

     

    Notwithstanding
      the foregoing, with respect to any Fixed Rate Mortgage Loan, the Servicer may
      solicit the Mortgagor for the purpose of refinancing such Mortgage Loan,
      beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) 24 months following origination
      of such Mortgage Loan and with respect to any Adjustable Rate Mortgage Loan,
      the
      Servicer may solicit the Mortgagor for the purpose of refinancing such Mortgage
      Loan, beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) the expiration of any applicable
      fixed rate period. 

     

    
      	SECTION
              3.28  	
              [Reserved].

            

    

     

    
      	SECTION
              3.29  	
              Advance
                Facility.

            

    

     

    The
      Servicer, with the consent of the NIMS Insurer, is hereby authorized to enter
      into a financing or other facility (any such arrangement, an “Advance Facility”)
      under which (1) the Servicer sells, assigns or pledges to another Person
      (together with such Person’s successors and assigns, an “Advancing Person”) the
      Servicer’s rights under this Agreement to be reimbursed for any Advances or
      Servicing Advances and/or (2) an Advancing Person agrees to fund some or all
      Advances and/or Servicing Advances required to be made by the Servicer pursuant
      to this Agreement. No consent of the Depositor, the Trustee, the
      Certificateholders or any other party (other than the NIMS Insurer consent)
      shall be required before the Servicer may enter into an Advance Facility. The
      Servicer shall notify the NIMS Insurer and each other party to this Agreement
      prior to or promptly after entering into or terminating any Advance Facility.
      Notwithstanding the existence of any Advance Facility under which an Advancing
      Person agrees to fund Advances and/or Servicing Advances on the Servicer’s
      behalf, the Servicer shall remain obligated pursuant to this Agreement to make
      Advances and Servicing Advances pursuant to and as required by this Agreement.
      If the Servicer enters into an Advance Facility, and for so long as an Advancing
      Person remains entitled to receive reimbursement for any Advances including
      Nonrecoverable Advances (“Advance Reimbursement Amounts”) and/or Servicing
      Advances including Nonrecoverable Advances (“Servicing Advance Reimbursement
      Amounts” and together with Advance Reimbursement Amounts, “Reimbursement
      Amounts”) (in each case to the extent such type of Reimbursement Amount is
      included in the Advance Facility), as applicable, pursuant to this Agreement,
      then the Servicer shall identify such Reimbursement Amounts consistent with
      the
      reimbursement rights set forth in Section 3.11(a)(ii), (iii), (vi) and (vii)
      and
      remit such Reimbursement Amounts in accordance with Section 3.10(b) or otherwise
      in accordance with the documentation establishing the Advance Facility to such
      Advancing Person or to a trustee, agent or custodian (an “Advance Facility
      Trustee”) designated by such Advancing Person. Notwithstanding the foregoing, if
      so required pursuant to the terms of the Advance Facility, the Servicer may
      direct, and if so directed the Trustee is hereby authorized to and shall pay
      to
      the Advance Facility Trustee the Reimbursement Amounts identified pursuant
      to
      the preceding sentence. Notwithstanding anything to the contrary herein, in
      no
      event shall Advance Reimbursement Amounts or Servicing Advance Reimbursement
      Amounts be included in the Available Funds or distributed to
      Certificateholders.

     

    If
      the
      terms of a facility proposed to be entered into with an Advancing Person by
      the
      Trust Fund would not materially and adversely affect the interests of any
      Certificateholder, then the NIMS Insurer shall not withhold its consent to
      the
      Trust Fund’s entering such facility.

     

    Reimbursement
      Amounts shall consist solely of amounts in respect of Advances and/or Servicing
      Advances made with respect to the Mortgage Loans for which the Servicer would
      be
      permitted to reimburse itself in accordance with this Agreement, assuming the
      Servicer or the Advancing Person had made the related Advance(s) and/or
      Servicing Advance(s). Notwithstanding the foregoing, except with respect to
      reimbursement of Nonrecoverable Advances as set forth in this Agreement, no
      Person shall be entitled to reimbursement from funds held in the Collection
      Account for future distribution to Certificateholders pursuant to this
      Agreement. None of the Depositor or the Trustee shall have any duty or liability
      with respect to the calculation of any Reimbursement Amount, nor shall the
      Depositor or the Trustee have any responsibility to track or monitor the
      administration of the Advance Facility or the payment of Reimbursement Amounts
      to the related Advancing Person or Advance Facility Trustee. The Servicer shall
      maintain and provide to any successor servicer and (upon request) the Trustee
      a
      detailed accounting on a loan by loan basis as to amounts advanced by, sold,
      pledged or assigned to, and reimbursed to any Advancing Person. The successor
      servicer shall be entitled to rely on any such information provided by the
      predecessor servicer, and the successor servicer shall not be liable for any
      errors in such information. Any successor Servicer shall reimburse the
      predecessor Servicer and itself for outstanding Advances and Servicing Advances,
      respectively, with respect to each Mortgage Loan on a first in, first out
      (“FIFO”) basis; provided that the successor Servicer has received prior written
      notice from the predecessor Servicer or the Advancing Person of reimbursement
      amounts owed to the predecessor Servicer. Liquidation Proceeds with respect
      to a
      Mortgage Loan shall be applied to reimburse Advances outstanding with respect
      to
      that Mortgage Loan before being applied to reimburse Servicing Advances
      outstanding with respect to that Mortgage Loan.

     

    An
      Advancing Person who receives an assignment or pledge of the rights to be
      reimbursed for Advances and/or Servicing Advances, and/or whose obligations
      hereunder are limited to the funding or purchase of Advances and/or Servicing
      Advances shall not be required to meet the criteria for qualification of a
      subservicer set forth in this Agreement.

     

    Upon
      the
      direction of and at the expense of the Servicer, the Trustee agrees to execute
      such acknowledgments provided by the Servicer recognizing the interests of
      any
      Advance Facility Trustee in such Reimbursement Amounts as the Servicer may
      cause
      to be made subject to Advance Facilities pursuant to this Section
      3.29.

     

    The
      Servicer shall remain entitled to be reimbursed for all Advances and Servicing
      Advances funded by the Servicer to the extent the related rights to be
      reimbursed therefor have not been sold, assigned or pledged to an Advancing
      Person.

     

    The
      Servicer shall indemnify the Depositor, the Trustee, the NIMS Insurer, any
      successor servicer and the Trust Fund for any loss, liability or damage
      resulting from any claim by the related Advancing Person, except to the extent
      that such claim, loss, liability or damage resulted from or arose out of
      negligence, recklessness or willful misconduct or breach of its duties hereunder
      on the part of the Depositor, the Trustee, the NIMS Insurer or any successor
      servicer.

     

    Any
      amendment to this Section 3.29 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.29, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee, the
      Depositor and the Servicer without the consent of any Certificateholder but
      with
      the consent of the NIMS Insurer, provided such amendment complies with Section
      11.01 hereof. All reasonable costs and expenses (including attorneys’ fees) of
      each party hereto of any such amendment shall be borne solely by the Servicer.
      Prior to entering into an Advance Facility, the Servicer shall notify the
      Advancing Person in writing that: (a) the Advances and/or Servicing Advances
      purchased, financed by and/or pledged to the Advancing Person are obligations
      owed to the Servicer on a non-recourse basis payable only from the cash flows
      and proceeds received under this Agreement for reimbursement of Advances and/or
      Servicing Advances only to the extent provided herein, and the Trustee and
      the
      Trust are not otherwise obligated or liable to repay any Advances and/or
      Servicing Advances financed by the Advancing Person and (b) the Trustee shall
      not have any responsibility to track or monitor the administration of the
      Advance Facility between the Servicer and the Advancing Person.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

    FLOW
      OF
      FUNDS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

    (a)  (I)
      On
      each Distribution Date, the Trustee shall, first, withdraw from the Distribution
      Account an amount equal to the Credit Risk Manager Fee for such Distribution
      Date and shall pay such amount to the Credit Risk Manager and, then, withdraw
      that portion of Available Funds for such Distribution Date consisting of the
      Group I Interest Remittance Amount for such Distribution Date, and make the
      following disbursements and transfers in the order of priority described below,
      in each case to the extent of the Group I Interest Remittance Amount remaining
      for such Distribution Date:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Monthly Interest Distributable Amount
      and the Unpaid Interest Shortfall Amount, if any, for such Class;
      and

     

    (ii)  concurrently,
      to the Holders of the Group II Certificates, on a pro
      rata basis
      based on the entitlement of each such Class, an amount equal to the excess,
      if
      any, of (x) the amount required to be distributed pursuant to Section
      4.01(a)(II)(i) below for such Distribution Date over (y) the amount actually
      distributed pursuant to such clause from the Group II Interest Remittance
      Amount.

     

    (II) On
      each
      Distribution Date the Trustee shall withdraw from the Distribution Account
      that
      portion of Available Funds for such Distribution Date consisting of the Group
      II
      Interest Remittance Amount for such Distribution Date, and make the following
      disbursements and transfers in the order of priority described below, in each
      case to the extent of the Group II Interest Remittance Amount remaining for
      such
      Distribution Date.

     

    (i)  concurrently,
      to the Holders of the Group II Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, the Monthly Interest Distributable
      Amount and the Unpaid Interest Shortfall Amount, if any, for each such Class;
      and

     

    (ii)  to
      the
      Holders of the Group I Certificates, an amount equal to the excess, if any,
      of
      (x) the amount required to be distributed pursuant to Section 4.01(a)(I)(i)
      above for such Distribution Date over (y) the amount actually distributed
      pursuant to such clause from the Group I Interest Remittance
      Amount.

     

    (III) On
      each
      Distribution Date, distributions to the extent of the sum of the Group I
      Interest Remittance Amount and the Group II Interest Remittance Amount remaining
      undistributed for such Distribution Date shall be distributed sequentially,
      to
      the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class
      M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
      Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
      the Class M-9 Certificates, the Class M-10 Certificates and the Class M-11
      Certificates, in that order, in an amount equal to the Monthly Interest
      Distributable Amount for each such Class.

     

    (b)  (I)On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which
      a
      Trigger Event is in effect, distributions in respect of principal to the extent
      of the Group I Principal Distribution Amount shall be made in the following
      amounts and order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group II
      Certificates pursuant to Section 4.01(b)(II)(i) below on such Distribution
      Date,
      to the Holders of the Group II Certificates (allocated among the Group II
      Certificates in the priority described below), until the Certificate Principal
      Balances thereof have been reduced to zero.

     

    (II) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the Group
      II Principal Distribution Amount shall be made in the following amounts and
      order of priority:

     

    (i)  to
      the
      Holders of the Group II Certificates
      (allocated among Group II Certificates in the priority described
      below),
      until
      the Certificate Principal Balances thereof have been reduced to zero;
      and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group I
      Certificates pursuant to Section 4.01(b)(I)(i) above on such Distribution Date,
      to the Holders of the Group I Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    (III) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the sum
      of
      the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      distributed sequentially, to the Holders of the Class M-1 Certificates, the
      Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates,
      the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7
      Certificates, the Class M-8 Certificates, the Class M-9 Certificates, the Class
      M-10 Certificates and the Class M-11 Certificates in that order, in each case,
      until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    (IV) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Group I Principal Distribution Amount shall be made in the following amounts
      and order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Group I Senior Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (ii)  to
      the
      Holders of the Group II Certificates (allocated among Group II Certificates
      in
      the priority described below), an amount equal to the excess, if any, of (x)
      the
      amount required to be distributed pursuant to Section 4.01(c)(V)(i) below for
      such Distribution Date over (y) the amount actually distributed pursuant to
      Section 4.01(c)(V)(i) below from the Group II Principal Distribution Amount
      on
      such Distribution Date.

     

    (V) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Group II Principal Distribution Amount shall be made in the following
      amounts and order of priority:

     

    (i)  to
      the
      Holders of the Group II Certificates (allocated among Group II Certificates
      in
      the priority described below), the Group II Senior Principal Distribution Amount
      until the Certificate Principal Balances thereof have been reduced to zero;
      and

     

    (ii)  to
      the
      Holders of the Group I Certificates, an amount equal to the excess, if any,
      of
      (x) the amount required to be distributed pursuant to Section 4.01(c)(IV)(i)
      above for such Distribution Date over (y) the amount actually distributed
      pursuant to Section 4.01(c)(IV)(i) above from the Group I Principal Distribution
      Amount on such Distribution Date.

     

    (VI) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the sum of the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      made in the following amounts and order of priority:

     

    (i)  sequentially,
      to the Holders of the Class M-1 Certificates and Class M-2 Certificates, in
      that
      order, the Class M-1/M-2 Principal Distribution Amount until the Certificate
      Principal Balances thereof have been reduced to zero;

     

    (ii)  to
      the
      Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iii)  to
      the
      Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iv)  to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (v)  to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vi)  to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii)  to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (viii)  to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ix)  to
      the
      Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (x)  to
      the
      Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, first, to the Holders of the Class II-A-1
      Certificates, until the Certificate Principal Balance of the Class II-A-1
      Certificates has been reduced to zero; second, to the Holders of the Class
      II-A-2 Certificates, until the Certificate Principal Balance of the Class II-A-2
      Certificates has been reduced to zero; third,
      to
      the Holders of the Class II-A-3 Certificates, until the Certificate Principal
      Balance of the Class II-A-3 Certificates has been reduced to zero
      and
      fourth, to the Holders of the Class II-A-4 Certificates, until the Certificate
      Principal Balance of the Class II-A-4 Certificates has been reduced to zero;
      provided, however, on any Distribution Date on which the aggregate Certificate
      Principal Balance of the Mezzanine Certificates and the Class C Certificates
      have been reduced to zero, all principal distributions will be distributed
      concurrently, to the holders of the Class A Certificates, on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such class.

     

    (c)  On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
      follows:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Group I Principal Distribution Amount and/or the Group II Principal Distribution
      Amount as described under Section 4.01(b) above;

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates, Class M-10 Certificates and Class M-11 Certificates in that order,
      in each case, first, up to the Unpaid Interest Shortfall Amount for each such
      Class and second, up to the Allocated Realized Loss Amount, for each such
      Class;

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
      Amounts, without taking into account amounts received under the Interest Rate
      Swap Agreement;

     

    (iv)  to
      the
      Swap Provider, any Swap Termination Payments resulting from a Swap Provider
      Trigger Event;

     

    (v)  to
      the
      Holders of the Class C Certificates, (a) the Monthly Interest Distributable
      Amount and any Overcollateralization Release Amount for such Distribution Date
      and (b) on any Distribution Date on which the Certificate Principal Balances
      of
      the Class A and Mezzanine Certificates have been reduced to zero, any remaining
      amounts in reduction of the Certificate Principal Balance of the Class C
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero (and for federal and state income tax purposes, such total amounts
      shall
      be treated as amounts distributed by REMIC 3 to the Holder of the Class C
      Interest and by REMIC 4 to the Holder of the Class C Certificates);

     

    (vi)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero (and for federal and state income tax purposes,
      such
      total amounts shall be treated as amounts distributed by REMIC 3 to the Holder
      of the Class P Interest and by REMIC 5 to the Holder of the Class P
      Certificates); and

     

    (vii)  any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      Class R-3 Interest).

     

    (d)  On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trustee shall withdraw from the Net WAC Rate Carryover Reserve
      Account, to the extent of amounts remaining on deposit therein, the aggregate
      of
      any Net WAC Rate Carryover Amounts for such Distribution Date and distribute
      such amount in the following order of priority:

     

    (i)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, on a pro
      rata
      basis
      based on the Net WAC Rate Carryover Amount for each such Class; and

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, Class M-10 Certificates and Class
      M-11
      Certificates in that order, the related Net WAC Rate Carryover
      Amount.

     

    (e)  On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
      Reserve Account as set forth above, the Trustee shall distribute the amount
      on
      deposit in the Swap Account as follows:

     

    (i)  to
      the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    (ii)  to
      the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Interest Rate Swap
      Agreement;

     

    (iii)  concurrently,
      to each Class of Class A Certificates, the related Monthly Interest
      Distributable Amount and Unpaid Interest Shortfall Amount remaining
      undistributed after the distributions of the Group I Interest Remittance Amount
      and the Group II Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Monthly Interest Distributable Amount and
      Unpaid Interest Shortfall Amount;

     

    (iv)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Monthly Interest Distributable Amount and Unpaid Interest
      Shortfall Amount, to the extent remaining undistributed after the distributions
      of the Group I Interest Remittance Amount, the Group II Interest Remittance
      Amount and the Net Monthly Excess Cashflow;

     

    (v)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Group I Principal Distribution Amount and/or the Group II Principal Distribution
      Amount, after taking into account distributions made pursuant to Section
      4.01(a)(4)(i);

     

    (vi)  sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

     

    (vii)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed after distributions are made
      from
      the Net WAC Rate Carryover Reserve Account, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining; 

     

    (viii)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions are made from the Net WAC Rate Carryover
      Reserve Account; and

     

    (ix)  any
      remaining amounts to the Holders of the Class C Certificates.

     

    (f)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and any Servicer
      Prepayment Charge Amounts paid by the Servicer during the related Prepayment
      Period will be withdrawn from the Distribution Account and distributed by the
      Trustee to the Holders of the Class P Certificates and shall not be available
      for distribution to the Holders of any other Class of Certificates. The payment
      of the foregoing amounts to the Holders of the Class P Certificates shall not
      reduce the Certificate Principal Balances thereof.

     

    (g)  The
      Trustee 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 respecting the final distribution), in the case of
      Certificateholders of the Regular 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 shall be made in
      proportion to the Percentage Interests evidenced by the Certificates held by
      such Certificateholders.

     

    (h)  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 Servicer shall have
      any
      responsibility therefor except as otherwise provided by applicable
      law.

     

    On
      each
      Distribution Date, following the foregoing distributions, an amount equal to
      the
      amount of Subsequent Recoveries deposited into the Collection Account pursuant
      to Section 3.10 shall be applied to increase the Certificate Principal Balance
      of the Class of Certificates with the Highest Priority up to the extent of
      such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. Holders of such Certificates will not be entitled to any
      distribution in respect of interest on the amount of such increases for any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (i)  It
      is the
      intention of all of the parties hereto that the Class C Certificates receive
      all
      principal and interest received by the Trust on the Mortgage Loans that is
      not
      otherwise distributable to any other Class of Regular Certificates or REMIC
      Regular Interests and that the Residual Certificates are to receive no principal
      and interest. If the Trustee determines that the Residual Certificates are
      entitled to any distributions, the Trustee, prior to any such distribution
      to
      any Residual Certificate, shall notify the Depositor of such impending
      distribution but shall make such distribution in accordance with the terms
      of
      this Agreement until this Agreement is amended as specified in the following
      sentence. Upon such notification, the Depositor will request an amendment to
      the
      Pooling and Servicing Agreement to revise such mistake in the distribution
      provisions. The Residual Certificate Holders, by acceptance of their
      Certificates, and the Servicer(s), hereby agree to any such amendment and no
      further consent shall be necessary, notwithstanding anything to the contrary
      in
      Section 11.01 of this Pooling and Servicing Agreement; provided, however, that
      such amendment shall otherwise comply with Section 11.01 hereof.

     

    
      	SECTION
              4.02  	
              [Reserved].

            

    

     

    
      	SECTION
              4.03  	
              Statements.

            

    

     

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

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates, separately identified, allocable to principal
      and
      the amount of the distribution made to the Holders of the Class P Certificates
      allocable to Prepayment Charges and Servicer Prepayment Charge Payment
      Amounts;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates (other than the Class P Certificates) allocable
      to
      interest, separately identified;

     

    (iii)  the
      Net
      Monthly Excess Cashflow, the Overcollateralized Amount, the
      Overcollateralization Release Amount, the Overcollateralization Deficiency
      Amount and the Overcollateralization Target Amount and the Senior Credit
      Enhancement Percentage as of such Distribution Date and the Excess
      Overcollateralized Amount for the Mortgage Pool for such Distribution
      Date;

     

    (iv)  the
      fees
      and expenses of the Trust Fund accrued and paid on such Distribution Date and
      to
      whom such fees and expenses were paid;

     

    (v)  the
      aggregate amount of Advances for the related Due Period (including the general
      purpose of such Advances);

     

    (vi)  the
      aggregate Principal Balance of the Mortgage Loans and any REO Properties as
      of
      the end of the relted Due Period;

     

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

     

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

     

    (ix)  the
      total
      number and cumulative Stated Principal Balance of all REO Properties as of
      the
      Close of Business of the last day of the calendar month preceding the related
      Distribution Date;

     

    (x)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period, separately indicating Principal Prepayments in full and Principal
      Prepayments in part;

     

    (xi)  the
      Delinquency Percentage;

     

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

     

    (xiii)  the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiv)  the
      Certificate Principal Balance of each Class of Class A Certificates, Mezzanine
      Certificates and the Class C Certificates, before and after giving effect to
      the
      distributions, and allocations of Realized Losses, made on such Distribution
      Date;

     

    (xv)  the
      Monthly Interest Distributable Amount in respect of each Class of Class A
      Certificates, Mezzanine Certificates and the Class C Certificates for such
      Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect
      to each Class of Class A Certificates, Mezzanine Certificates and the Class
      C
      Certificates for such Distribution Date;

     

    (xvi)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.24;

     

    (xvii)  the
      Net
      WAC Rate Carryover Amount for each Class of Class A and Mezzanine Certificates,
      if any, for such Distribution Date and the amount remaining unpaid after
      reimbursements therefor on such Distribution Date;

     

    (xviii)  whether
      the Stepdown Date or a Trigger Event has occurred;

     

    (xix)  the
      total
      cashflows received and the general sources thereof;

     

    (xx)  the
      respective Pass-Through Rates applicable to each Class of Class A Certificates,
      Mezzanine Certificates and the Class C Certificates for such Distribution Date
      and the Pass-Through Rate applicable to each Class of Class A and Mezzanine
      Certificates for the immediately succeeding Distribution Date; 

     

    (xxi)  the
      amount of any Net Swap Payments or Swap Termination Payments; and

     

    (xxii)  the
      applicable Record Dates, Accrual Periods and Determination Dates for calculating
      distributions for such Distribution Date. 

     

    The
      Trustee will make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the NIMS Insurer, the Credit Risk Manager and the Rating
      Agencies via the Trustee’s internet website. The Trustee’s internet website
      shall initially be located at “https://www.tss.db.com/invr”. Assistance in using
      the website can be obtained by calling the Trustee’s customer service desk at
      (800) 735-7777. 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 Trustee shall have the right
      to
      change the way such statements are distributed in order to make such
      distribution more convenient and/or more accessible to the above parties and
      the
      Trustee shall provide timely and adequate notification to all above parties
      regarding any such changes. As a condition to access to the Trustee’s internet
      website, the Trustee may require registration and the acceptance of a
      disclaimer. The Trustee will not be liable for the dissemination of information
      in accordance with this Agreement. The Trustee shall also be entitled to rely
      on
      but shall not be responsible for the content or accuracy of any information
      provided by third parties for purposes of preparing the Distribution Date
      statement and may affix thereto any disclaimer it deems appropriate in its
      reasonable discretion (without suggesting liability on the part of any other
      party thereto).

     

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

     

    (c)  On
      each
      Distribution Date, the Trustee shall make available to the NIMS Insurer and
      the
      Residual Certificateholders a copy of the reports forwarded to the Regular
      Certificateholders in respect of such Distribution Date with such other
      information as the Trustee deems necessary or appropriate.

     

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

     

    
      	SECTION
              4.04  	
              Remittance
                Reports; Advances.

            

    

     

    (a)  By
      the
      third Business Day following each Determination Date, but in no event later
      than
      the earlier of (i) such date which would allow the indenture trustee to submit
      a
      claim to the NIMS Insurer under the Indenture so as to allow a timely payment
      by
      the NIMS Insurer under the insurance policy related to the notes insured by
      the
      NIMS Insurer and (ii) the 20th
      day of
      each month (or if such 20th
      day is
      not a Business Day, the preceding Business Day), the Servicer shall deliver
      to
      the Trustee and the Trustee shall make available to the NIMS Insurer, by
      telecopy or electronic mail (or by such other means as the Servicer and the
      Trustee may agree from time to time) a Remittance Report with respect to the
      related Distribution Date, which Remittance Reports the Trustee shall use in
      preparing the statement pursuant to Section 4.03. No later than the 20th day
      of
      each month, the Servicer shall deliver or cause to be delivered to the Trustee
      in addition to the information provided on the Remittance Report, such other
      information reasonably available to it with respect to the Mortgage Loans as
      the
      Trustee may reasonably require to perform the calculations necessary to (i)
      make
      the distributions contemplated by Section 4.01, (ii) to prepare the statements
      to Certificateholders contemplated by Section 4.03 and (iii) to prepare the
      Form
      10-D contemplated by Section 4.07. The Trustee shall not be responsible to
      recompute, recalculate or verify any information provided to it by the
      Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Due
      Period in respect of the Mortgage Loans, which Monthly Payments were delinquent
      on a contractual basis as of the Close of Business on the related Determination
      Date and (ii) with respect to each REO Property, which REO Property was acquired
      during or prior to the related Due Period and as to which REO Property an REO
      Disposition did not occur during the related Due Period, an amount equal to
      the
      excess, if any, of the REO Imputed Interest on such REO Property for the most
      recently ended calendar month, over the net income from such REO Property
      transferred to the Distribution Account pursuant to Section 3.23 for
      distribution on such Distribution Date. For purposes of the preceding sentence,
      the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon
      Payment is equal to the assumed monthly payment that would have been due on
      the
      related Due Date based on the original principal amortization schedule for
      such
      Balloon Mortgage Loan.

     

    On
      or
      before 1:00 p.m. New York time on the Servicer Remittance Date, the Servicer
      shall remit in immediately available funds to the Trustee for deposit in the
      Distribution Account an amount equal to the aggregate amount of Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Distribution Date either (i) from its own funds or (ii) from the
      Collection Account, to the extent of funds held therein for future distribution
      (in which case it will cause to be made an appropriate entry in the records
      of
      Collection Account that amounts held for future distribution have been, as
      permitted by this Section 4.04, used by the Servicer in discharge of any such
      Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
      the
      total amount of Advances to be made by the Servicer with respect to the Mortgage
      Loans and REO Properties. Any amounts held for future distribution used by
      the
      Servicer to make an Advance as permitted in the preceding sentence or withdrawn
      by the Servicer as permitted in Section 3.11(a)(ii) in reimbursement for
      Advances previously made shall be appropriately reflected in the Servicer’s
      records and replaced by the Servicer by deposit in the Collection Account on
      or
      before any future Servicer Remittance Date to the extent that the Available
      Funds for the related Distribution Date (determined without regard to Advances
      to be made on the Servicer Remittance Date) shall be less than the total amount
      that would be distributed to the Classes of Certificateholders pursuant to
      Section 4.01 on such Distribution Date if such amounts held for future
      distributions had not been so used to make Advances. The Trustee will provide
      notice to the NIMS Insurer and the Servicer by telecopy by the Close of Business
      on any Servicer Remittance Date in the event that the amount remitted by the
      Servicer to the Trustee on such date is less than the Advances required to
      be
      made by the Servicer for the related Distribution Date, as set forth in the
      related Remittance Report.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until the Mortgage Loan is paid
      in
      full or until all Liquidation Proceeds thereon have been recovered, or a Final
      Recovery Determination has been made thereon.

     

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

     

    
      	SECTION
              4.05  	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
      Swap Agreement, (ii) the Swap Administration Agreement and (iii) $1,000. The
      Supplemental Interest Trust shall be maintained by the Supplemental Interest
      Trust Trustee, who initially, shall be the Trustee. No later than the Closing
      Date, the Supplemental Interest Trust Trustee shall establish and maintain
      a
      separate, segregated trust account to be held in the Supplemental Interest
      Trust, titled, “Swap Account, Deutsche Bank National Trust Company, as
      Supplemental Interest Trust Trustee, in trust for the registered
      Certificateholders of Soundview Home Loan Trust 2006-OPT1, Asset-Backed
      Certificates, Series 2006-OPT1.” Such account shall be an Eligible Account and
      funds on deposit therein shall be held separate and apart from, and shall not
      be
      commingled with, any other moneys, including, without limitation, other moneys
      of the Trustee held pursuant to this Agreement. Amounts therein shall be held
      uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account: (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds collected
      and received with respect to the Mortgage Loans prior to the determination
      of
      Available Funds and (ii) amounts received by the Supplemental Interest Trust
      Trustee from the Swap Administrator, for distribution in accordance with Section
      4.01(e) hereof, pursuant to the Swap Administration Agreement, dated as of
      the
      Closing Date (the “Swap Administration Agreement”), among Deutsche Bank National
      Trust Company, in its capacity as Supplemental Interest Trust Trustee, Deutsche
      Bank National Trust Company, in its capacity as Swap Administrator and the
      majority Holder of the Class C Certificates. For federal income tax purposes,
      any amounts paid to the Swap Provider on each Distribution Date shall first
      be
      deemed paid to the Swap Provider in respect of REMIC 6 Regular Interest SWAP
      IO
      to the extent of the amount distributable on REMIC 6 Regular Interest SWAP
      IO on
      such Distribution Date, and any remaining amount shall be deemed paid to the
      Swap Provider in respect of a Class IO Distribution Amount (as defined
      below).

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a grantor
      trust.

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      C, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class C Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class C, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class C Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the REMIC 3 Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Net WAC Rate, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding principal balance
      to
      the extent of such balance. In addition, pursuant to such notional principal
      contract, the Holder of the Class C Certificates shall be treated as having
      agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates
      (other than the Class CE, Class P and Class R Certificates) in accordance with
      the terms of this Agreement. Any payments to the Certificates from amounts
      deemed received in respect of this notional principal contract shall not be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Code Section 860G(a)(1). However, any payment from the Certificates (other
      than
      the Class CE, Class P, Class R and Class R-X Certificates) of a Class IO
      Distribution Amount shall be treated for tax purposes as having been received
      by
      the Holders of such Certificates in respect of their interests in REMIC 3 and
      as
      having been paid by such Holders to the Swap Administrator pursuant to the
      notional principal contract. Thus, each Certificate (other than the Class P,
      Class R and Class R-X Certificates) shall be treated as representing not only
      ownership of Regular Interests in REMIC 3, but also ownership of an interest
      in,
      and obligations with respect to, a notional principal contract.

     

    
      	SECTION
              4.06  	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            

    

     

    For
      federal income tax purposes, each holder of a Class A and Mezzanine Certificate
      is deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trustee will account for payments to each
      Class
      A and Mezzanine Certificates as follows: each Class A and Mezzanine Certificate
      will be treated as receiving their entire payment from REMIC 3 (regardless
      of
      any Swap Termination Payment or obligation under the Interest Rate Swap
      Agreement) and subsequently paying their portion of any Swap Termination Payment
      in respect of each such Class’ obligation under the Interest Rate Swap
      Agreement. In the event that any such Class is resecuritized in a REMIC, the
      obligation under the Interest Rate Swap Agreement to pay any such Swap
      Termination Payment (or any shortfall in Swap Provider Fee), will be made by
      one
      or more of the REMIC Regular Interests issued by the resecuritization REMIC
      subsequent to such REMIC Regular Interest receiving its full payment from any
      such Class A or Mezzanine Certificate. Resecuritization of any Class A or
      Mezzanine Certificate in a REMIC will be permissible only if the Trustee
      hereunder is the trustee in such resecuritization.

     

    The
      REMIC
      regular interest corresponding to a Class A or Mezzanine Certificate will be
      entitled to receive interest and principal payments at the times and in the
      amounts equal to those made on the certificate to which it corresponds, except
      that (i) the maximum interest rate of that REMIC regular interest will equal
      the
      Net WAC Rate computed for this purpose by limiting the Base Calculation Amount
      of the Interest Rate Swap Agreement to the aggregate Stated Principal Balance
      of
      the Mortgage Loans and (ii) any Swap Termination Payment will be treated as
      being payable solely from Net Monthly Excess Cashflow. As a result of the
      foregoing, the amount of distributions and taxable income on the REMIC regular
      interest corresponding to a Class A or Mezzanine Certificate may exceed the
      actual amount of distributions on such Certificate

     

    
      	SECTION
              4.07  	
              Commission
                Reporting.

            

    

     

    (a)  The
      Trustee and the Servicer shall reasonably cooperate with the Depositor in
      connection with the Trust’s satisfying the reporting requirements under the
      Exchange Act.

     

    (b)  (i)
      Within 12 calender days after each Distribution Date, the Trustee shall, in
      accordance with industry standards, file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form
      10-D, signed by the Depositor, with a copy of the monthly statement to be
      furnished by the Trustee to the Certificateholders for such Distribution Date.
      Any disclosure in addition to the monthly statement required to be included
      on
      the Form 10-D (“Additional Form 10-D Disclosure”) shall be determined and
      prepared by the entity that is indicated in Exhibit T as the responsible party
      for providing that information, if other than the Trustee, and the Trustee
      will
      have no duty or liability to verify the accuracy or sufficiency of any such
      Additional Form 10-D Disclosure and the Trustee shall have no liability with
      respect to any failure to properly prepare or file such Form 10-D resulting
      from
      or relating to the Trustee’s inability or failure to obtain any information in a
      timely manner from the party responsible for delivery of such Additional Form
      10-D Disclosure.

     

    Within
      3
      calendar days after the related Distribution Date, each entity that is indicated
      in Exhibit T as the responsible party for providing Additional Form 10-D
      Disclosure shall be required to provide to the Trustee and the Depositor, to
      the
      extent known, clearly identifying which item of Form 10-D the information
      relates to, any Additional Form 10-D Disclosure, if applicable. The Trustee
      shall compile the information provided to it, prepare the Form 10-D and forward
      the Form 10-D to the Depositor for verification. The Depositor will approve,
      as
      to form and substance, or disapprove, as the case may be, the Form 10-D. No
      later than three Business Days prior to the 10th
      calendar
      day after the related Distribution Date, an officer of the Depositor shall
      sign
      the Form 10-D and return an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the
      Trustee. The
      Indenture Trustee shall have no liability with respect to any failure to
      properly file any Form 10-D resulting from or relating to the Depositor’s
      failure to timely comply with the provisions of this section.

     

    (ii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), the Depositor shall prepare
      and file any Form 8-K, as required by the Exchange Act, in addition to the
      initial Form 8-K in connection with the issuance of the Certificates. Any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be
      determined and prepared by the entity that is indicated in Exhibit T as the
      responsible party for providing that information.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit T as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Depositor, to the extent known, the form and
      substance of any Form 8-K Disclosure Information, if applicable. The Depositor
      shall compile the information provided to it, and prepare and file the Form
      8-K,
      which shall be signed by an officer of the Depositor.

     

    (iii) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, the Trustee shall, in accordance with industry standards, file
      a
      Form 15 Suspension Notice with respect to the Trust Fund, if applicable. On
      or
      before (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, on or before March 15 of each year thereafter, the
      Servicer shall provide the Trustee with an Annual Compliance Statement, together
      with a copy of the Assessment of Compliance and Attestation Report to be
      delivered by the Servicer pursuant to Sections 3.20 and 3.21 (including with
      respect to any Sub-Servicer or any subcontractor, if required to be filed).
      Prior to (x) March 31, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, March 31 of each year thereafter, the Trustee shall
      file
      a Form 10-K, in substance as required by applicable law or applicable Securities
      and Exchange Commission staff’s interpretations and conforming to industry
      standards, with respect to the Trust Fund. Such Form 10-K shall include the
      Assessment of Compliance, Attestation Report, Annual Compliance Statements
      and
      other documentation provided by the Servicer pursuant to Sections 3.20 and
      3.21
      (including with respect to any Sub-Servicer or subcontractor, if required to
      be
      filed) and Section 3.21 with respect to the Trustee, and the Form 10-K
      certification in the form attached hereto as Exhibit N-1 (the “Certification”)
      signed by the senior officer of the Depositor in charge of securitization.
      The
      Trustee shall receive the items described in the preceding sentence no later
      than March 15 of each calendar year prior to the filing deadline for the Form
      10-K.

     

    Any
      disclosure or information in addition to that described in the preceding
      paragraph that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and prepared by the entity that is indicated in
      Exhibit T as the responsible party for providing that information, if other
      than
      the Trustee, and the Trustee will have no duty or liability to verify the
      accuracy or sufficiency of any such Additional Form 10-K
      Disclosure.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Trustee shall file an amended Form 10-K including such
      documents as exhibits reasonably promptly after they are delivered to the
      Trustee. The Trustee shall have no liability with respect to any failure to
      properly prepare or file such periodic reports resulting from or relating to
      the
      Trustee’s inability or failure to timely obtain any information from any other
      party.

     

    Prior
      to
      (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 1 of each year thereafter, each entity that
      is
      indicated in Exhibit T as the responsible party for providing Additional Form
      10-K Disclosure shall be required to provide to the Trustee and the Depositor,
      to the extent known, the form and substance of any Additional Form 10-K
      Disclosure Information, if applicable. The Trustee shall compile the information
      provided to it, prepare the Form 10-K and forward the Form 10-K to the Depositor
      for verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-K by no later than March 25 of
      the
      relevant year (or the immediately preceding Business Day if March 25 is not
      a
      Business Day), an officer of the Depositor shall sign the Form 10-K and return
      an electronic or fax copy of such signed Form 10-K (with an original executed
      hard copy to follow by overnight mail) to the Trustee.

     

    The
      Servicer shall be responsible for determining the pool concentration applicable
      to any Sub-Servicer to which the Servicer delegated any of its responsibilities
      with respect to the Mortgage Loans at any time, for purposes of disclosure
      as
      required by Items 1117 and 1119 of Regulation AB. The Trustee will provide
      electronic or paper copies of all Form 10-D, 8-K and 10-K filings free of charge
      to any Certificateholder upon request. Any expenses incurred by the Trustee
      in
      connection with the previous sentence shall be reimbursable to the Trustee
      out
      of the Trust Fund. The Indenture Trustee shall have no liability with respect
      to
      any failure to properly file any Form 10-K resulting from or relating to the
      Depositor’s failure to timely comply with the provisions of this
      section.

     

    The
      Trustee shall sign a certification (in the form attached hereto as
      Exhibit N-2) for the benefit of the Depositor and its officers, directors
      and Affiliates in respect of items 1 through 3 of the Certification (provided,
      however, that the Trustee shall not undertake an analysis of the Attestation
      Report attached as an exhibit to the Form 10-K), and the Servicer shall sign
      a
      certification (the “Servicer Certification) solely with respect to the Servicer
      (in the form attached hereto as Exhibit N-3) for the benefit of the
      Depositor, the Trustee and each Person, if any, who “controls” the Depositor or
      the Trustee within the meaning of the Securities Act of 1933, as amended, and
      their respective officers and directors. Each such certification shall be
      delivered to the Depositor and the Trustee by March 15th
      of each
      year (or if not a Business Day, the immediately preceding Business Day). The
      Certification attached hereto as Exhibit N-1 shall be delivered to the
      Trustee by March 20th
      for
      filing on or prior to March 30th
      of each
      year (or if not a Business Day, the immediately preceding Business
      Day).

     

    (c)  (A)
      The
      Trustee shall indemnify and hold harmless the Depositor, the Servicer and their
      respective officers, directors and Affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon (i) a breach of the Trustee’s obligations under this Section 4.07 caused by
      the Trustee’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Assessment of
      Compliance delivered by the Trustee pursuant to Section 3.21, and (B) the
      Servicer shall indemnify and hold harmless the Depositor, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) the failure of the Servicer to timely deliver the Servicer
      Certification or (ii) any material misstatement or omission in the Statement
      as
      to Compliance delivered by the Servicer pursuant to Section 3.20, the Assessment
      of Compliance delivered by the Servicer pursuant to Section 3.21 or the Servicer
      Certification. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Depositor, then (i) the Trustee agrees that
      it
      shall contribute to the amount paid or payable by the Depositor as a result
      of
      the losses, claims, damages or liabilities of the Depositor in such proportion
      as is appropriate to reflect the relative fault of the Depositor on the one
      hand
      and the Trustee on the other in connection with a breach of the Trustee’s
      obligations under this Section 4.07 caused by the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith and (ii) the Servicer agrees
      that it shall contribute to the amount paid or payable by the Depositor and
      the
      Trustee as a result of the losses, claims, damages or liabilities of the
      Depositor and the Trustee in such proportion as is appropriate to reflect the
      relative fault of the Depositor and the Trustee on the one hand and the Servicer
      on the other in connection with the Servicer Certification and the related
      obligations of the Servicer under this Section 4.07.

     

    Upon
      any
      filing with the Securities and Exchange Commission, the Trustee shall promptly
      deliver to the Depositor a copy of any such executed report, statement or
      information.

     

    
      	SECTION
              4.08  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Deutsche Bank National Trust Company, as Trustee, in trust for
      registered Holders of Soundview Home Loan Trust 2006-OPT1 Asset-Backed
      Certificates, Series 2006-OPT1” All amounts deposited in the Net WAC Rate
      Carryover Reserve Account shall be distributed to the Holders of the Class
      A and
      Mezzanine Certificates in the manner set forth in Section 4.01(d).

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A or Mezzanine Certificates, the Trustee has been directed by
      the
      Class C Certificateholders to, and therefore will, deposit into the Net WAC
      Rate
      Carryover Reserve Account the amounts described in Section 4.01(d)(iv), rather
      than distributing such amounts to the Class C Certificateholders. On each such
      Distribution Date, the Trustee shall hold all such amounts for the benefit
      of
      the Holders of the Class A and Mezzanine Certificates, and will distribute
      such
      amounts to the Holders of the Class A and Mezzanine Certificates in the amounts
      and priorities set forth in Section 4.01(d).

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a grantor trust. All amounts deposited into the Net WAC Rate
      Carryover Reserve Account shall be treated as amounts distributed by REMIC
      3 to
      the Holder of the Class C Interest and by REMIC 4 to the Holder of the Class
      C
      Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside
      reserve fund” within the meaning of Treasury regulation Section 1.860G-2(h).
      Upon the termination of the Trust, or the payment in full of the Class A and
      Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate
      Carryover Reserve Account will be released by the Trust and distributed to
      the
      Holders of the Class C Certificates or their designees. The Net WAC Rate
      Carryover Reserve Account will be part of the Trust but not part of any REMIC
      and any payments to the Holders of the Class A and Mezzanine Certificates of
      Net
      WAC Rate Carryover Amounts will not be payments with respect to a “regular
      interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

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

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Class A Certificates and the Class M Certificates to receive payments from
      the
      Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover
      Amount may have more than a de
      minimis
      value.

     

    
      	SECTION
              4.09  	
              Distributions
                on the REMIC Regular Interests.

            

    

     

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

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-44-B, pro rata, in an amount equal to (A) Uncertificated Accrued
      Interest for such REMIC 1 Regular Interests for such Distribution Date, plus
      (B)
      any amounts payable in respect thereof remaining unpaid from previous
      Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular interests I-1-A through I-44-B starting with the lowest numerical
      denomination until the Uncertificated Principal Balance of each such REMIC
      1
      Regular Interest is reduced to zero, provided that, for REMIC 1 Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro rata between such REMIC 1 Regular Interests, and second, to
      the
      extent of the Overcollateralization Release Amounts, to REMIC 1 Regular Interest
      I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest
      is
      reduced to zero; and

     

    (iii)  to
      the
      Holders of REMIC 1 Regular Interest I-44-B, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 2 to
      REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (i)  to
      the
      Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii)  to
      the
      extent of Available Funds, to Holders of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTM11, REMIC 2 Regular Interest LTZZ and REMIC
      2
      Regular Interest LTP, on a pro
      rata
      basis,
      in an amount equal to (A) the Uncertificated Accrued Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest
      in respect of REMIC 2 Regular Interest LTZZ shall be reduced and deferred when
      the REMIC 2 Overcollateralization Amount is less than the REMIC 2
      Overcollateralization Target Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC 2 Regular Interest
      LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular
      Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3,
      REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular
      Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8,
      REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTM10 and REMIC 2
      Regular Interest LTM11, in the same proportion as the Overcollateralization
      Deficiency Amount is allocated to the Corresponding Certificates and the
      Uncertificated Principal Balance of the REMIC 2 Regular Interest LTZZ shall
      be
      increased by such amount; and

     

    (iii)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of
      the
      Available Funds for such Distribution Date after the distributions made pursuant
      to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC 2
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder first, to the Holders of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10 and REMIC 2 Regular Interest
      LTM11
      of and in the same proportion as principal payments are allocated to the
      Corresponding Certificates, until the Uncertificated Principal Balances of
      such
      REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of
      REMIC 2 Regular Interest LTZZ, until the Uncertificated Principal Balance of
      such REMIC 2 Regular Interest is reduced to zero; and

     

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

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause.

     

    
      	SECTION
              4.10  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as follows: first, to
      Net
      Monthly Excess Cashflow; second, to Net Swap Payments received under the
      Interest Rate Swap Agreement; third, to the Class C Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fourth, to
      the
      Class M-11 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; fifth, to the Class M-10 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; sixth, to the
      Class M-9 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; seventh, to the Class M-8 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; eighth, to the Class M-7
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; ninth, to the Class M-6 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; tenth, to the Class M-5 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; twelfth, to the Class M-3 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; thirteenth,
      to the Class M-2 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero and fourteenth, to the Class M-1 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero. All Realized
      Losses to be allocated to the Certificate Principal Balances of all Classes
      on
      any Distribution Date shall be so allocated after the actual distributions
      to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class C Certificates
      shall be made first by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(d)(iv). No allocations of any Realized Losses shall
      be
      made to the Certificate Principal Balances of the Class A Certificates or the
      Class P Certificates.

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated shall be allocated by the Securities Administrator
      on
      each Distribution Date, first to REMIC 1 Regular Interest I until the
      Uncertificated Principal Balance has been reduced to zero, and second, to REMIC
      1 Regular Interest I-1-A through REMIC 1 Regular Interest I-44-B, starting
      with
      the lowest numerical denomination until such REMIC 1 Regular Interest has been
      reduced to zero, provided that, for REMIC 1 Regular Interests with the same
      numerical denomination, such Realized Losses shall be allocated pro rata between
      such REMIC 1 Regular Interests.

     

    (c)  With
      respect to the REMIC 2 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be deemed to have been allocated in the specified percentages,
      as
      follows: first, to Uncertificated Accrued Interest payable to the REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Interest Loss Allocation Amount, 98% and 2%,
      respectively; second, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC 2 Regular
      Interest LTAA, REMIC 2 Regular Interest LTM11 and REMIC 2 Regular Interest
      LTZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest LTM11 has been reduced to zero; fourth, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM10 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM10 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM9 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM9 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM8 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM8 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTM7 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM7 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM6 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM6 has been
      reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM5 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM5 has been reduced to zero; tenth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM4 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM4 has been reduced to zero; eleventh, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM3 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM3 has been
      reduced to zero; twelfth, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM2 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM2 has been reduced to zero; thirteenth,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA,
      REMIC
      2 Regular Interest LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM1 has been reduced to zero.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01  	
              The
                Certificates.

            

    

     

    Each
      of
      the Class A Certificates, the Mezzanine Certificates, the Class P Certificates,
      the Class C Certificates and the Residual Certificates shall be substantially
      in
      the forms annexed hereto as exhibits, and shall, on original issue, be executed,
      authenticated and delivered by the Trustee to or upon the order of the Depositor
      concurrently with the sale and assignment to the Trustee of the Trust Fund.
      The
      Class A and Mezzanine 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 $1.00 in excess
      thereof, provided that Class A and Mezzanine Certificates must be purchased
      in
      minimum total investments of $100,000 per class, except that one Certificate
      of
      each such Class of Certificates may be in a different denomination so that
      the
      sum of the denominations of all outstanding Certificates of such Class shall
      equal the Certificate Principal Balance of such Class on the Closing Date.
      The
      Class P Certificates, the Class C Certificates and the Residual Certificates
      are
      issuable in any Percentage Interests; provided, however, that the sum of all
      such percentages for each such Class totals 100% and no more than ten
      Certificates of each Class may be issued and outstanding at any one
      time.

     

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

     

    
      	SECTION
              5.02  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

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

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph which office shall initially be the offices designated
      by
      the Trustee and, in the case of a Residual Certificate, upon satisfaction of
      the
      conditions set forth below, the Trustee on behalf of the Trust shall execute,
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same aggregate Percentage
      Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and authenticate and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trustee or the Certificate Registrar)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      satisfactory to the Trustee and the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for two separate certificates,
      each representing such holder’s respective Percentage Interest in the Class R-1
      Interest, the Class R-2 Interest and the Class R-3 Interest that was evidenced
      by the Class R Certificate being exchanged and (ii) with respect to each Class
      R-X Certificate, the holder thereof may exchange, in the manner described above,
      such Class R-X Certificate for three separate certificates, each representing
      such holder’s respective Percentage Interest in the Class R-4 Interest, the
      Class R-5 Interest and the Class R-6 Interest that was evidenced by the Class
      R-X Certificate being exchanged.

     

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

     

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

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the Financial Intermediaries and the Depository
      Participants in writing that the continuation of a book-entry system through
      the
      Depository to the exclusion of definitive, fully registered certificates (the
      “Definitive Certificates”) to Certificate Owners is no longer in the best
      interests of the Certificate Owners. Upon surrender to the Certificate Registrar
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall, in the
      case of (i) and (ii) above, execute on behalf of the Trust and authenticate
      the
      Definitive Certificates. Neither the Depositor nor the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Certificates, the Trustee, the Certificate Registrar, the Servicer,
      any Paying Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Class M-10 Certificate,
      Class
      M-11 Certificate, Class C Certificate, Class P Certificate or Residual
      Certificate (the “Private Certificates”) 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 laws. In the event of any such transfer (other
      than in connection with (i) the initial transfer of any such Certificate by
      the
      Depositor to an Affiliate of the Depositor or, in the case of the Class R-X
      Certificates, the first transfer by an Affiliate of the Depositor, (ii) the
      transfer of any such Class C, Class P or Residual Certificate to the issuer
      under the Indenture or the indenture trustee under the Indenture or (iii) a
      transfer of any such Class C, Class P or Residual Certificate from the issuer
      under the Indenture or the indenture trustee under the Indenture to the
      Depositor or an Affiliate of the Depositor), (i) unless such transfer is made
      in
      reliance upon Rule 144A (as evidenced by the investment letter delivered to
      the
      Trustee, in substantially the form attached hereto as Exhibit J) under the
      1933
      Act, the Trustee and the Depositor shall require a written Opinion of Counsel
      (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Trustee and the Depositor that such transfer
      may
      be made pursuant to an exemption, describing the applicable exemption and the
      basis therefor, from the 1933 Act or is being made pursuant to the 1933 Act,
      which Opinion of Counsel shall not be an expense of the Trustee or the Depositor
      or (ii) the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form attached hereto as Exhibit L) and the
      transferee to execute an investment letter (in substantially the form attached
      hereto as Exhibit J) acceptable to and in form and substance reasonably
      satisfactory to the Depositor and the Trustee certifying to the Depositor and
      the Trustee the facts surrounding such transfer, which investment letter shall
      not be an expense of the Trustee or the Depositor. The Holder of a Private
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

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

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described above in this
      Section 5.02(d) will be required in connection with the transfer, on the Closing
      Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the 1933 Act.

     

    No
      transfer of a Private Certificate (other than a Class M-10 or Class M-11
      Certificate) or any interest therein shall be made to any Plan, any Person
      acting, directly or indirectly, on behalf of any such Plan or any Person
      acquiring such Certificates with “Plan Assets” of a Plan within the meaning of
      the Department of Labor regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan
      Assets”), as certified by such transferee in the form of Exhibit M, unless the
      Trustee is provided with an Opinion of Counsel for the benefit of the Depositor,
      the Trustee and the Servicer and on which they may rely which establishes to
      the
      satisfaction of the Trustee that the purchase of such Certificates is
      permissible under applicable law, will not constitute or result in any
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Depositor, the Servicer, the Trustee or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund. Neither a certification nor an Opinion of Counsel
      will be required in connection with (i) the initial transfer of any such
      Certificate by the Depositor to an Affiliate of the Depositor, (ii) the transfer
      of any such Class C, Class P or Residual Certificate to the issuer under the
      Indenture or the indenture trustee under the Indenture or (iii) a transfer
      of
      any such Class C, Class P or Residual Certificate from the issuer under the
      Indenture or the indenture trustee under the Indenture to the Depositor or
      an
      Affiliate of the Depositor (in which case, the Depositor or any Affiliate
      thereof shall have deemed to have represented that such Affiliate is not a
      Plan
      or a Person investing Plan Assets) and the Trustee shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Trustee,
      shall be a written representation) from the Transferor of the status of such
      transferee as an affiliate of the Depositor.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, no Transfer of a Class
      A or
      Mezzanine Certificate shall be made unless either (i) the Trust Administrator
      shall have received a representation from the transferee (in the form of Exhibit
      M) of such Certificate acceptable to and in form and substance satisfactory
      to
      the Trustee, to the effect that such transferee is not a Plan, or a Person
      acting on behalf of a Plan or using the assets a Plan, or (ii) the transferee
      is
      deemed to represent that the proposed transfer or holding of such Certificate
      is
      eligible for exemptive relief under an individual or class prohibited
      transaction exemption, including, but not limited to, for the Offered
      Certificates, Prohibited Transaction Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE
      90-1, PTCE 95-60 or PTE 96-23 and for Class M-10 Certificates and Class M-11
      Certificates, PTCE 95-60.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each Transferee of a
      Mezzanine Certificate will be deemed to have represented by virtue of its
      purchase or holding of such Certificate (or interest therein) that either (a)
      such Transferee is not a Plan or purchasing such Certificate with Plan Assets,
      (b) in the case of a Certificate other than a Class M-10 or Class M-11
      Certificate it has acquired and is holding such Certificate in reliance on
      Prohibited Transaction Exemption (“PTE”) 90-59, 55 Fed. Reg. 36724 (September 6,
      1990), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
      65 Fed. Reg. 67765 (November 13, 2000) and PTE 2002-41, 67 Fed. Reg. 54487
      (August 22, 2002) (the “Exemption”), and that it understands that there are
      certain conditions to the availability of the Exemption including that such
      Certificate must be rated, at the time of purchase, not lower than “BBB-” (or
      its equivalent) by a Rating Agency or (c) the following conditions are
      satisfied: (i) such Transferee is an insurance company, (ii) the source of
      funds
      used to purchase or hold such Certificate (or interest therein) is an “insurance
      company general account” as defined in PTCE 95-60, and (iii) the conditions set
      forth in Sections I and III of PTCE 95-60 have been satisfied.

     

    If
      any
      Mezzanine Certificate or Private Certificate or any interest therein is acquired
      or held in violation of the provisions of the two preceding paragraphs, the
      next
      preceding permitted beneficial owner will be treated as the beneficial owner
      of
      that Certificate retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of any such
      Certificate or interest therein was effected in violation of the provisions
      of
      the two preceding paragraphs shall indemnify and hold harmless the Depositor,
      the Servicer, the NIMS Insurer, the Trustee and the Trust from and against
      any
      and all liabilities, claims, costs or expenses incurred by those parties as
      a
      result of that acquisition or holding.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual 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 Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

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

     

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

     

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

     

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

     

    (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 a 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. The Trustee shall be under no 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 such 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 the Trustee received the
      documents specified in clause (iii). The Trustee shall be entitled to recover
      from any Holder of a 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 Trustee
      shall be distributed and delivered by the Trustee to the prior 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
      Trustee 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 Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee 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 Trustee 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 Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (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
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee
      and
      the NIMS Insurer, in form and substance satisfactory to the Trustee and the
      NIMS
      Insurer, (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 rating of the Certificates and (ii) an Opinion
      of
      Counsel to the effect that such removal will not cause any REMIC created
      hereunder to fail to qualify as a REMIC.

     

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

     

    
      	SECTION
              5.03  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

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

     

    
      	SECTION
              5.04  	
              Persons
                Deemed Owners.

            

    

     

    The
      Servicer, the Depositor, the Trustee, the NIMS Insurer, the Certificate
      Registrar, any Paying Agent and any agent of the Servicer, the Depositor, the
      Trustee, the NIMS Insurer, the Certificate Registrar or any Paying Agent 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 4.01 and for all other purposes whatsoever,
      and none of the Servicer, the Trust, the Trustee nor any agent of any of them
      shall be affected by notice to the contrary.

     

    
      	SECTION
              5.05  	
              Appointment
                of Paying Agent.

            

    

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and shall report the amounts
      of
      such distributions to the Trustee. The duties of the Paying Agent may include
      the obligation (i) to withdraw funds from the Collection Account pursuant to
      Section 3.11(a) and for the purpose of making the distributions referred to
      above and (ii) to distribute statements and provide information to
      Certificateholders as required hereunder. The Paying Agent 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 and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the NIMS
      Insurer.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

    THE
      SERVICER, THE DEPOSITOR
      AND THE
      CREDIT RISK MANAGER

     

    
      	SECTION
              6.01  	
              Liability
                of the Servicer and the Depositor.

            

    

     

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

     

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

            

    

     

    Any
      entity into which the Servicer or Depositor may be merged or consolidated,
      or
      any entity resulting from any merger, conversion or consolidation to which
      the
      Servicer or the Depositor shall be a party, or any corporation succeeding to
      the
      business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, as the case may be, hereunder, without the execution
      or filing of any paper or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding; provided, however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      	SECTION
              6.03  	
              Limitation
                on Liability of the Servicer and
                Others.

            

    

     

    Neither
      the Servicer nor the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or negligence in the performance of duties of the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder. The Servicer and any director or officer or employee
      or
      agent of the Servicer may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Servicer and the Depositor, and any director or officer
      or employee or agent of the Servicer or the Depositor, shall be indemnified
      by
      the Trust and held harmless against any loss, liability or expense incurred
      in
      connection with (i) any legal action relating to this Agreement or the
      Certificates, other than any loss, liability or expense incurred by reason
      of
      its willful misfeasance, bad faith or negligence or by reason of its reckless
      disregard of its obligations and duties hereunder or by reason of its failure
      to
      perform its obligations or duties hereunder and (ii) any breach of a
      representation or warranty regarding the Mortgage Loans. The Servicer or the
      Depositor may initiate any such action which it may deem necessary or desirable
      in respect of this Agreement, and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, unless
      the
      Depositor or the Servicer acts without the consent of the Holders of
      Certificates entitled to at least 51% of the Voting Rights, the reasonable
      legal
      expenses and costs of such action and any liability resulting therefrom shall
      be
      expenses, costs and liabilities of the Trust and the Servicer shall be entitled
      to be reimbursed therefor from the Collection Account as and to the extent
      provided in Section 3.11, any such right of reimbursement being prior to the
      rights of the Certificateholders to receive any amount in the Collection
      Account. The Servicer’s right to indemnity or reimbursement pursuant to this
      Section shall survive any resignation or termination of the Servicer pursuant
      to
      Section 6.04 or 7.01 with respect to any losses, expenses, costs or liabilities
      arising prior to such resignation or termination (or arising from events that
      occurred prior to such resignation or termination). This paragraph shall apply
      to the Servicer solely in its capacity as Servicer hereunder and in no other
      capacities. Without limiting the foregoing, the Servicer shall undertake to
      defend any claims against the Trust Fund, the Trustee and/or itself initiated
      by
      a Borrower or otherwise related to the servicing of any Mortgage Loan, the
      reasonable legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust and the Servicer
      shall be entitled to be reimbursed therefor from the Collection Account as
      and
      to the extent provided in Section 3.11, any such right of reimbursement being
      prior to the rights of the Certificateholders to receive any amount in the
      Collection Account.

     

    The
      Credit Risk Manager and any director, officer, employee or agent of the Credit
      Risk Manager shall be indemnified and held harmless by the Trust Fund against
      any loss, liability or expense (not including expenses, disbursements and
      advances incurred or made by the Credit Risk Manager, including the compensation
      and the expenses and disbursements of its agents and counsel, in the ordinary
      course of its appointment as Credit Risk Manager or its performance of its
      duties as such) incurred in connection with any claim or legal action or any
      pending or threatened claim or legal action relating to this Agreement, the
      Credit
      Risk Management Agreement
      or the
      Certificates, other than any loss, liability or expense (i) resulting from
      a
      breach of the Servicer’s obligations and duties under the Pooling Agreement or
      Credit Risk Management Agreement for which the Credit Risk Manager is
      indemnified by the Servicer under the Credit Risk Management Agreement or (ii)
      incurred by reason of willful misfeasance, bad faith or negligence in the
      performance of duties under the Credit Risk Management Agreement or by reason
      of
      reckless disregard of obligations and duties thereunder. 

     

    
      	SECTION
              6.04  	
              Servicer
                Not to Resign.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor servicer to
      the
      Trustee and the NIMS Insurer in writing and such proposed successor servicer
      is
      reasonably acceptable to the Trustee and the NIMS Insurer and (b) each Rating
      Agency shall have delivered a letter to the Trustee and the NIMS Insurer prior
      to the appointment of the successor servicer stating that the proposed
      appointment of such successor servicer as Servicer hereunder will not result
      in
      the reduction or withdrawal of the then current rating of the Certificates;
      provided, however, that no such resignation by the Servicer shall become
      effective until such successor servicer or, in the case of (i) above, the
      Trustee shall have assumed the Servicer’s responsibilities and obligations
      hereunder or the Trustee shall have designated, with the consent of the NIMS
      Insurer, a successor servicer in accordance with Section 7.02. Except as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
      beneficiary hereunder and the parties hereto shall not be required to recognize
      any Subservicer as an indemnitee under this Agreement.

     

    
      	SECTION
              6.05  	
              Delegation
                of Duties.

            

    

     

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

     

    
      	SECTION
              6.06  	
              [Reserved].

            

    

     

    
      	SECTION
              6.07  	
              Inspection.

            

    

     

    The
      Servicer, in its capacity as Servicer, shall afford the Trustee and the NIMS
      Insurer, upon reasonable notice, during normal business hours, access to all
      records maintained by the Servicer in respect of its rights and obligations
      hereunder and access to officers of the Servicer responsible for such
      obligations.

     

    
      	SECTION
              6.08  	
              Credit
                Risk Manager.

            

    

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans.  Such reports and recommendations will be based upon information
      provided to the Credit Risk Manager pursuant to the Credit Risk Management
      Agreement, and the Credit Risk Manager shall look solely to the Servicer for
      all
      information and data (including loss and delinquency information and data)
      relating to the servicing of the Mortgage Loans.  Upon any termination of
      the Credit Risk Manager or the appointment of a successor Credit Risk Manager,
      the Trustee, if it has been notified in writing of such termination or
      appointment, shall give written notice thereof to the Servicer and the
      Depositor.

     

    If
      Holders of the Certificates entitled to 66 2/3% or more of the Voting Rights
      request in writing to the Trustee to terminate the Credit Risk Manager under
      this Agreement, the Credit Risk Manager shall be removed pursuant to this
      Section 6.08.  Upon receipt of such notice, the Trustee shall provide
      written notice to the Credit Risk Manager and the Servicer of the Credit Risk
      Manager’s removal, which shall be effective upon receipt of such notice by the
      Credit Risk Manager.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

    DEFAULT

     

    
      	SECTION
              7.01  	
              Servicer
                Events of Termination.

            

    

     

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

     

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

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days (or
      if
      such failure or breach cannot be remedied within 30 days, then such remedy
      shall
      have been commenced within 30 days and diligently pursued thereafter; provided,
      however, that in no event shall such failure or breach be allowed to exist
      for a
      period of greater than 90 days), after the date (A) on which written notice
      of
      such failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Trustee or to the Trustee by the NIMS Insurer or any Holders
      of
      a Regular Certificate evidencing at least 25% of the Voting Rights or (B) of
      actual knowledge of such failure by a Servicing Officer of the Servicer;
      or

     

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

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations;

     

    (v)  A
      Delinquency Servicer Termination Trigger has occurred and is
      continuing;

     

    (b)  then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trustee shall give the Servicer notice of such failure to
      advance by 5:00 P.M. New York time on the Servicer Remittance Date), the Trustee
      shall, at the direction of the NIMS Insurer, terminate all of the rights and
      obligations of the Servicer under this Agreement, to the extent permitted by
      law, and in and to the Mortgage Loans and the proceeds thereof and the Trustee,
      or a successor servicer appointed in accordance with Section 7.02, shall
      immediately make such Advance and assume, pursuant to Section 7.02, the duties
      of a successor Servicer and (y) in the case of (i)(B), (ii), (iii) or (iv)
      above, the Trustee shall, at the direction of the NIMS Insurer or the Holders
      of
      each Class of Regular Certificates evidencing Percentage Interests aggregating
      not less than 51%, by notice then given in writing to the Servicer (and to
      the
      Trustee if given by the NIMS Insurer or the Holders of Certificates), terminate
      all of the rights and obligations of the Servicer as servicer under this
      Agreement. Any such notice to the Servicer shall also be given to each Rating
      Agency, the Depositor and the Servicer. On or after the receipt by the Servicer
      (and by the Trustee if such notice is given by the Holders) of such written
      notice, all authority and power of the Servicer under this Agreement, whether
      with respect to the Certificates or the Mortgage Loans or otherwise, shall
      pass
      to and be vested in the Trustee pursuant to and under this Section; and, without
      limitation, and the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and related documents or otherwise. The Servicer agrees to cooperate with
      the Trustee (or the applicable successor Servicer) in effecting the termination
      of the responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the Trustee of all documents and records requested
      by it to enable it to assume the Servicer’s functions under this Agreement
      within ten Business Days subsequent to such notice, the transfer within one
      Business Day subsequent to such notice to the Trustee (or the applicable
      successor Servicer) for the administration by it of all cash amounts that shall
      at the time be held by the Servicer and to be deposited by it in the Collection
      Account, the Distribution Account, any REO Account or any Servicing Account
      or
      that have been deposited by the Servicer in such accounts or thereafter received
      by the Servicer with respect to the Mortgage Loans or any REO Property received
      by the Servicer. All reasonable costs and expenses (including attorneys’ fees)
      incurred in connection with transferring the Mortgage Files to the successor
      Servicer and amending this Agreement to reflect such succession as Servicer
      pursuant to this Section shall be paid by the predecessor Servicer (or if the
      predecessor Servicer is the Trustee, the initial Servicer) upon presentation
      of
      reasonable documentation of such costs and expenses and to the extent not paid
      by the Servicer, by the Trust.

     

    
      	SECTION
              7.02  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a)  From
      the
      time the Servicer (and the Trustee, if notice is sent by the Holders) receives
      a
      notice of termination pursuant to Section 7.01 or 6.04, the Trustee (or such
      other successor Servicer as is approved in accordance with this Agreement)
      shall
      be the successor in all respects to the Servicer in its capacity as servicer
      under this Agreement and the transactions set forth or provided for herein
      and
      shall be subject to all the responsibilities, duties and liabilities relating
      thereto placed on the Servicer by the terms and provisions hereof arising on
      and
      after its succession. Notwithstanding the foregoing, the parties hereto agree
      that the Trustee, in its capacity as successor Servicer, immediately will assume
      all of the obligations of the Servicer to make advances. Notwithstanding the
      foregoing, the Trustee, in its capacity as successor Servicer, shall not be
      responsible for the lack of information and/or documents that it cannot obtain
      through reasonable efforts. It is understood and agreed by the parties hereto
      that there will be a period of transition (not to exceed 90 days) before the
      transition of servicing obligations is fully effective. As compensation
      therefor, the Trustee (or such other successor Servicer) shall be entitled
      to
      such compensation as the Servicer would have been entitled to hereunder if
      no
      such notice of termination had been given. Notwithstanding the above, (i) if
      the
      Trustee is unwilling to act as successor Servicer or (ii) if the Trustee is
      legally unable so to act, the Trustee shall appoint or petition a court of
      competent jurisdiction to appoint, any established housing and home finance
      institution, bank or other mortgage loan or home equity loan servicer having
      a
      net worth of not less than $50,000,000 as the successor to the Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Servicer hereunder; provided, that the appointment of
      any
      such successor Servicer shall be approved by the NIMS Insurer (such approval
      not
      to be unreasonably withheld), as evidenced by the prior written consent of
      the
      NIMS Insurer, and will not result in the qualification, reduction or withdrawal
      of the ratings assigned to the Certificates by the Rating Agencies as evidenced
      by a letter to such effect from the Rating Agencies. Pending appointment of
      a
      successor to the Servicer hereunder, the Trustee shall act in such capacity
      as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the
      Trustee and such successor shall agree, not to exceed the Servicing Fee). The
      appointment of a successor Servicer shall not affect any liability of the
      predecessor Servicer which may have arisen under this Agreement prior to its
      termination as Servicer to pay any deductible under an insurance policy pursuant
      to Section 3.14, to reimburse the Trustee pursuant to Section 3.06 or to
      indemnify the Trustee or the NIMS Insurer pursuant to Section 8.05(c)), nor
      shall any successor Servicer be liable for any acts or omissions of the
      predecessor Servicer or for any breach by such Servicer of any of its
      representations or warranties contained herein or in any related document or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      All Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Servicer defaults in its obligation to pay such costs, such costs shall be
      paid
      by the successor Servicer or the Trustee (in which case the successor Servicer
      or the Trustee, as applicable, shall be entitled to reimbursement therefor
      from
      the assets of the Trust).

     

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

     

    
      	SECTION
              7.03  	
              Waiver
                of Defaults.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders and with
      the consent of the NIMS Insurer, waive any events permitting removal of the
      Servicer as servicer pursuant to this Article VII, provided, however, that
      the
      Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate and the consent of the NIMS Insurer. Upon any waiver of a past
      default, such default shall cease to exist and any Servicer Event of Termination
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trustee to the Rating Agencies
      and the NIMS Insurer.

     

    
      	SECTION
              7.04  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register, the NIMS Insurer and 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 a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders and to the NIMS Insurer notice of such occurrence
      unless such default or Servicer Event of Termination shall have been waived
      or
      cured.

     

    
      	SECTION
              7.05  	
              Survivability
                of Servicer Liabilities.

            

    

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

    THE
      TRUSTEE

     

    
      	SECTION
              8.01  	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has 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.

     

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

     

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

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

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

     

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

     

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

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    
      	SECTION
              8.02  	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, 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 may
      prescribe;

     

    (ii)  the
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii)  the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders or the NIMS Insurer, pursuant to the provisions
      of this Agreement, unless such Certificateholders or the NIMS Insurer, as
      applicable shall have offered to the Trustee reasonable security or indemnity
      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;

     

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

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the NIMS Insurer or 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. The reasonable expense
      of every such examination shall be paid by the Servicer or the NIMS Insurer
      (if
      requested by the NIMS Insurer) or, if paid by the Trustee, shall be reimbursed
      by the Servicer or the NIMS Insurer (if requested by the NIMS Insurer) upon
      demand and, if not reimbursed by the Servicer or the NIMS Insurer (if requested
      by the NIMS Insurer), shall be reimbursed by the Trust. Nothing in this clause
      (v) shall derogate from the obligation of the Servicer to observe any applicable
      law prohibiting disclosure of information regarding the Mortgagors;

     

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

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys, custodians
      or
      nominees;

     

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

     

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

     

    (x)  the
      Trustee or its Affiliates are permitted to receive compensation that could
      be
      deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder, servicing agent, custodian
      or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      Affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. Such compensation
      shall
      not be considered an amount that is reimbursable or payable pursuant to Section
      3.11.

     

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

     

    
      	SECTION
              8.03  	
              Trustee
                Not Liable for Certificates or Mortgage
                Loans.

            

    

     

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

     

    
      	SECTION
              8.04  	
              Trustee
                May Own Certificates.

            

    

     

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

     

    
      	SECTION
              8.05  	
              Trustee
                Compensation, Custodial Fee and
                Expenses.

            

    

     

    (a)  On
      each
      Distribution Date, prior to making any distributions to Certificateholders,
      the
      Trustee shall withdraw from the Distribution Account and pay to itself the
      Trustee Compensation payable on such Distribution Date consisting of all income
      earned on amounts on deposit in the Distribution Account. The Trustee shall
      be
      provided a copy of the separate fee schedule between the Depositor and the
      Custodian. The Trustee shall withdraw from the Distribution Account on each
      Distribution Date and pay to the Custodian, the Custodial Fee prior to making
      any distributions to Certificateholders.

     

    (b)  The
      Trustee, or any director, officer, employee or agent of the Trustee, shall
      be
      indemnified by the Trust Fund and held harmless against any loss, liability
      or
      expense (not including expenses and disbursements incurred or made by the
      Trustee, including the compensation and the expenses and disbursements of its
      agents and counsel, in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee
      arising out of or in connection with the acceptance or administration of its
      obligations and duties under this Agreement, other than any loss, liability
      or
      expense (i) resulting from a breach of the Servicer’s obligations and duties
      under this Agreement for which the Trustee is indemnified under Section 8.05(b)
      or (ii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence of the Trustee in
      the
      performance of its duties hereunder or by reason of the Trustee’s reckless
      disregard of obligations and duties hereunder
      or as a
      result of a breach of the Trustee’s obligations under Article X hereof. It is
      understood by the parties hereto that a “claim” as used in the preceding
      sentence includes any claim for indemnification made by the Custodian under
      Section 22 of the Custodial Agreement; provided, however, that the Trustee
      shall
      not lose any right it may have to indemnification under this Section 8.05 due
      to
      the willful misfeasance, bad faith or negligence of the Custodian in the
      performance of its duties under the Custodial Agreement or by reason of the
      Custodian’s reckless disregard of its obligations and duties under the Custodial
      Agreement. Any amounts payable to the Trustee, or any director, officer,
      employee or agent of the Trustee, in respect of the indemnification provided
      by
      this Section 8.05(a), or pursuant to any other right of reimbursement from
      the
      Trust Fund that the Trustee, or any director, officer, employee or agent of
      the
      Trustee, may have hereunder in its capacity as such, may be withdrawn by the
      Trustee from the Distribution Account at any time. The foregoing indemnity
      shall
      survive the resignation or removal of the Trustee.

     

    (c)  The
      Servicer agrees to indemnify the Trustee, the NIMS Insurer, the Custodian or
      any
      director, officer, employee or agent of the Trustee, the NIMS Insurer or
      Custodian from, and hold it harmless against, any loss, liability or expense
      resulting from a breach of the Servicer’s obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the Trustee and the Servicer for
      actions prior to such resignation or removal. Any payment hereunder made by
      the
      Servicer to the Trustee shall be from the Servicer’s own funds, without
      reimbursement from the Trust Fund therefor.

     

    
      	SECTION
              8.06  	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and subject to supervision or
      examination by federal or state authority. 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 and the NIMS Insurer at the time such Trustee
      is appointed Trustee to the effect that the Trust will not be a taxable entity
      under the laws of such state. In case at any time the Trustee shall cease to
      be
      eligible in accordance with the provisions of this Section 8.06, the Trustee
      shall resign immediately in the manner and with the effect specified in Section
      8.07.

     

    
      	SECTION
              8.07  	
              Resignation
                or Removal of Trustee.

            

    

     

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

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or the NIMS Insurer if at any time the Trustee shall be legally unable
      to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the
      Trustee or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Trustee or of its property or affairs for the purpose
      of rehabilitation, conservation or liquidation, then the Depositor, the Servicer
      or the NIMS Insurer may remove the Trustee. If the Depositor, the Servicer
      or
      the NIMS Insurer removes the Trustee under the authority of the immediately
      preceding sentence, the Depositor, with the consent of the NIMS Insurer, shall
      promptly appoint a successor Trustee by written instrument, in duplicate, one
      copy of which instrument shall be delivered to the Trustee so removed and one
      copy to the successor trustee.

     

    The
      Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee
      to perform its obligations hereunder) may at any time remove the Trustee by
      written instrument or instruments delivered to the Servicer, the Depositor
      and
      the Trustee; the Depositor shall thereupon use its best efforts to appoint
      a
      successor trustee acceptable to the NIMS Insurer in accordance with this
      Section.

     

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

     

    
      	SECTION
              8.08  	
              Successor
                Trustee.

            

    

     

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

     

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

     

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

     

    
      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the business of the Trustee, shall be the successor of the Trustee hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      	SECTION
              8.10  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

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

     

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

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust or any portion thereof in any such jurisdiction) shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Trustee;

     

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

     

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

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor, the Servicer and the NIMS Insurer.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor Trustee.

     

    
      	SECTION
              8.11  	
              Limitation
                of Liability.

            

    

     

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

     

    
      	SECTION
              8.12  	
              Trustee
                May Enforce Claims Without Possession of
                Certificates.

            

    

     

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

     

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

     

    
      	SECTION
              8.13  	
              Suits
                for Enforcement.

            

    

     

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

     

    
      	SECTION
              8.14  	
              Waiver
                of Bond Requirement.

            

    

     

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

     

    
      	SECTION
              8.15  	
              Waiver
                of Inventory, Accounting and Appraisal
                Requirement.

            

    

     

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

     

    
      	SECTION
              8.16  	
              Appointment
                of the Custodian.

            

    

     

    The
      Trustee shall, at the direction of the Depositor and with the consent of the
      Servicer, appoint the Custodian to hold all or a portion of the Mortgage Files.
      The appointment of the Custodian may at any time be terminated and a substitute
      Custodian appointed therefor at the direction of the Depositor to the Trustee,
      the consent to which shall not be unreasonably withheld. The Custodian shall
      be
      entitled to its fees and expenses in accordance with the Custodial Agreement,
      which fees and expenses shall be paid to the Custodian from the Trust in
      accordance with Section 8.05. Subject to Article VIII hereof, the Trustee agrees
      to comply with the terms of the Custodial Agreement, which agreement may be
      amended from time to time, and shall have the right 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 the
      Custodian. Notwithstanding anything to the contrary in this Agreement, the
      Custodian is not an agent of the Trustee and in no event shall the Trustee
      be
      liable for any acts, omission, duties, obligations, or liabilities of the
      Custodian. In no event shall the appointment of the Custodian pursuant to the
      Custodial Agreement diminish the obligations of the Trustee
      hereunder.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX

    REMIC
      ADMINISTRATION

     

    
      	SECTION
              9.01  	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement. For the purposes
      of
      the REMIC elections in respect of the Trust Fund, (i) the REMIC 1 Regular
      Interests will represent the “regular interests” in REMIC 1, the Class R-1
      Interest will constitute the sole class of “residual interests” in REMIC 1, (ii)
      the REMIC 2 Regular Interests will represent the “regular interests” in REMIC 2,
      the Class R-2 Interest will constitute the sole class of “residual interests” in
      REMIC 2, (iii) the Class A Certificates, the Class M Certificates and the Class
      C Certificates (exclusive of any right to receive distributions from the Net
      WAC
      Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount
      or the Swap Account or any obligation to make payments to the Swap Account),
      the
      Class IO Interest and the Class P Interest shall be designated as the “regular
      interests” in REMIC 3 and the Class R-3 Interest will constitute the sole class
      of “residual interests” in REMIC 3, (iv) the Class C Certificates will represent
      ownership of “regular interests” in REMIC 4 and the Class R-4 Interest will
      constitute the sole class of “residual interests” in REMIC 4, (v) the Class P
      Certificates will represent ownership of “regular interests” in REMIC 5 and the
      Class R-5 Interest will constitute the sole class of “residual interests” in
      REMIC 5, (vi) the REMIC 6 Regular Interest SWAP IO will represent ownership
      of
“regular interests” in REMIC 6 and the Class R-6 Interest will constitute the
      sole class of “residual interests” in REMIC 6, (vii) the Class R Certificates
      will evidence ownership of the Class R-1 Interest, Class R-2 Interest and Class
      R-3 Interest and (viii) the Class R-X Certificates will evidence ownership
      of
      the Class R-4 Interest, the Class R-5 Interest and the Class R-6 Interest.
      The
      Securities Administrator and the Trustee shall not permit the creation of any
      “interests” (within the meaning of Section 860G of the Code) in any REMIC
      created hereunder other than (a) the REMIC 1 Regular Interests, the REMIC 2
      Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests,
      the REMIC 5 Regular Interests or the REMIC 6 Regular Interests, the ownership
      of
      which is represented by the Class A and Class M Certificates, the SWAP IO,
      the
      Class C Certificates and the Class P Certificates and (b) the Class R-1
      Interest, the Class R-2 Interest, the Class R-3 Interest, the Class R-4
      Interest, the Class R-5 Interest and the Class R-6 Interest. The Securities
      Administrator will apply for an Employee Identification Number from the IRS
      via
      form SS-4 or any other acceptable method for each Trust REMIC

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall pay any and all expenses relating to any tax audit of any REMIC
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to any Trust REMIC that involve the Internal
      Revenue Service or state tax authorities), including the expense of obtaining
      any tax related Opinion of Counsel. The Trustee shall be entitled to
      reimbursement of expenses incurred pursuant to this Section 9.01(c) to the
      extent provided in Section 8.05.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns (including Form 8811) as the direct representative
      each
      REMIC created hereunder. The expenses of preparing and filing such returns
      shall
      be borne by the Trustee.

     

    (e)  The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC 1, REMIC 2
      and REMIC 3 and shall act as Tax Matters Person for REMIC 1, REMIC 2 and REMIC
      3. The Holder of the Class R-X Certificate at any time holding the largest
      Percentage Interest thereof shall be the Tax Matters Person with respect to
      REMIC 4 and REMIC 5 and shall act as Tax Matters Person for REMIC 4 and REMIC
      5.
      The Trustee, as agent for the Tax Matters Person, shall perform on behalf of
      each REMIC all reporting and other tax compliance duties that are the
      responsibility of such REMIC under the Code, the REMIC Provisions, or other
      compliance guidance issued by the Internal Revenue Service or any state or
      local
      taxing authority. Among its other duties, if required by the Code, the REMIC
      Provisions, or other such guidance, the Trustee, as agent for the Tax Matters
      Person, shall provide (i) to the Treasury or other governmental authority such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any disqualified person or organization
      and (ii) to the Certificateholders such information or reports as are required
      by the Code or REMIC Provisions. The Trustee, as agent for the Tax Matters
      Person, shall represent each REMIC in any administrative or judicial proceedings
      relating to an examination or audit by any governmental taxing authority,
      request an administrative adjustment as to any taxable year of any REMIC, enter
      into settlement agreements with any government taxing agency, extend any statute
      of limitations relating to any item of any REMIC and otherwise act on behalf
      of
      any REMIC in relation to any tax matter involving the Trust.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. Neither the Trustee, the Servicer
      nor the Holder of any 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 (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee, the NIMS
      Insurer and the Servicer 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 endanger such status or result in the imposition of such a
      tax.
      In addition, prior to taking any action with respect to any REMIC created
      hereunder or the assets therein, or causing such REMIC to take any action,
      which
      is not expressly permitted under the terms of this Agreement, any Holder of
      a
      Residual Certificate will consult with the Trustee, the NIMS Insurer and the
      Servicer, or their respective designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      REMIC, and no such Person shall take any such action or cause any REMIC to
      take
      any such action as to which the Trustee, the NIMS Insurer or the Servicer has
      advised it in writing that an Adverse REMIC Event could occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC. Subject to the foregoing, in the event
      that a REMIC incurs a state or local tax, including franchise taxes, as a result
      of a determination that such REMIC is domiciled in the State of California
      for
      state tax purposes by virtue of the location of the Servicer, the Servicer
      agrees to pay on behalf of such REMIC when due, any and all state and local
      taxes imposed as a result of such a determination, in the event that the Holder
      of the related Residual Certificate fails to pay such taxes, if any, when
      imposed.

     

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

     

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

     

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

     

    (k)  On
      or
      before April 15 of each calendar year beginning in 2006, the Servicer shall
      deliver to the NIMS Insurer, the Trustee and each Rating Agency an Officers’
Certificate stating the Servicer’s compliance with the provisions of this
      Section 9.01.

     

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

     

    
      	SECTION
              9.02  	
              Prohibited
                Transactions and Activities.

            

    

     

    Neither
      the Depositor, the Servicer nor the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it and the NIMS Insurer have 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 (a) affect adversely the status of any REMIC created hereunder as
      a
      REMIC or of the interests therein other than the Residual Certificates as the
      regular interests therein, (b) affect the distribution of interest or principal
      on the Certificates, (c) result in the encumbrance of the assets transferred
      or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

    
      	SECTION
              9.03  	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC
                Status.

            

    

     

    (a)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the NIMS Insurer, the Trustee and the Trust Fund
      against any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided, however, that the Servicer shall
      not
      be liable for any such Losses attributable to the action or inaction of the
      Trustee, the Depositor or the Holder of such Residual Certificate, as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Servicer has relied. The
      foregoing shall not be deemed to limit or restrict the rights and remedies
      of
      the Holder of such Residual Certificate now or hereafter existing at law or
      in
      equity. Notwithstanding the foregoing, however, in no event shall the Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Servicer of its duties and obligations
      set
      forth herein, and (3) for any special or consequential damages to
      Certificateholders (in addition to payment of principal and interest on the
      Certificates).

     

    (b)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Trust Fund against any and all Losses resulting
      from
      such negligence; provided, however, that the Trustee shall not be liable for
      any
      such Losses attributable to the action or inaction of the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Trustee of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

    TERMINATION

     

    
      	SECTION
              10.01  	
              Termination.

            

    

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the Regular
      Certificates have been reduced to zero, (ii) the final payment or other
      liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
      by the Terminator of the Mortgage Loans as described below and (iv) the Assumed
      Final Maturity Date as defined in the Preliminary Statement. Notwithstanding
      the
      foregoing, in no event shall the trust created hereby continue beyond the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James’s, living on the date hereof.

     

    The
      Servicer (in such context, the “Terminator”), may, at its option, terminate this
      Agreement on any date on which the aggregate of the Stated Principal Balances
      of
      the Mortgage Loans (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Stated
      Principal Balances of the Mortgage Loans on the Cut-off Date, by purchasing,
      on
      the next succeeding Distribution Date, all of the outstanding Mortgage Loans
      and
      REO Properties at a price equal to the greater of (i) the Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) fair market
      value
      of the Mortgage Loans and REO Properties (as determined and as agreed upon
      in
      their good faith business judgment (determined as provided in the last sentence
      of this paragraph) as of the Close of Business on the third Business Day next
      preceding the date upon which notice of any such termination is furnished to
      the
      related Certificateholders pursuant to Section 10.01(c) by (x) the Terminator,
      (y) the Holders of a majority in Percentage Interest in the Class C Certificates
      and (z) if the Floating-Rate Certificates will not receive all amounts owed
      to
      it as a result of the termination, the Trustee (provided that if this clause
      (z)
      applies to such determination, such determination shall, notwithstanding
      anything to the contrary herein, be based solely upon an appraisal obtained
      as
      provided in the last sentence of this paragraph)), plus accrued and unpaid
      interest thereon at the weighted average of the Mortgage Rates through the
      end
      of the Due Period preceding the final Distribution Date plus unreimbursed
      Servicing Advances, Advances, any unpaid Servicing Fees allocable to such
      Mortgage Loans and REO Properties, any accrued and unpaid Net WAC Rate Carryover
      Amounts and any Swap Termination Payment payable to the Swap Provider then
      remaining unpaid or which is due to the exercise of such option (the
“Termination Price”); provided, however, such option may only be exercised if
      the Termination Price is sufficient to result in the payment of all interest
      accrued on, as well as amounts necessary to retire the principal balance of,
      each class of notes issued pursuant to the Indenture and any amounts owed to
      the
      NIMS Insurer (as it notifies the Trustee and Servicer in writing). If the
      determination of the fair market value of the Mortgage Loans and REO Properties
      shall be required to be made and agreed upon by the Terminator, the Holders
      of a
      majority in Percentage Interest in the Class C Certificates and the Trustee
      as
      provided in (ii) above in their good faith business judgment, such determination
      shall be based on an appraisal of the value of the Mortgage Loans and REO
      Properties conducted by an independent appraiser mutually agreed upon by the
      Terminator, the Holders of a majority in Percentage Interest in the Class C
      Certificates and the Trustee in their reasonable discretion, and (A) such
      appraisal shall be obtained at no expense to the Trustee and (B) notwithstanding
      anything to the contrary above, the Trustee may solely and conclusively rely
      on,
      and shall be protected in relying on, such appraisal in making such
      determination.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Terminator shall deposit in the Distribution Account all amounts then on deposit
      in the Collection Account, which deposit shall be deemed to have occurred
      immediately preceding such purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

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

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to 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 for such Distribution Date.
      By
      acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee 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 Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) 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 Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trustee upon transfer of such funds shall
      be discharged of any responsibility for such funds, and the Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    
      	SECTION
              10.02  	
              Additional
                Termination Requirements.

            

    

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee with the consent of the NIMS Insurer 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 amend the provisions of Section 3.22(b) or (iv)
      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; provided that such action shall not, as evidenced by either (a)
      an
      Opinion of Counsel delivered to the Trustee or (b) written notice to the
      Depositor, the Servicer and the Trustee from each Rating Agency that such action
      will not result in the reduction or withdrawal of the rating of any outstanding
      Class of Certificates with respect to which it is a Rating Agency, adversely
      affect in any material respect the interests of any Certificateholder. No
      amendment shall be deemed to adversely affect in any material respect the
      interests of any Certificateholder who shall have consented thereto, and no
      Opinion of Counsel or Rating Agency confirmation shall be required to address
      the effect of any such amendment on any such consenting Certificateholder.
      Notwithstanding the foregoing, neither an Opinion of Counsel nor written notice
      to the Depositor, the Servicer and the Trustee from the Rating Agencies will
      be
      required in connection with an amendment to the provisions of Section
      3.22(b).

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer and the Trustee with the consent of the NIMS Insurer, the Swap Provider
      and 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
      or
      distributions which 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 Swap Provider or Holders of any Class of
      Certificates (as evidenced by either (i) an Opinion of Counsel delivered to
      the
      Trustee or (ii) written notice to the Depositor, the Servicer and the Trustee
      from each Rating Agency that such action will not result in the reduction or
      withdrawal of the rating of any outstanding Class of Certificates with respect
      to which it is a Rating Agency) 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% 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 the Rating
      Agencies.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not 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 and satisfactory to the NIMS Insurer, to the effect that such
      amendment will not result in the imposition of a tax on any REMIC created
      hereunder constituting part of the Trust Fund pursuant to the REMIC Provisions
      or cause any REMIC created hereunder constituting part of the Trust to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding and that
      the amendment is being made in accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer or the Trustee shall enter into any amendment to Section 4.05 or
      Section 11.10 of this Agreement without the prior written consent of the Swap
      Provider.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the
      Servicer (but in no event at the expense of the Trustee), 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 Servicer, the NIMS
      Insurer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      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 Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section 11.01 that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    
      	SECTION
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of Certificateholders 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
              11.03  	
              Limitation
                on Rights of Certificateholders.

            

    

     

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

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee 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 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	SECTION
              11.04  	
              Governing
                Law; Jurisdiction.

            

    

     

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

     

    
      	SECTION
              11.05  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Servicer, Option One Mortgage Corporation, 3 Ada, Irvine,
      California 92618, or such other address or telecopy number as may hereafter
      be
      furnished to the Depositor, the NIMS Insurer and the Trustee in writing by
      the
      Servicer, (b) in the case of the Trustee, Deutsche Bank National Trust Company,
      1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention: Trust
      Administration - GC05O4 (telecopy number: (714) 247-6329), or such other address
      or telecopy number as may hereafter be furnished to the Depositor, the NIMS
      Insurer and the Servicer in writing by the Trustee (c) in the case of the
      Depositor, Financial Asset Securities Corp., 600 Steamboat Road, Greenwich,
      Connecticut 06830, Attention: Legal, or such other address as may be furnished
      to the Servicer, the NIMS Insurer and the Trustee in writing by the Depositor
      and (d) in the case of the NIMS Insurer, such address furnished to the
      Depositor, the Servicer and the Trustee in writing by the NIMS Insurer, or
      such
      other address or telecopy number as may hereafter be furnished to the Depositor,
      the Servicer and the Trustee in writing by the NIMS Insurer. Any notice required
      or permitted to be mailed to a Certificateholder shall be given by first class
      mail, postage prepaid, at the address of such Holder as shown in the Certificate
      Register. Notice of any Servicer Event of Termination shall be given by telecopy
      and by certified mail. Any notice so mailed within the time prescribed in this
      Agreement shall be conclusively presumed to have duly been given when mailed,
      whether or not the Certificateholder receives such notice. A copy of any notice
      required to be telecopied hereunder shall also be mailed to the appropriate
      party in the manner set forth above.

     

    
      	SECTION
              11.06  	
              Severability
                of Provisions.

            

    

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      	SECTION
              11.07  	
              Article
                and Section References.

            

    

     

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

     

    
      	SECTION
              11.08  	
              Notice
                to the Rating Agencies and the NIMS
                Insurer.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (b)  In
      addition, the Trustee shall promptly make available to each Rating Agency copies
      of each Statement to Certificateholders described in Sections 4.03 and 3.19
      hereof and the Servicer shall promptly furnish to each Rating Agency copies
      of
      the following:

     

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

     

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

     

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

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) Fitch Ratings, 1 State
      Street Plaza, New York, New York 10004 and (ii) Standard & Poor’s, a
      division of The McGraw-Hill Companies, Inc., 55 Water Street, 41st Floor, New
      York, NY 10041, Attention: Residential Mortgage Surveillance Group.

     

    
      	SECTION
              11.09  	
              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.

     

    
      	SECTION
              11.10  	
              Third
                Party Rights.

            

    

     

    The
      NIMS
      Insurer and the Swap Provider shall each be deemed third-party beneficiaries
      of
      this Agreement to the same extent as if they were parties hereto, and shall
      have
      the right to enforce the provisions of this Agreement.

     

    
      	SECTION
              11.11  	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders, the NIMS Insurer and the parties
      hereto and their successors hereunder, any benefit or any legal or equitable
      right, remedy or claim under this Agreement.

     

    
      	SECTION
              11.12  	
              Acts
                of Certificateholders.

            

    

     

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

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

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

     

    
      	SECTION
              11.13  	
              Intention
                of the Parties and Interpretation. 

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.07 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R.
      §§ 229.1100-229.1123), as such may be amended from time to time and subject to
      clarification and interpretive advice as may be issued by the staff of the
      SEC
      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 requests made by the Depositor for delivery of additional
      or
      different information as the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB, and (d) no amendment of this
      Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    FINANCIAL
      ASSET SECURITIES CORP.,

    as
      Depositor

     

    By:_/s/
      Frank Skibo

    Name:
      Frank Skibo

    Title:
      Managing Director

     

     

    OPTION
      ONE MORTGAGE CORPORATION, 

    as
      Servicer

     

    By:_/s/
      Janice McClure

    Name:
      Janice McClure

    Title:
      Senior Vice President

     

     

    DEUTSCHE
      BANK NATIONAL TRUST
COMPANY, as Trustee

    

    By:_/s/
      Eiko Akiyama

    Name:
      Eiko Akiyama

    Title:
      Associate 

     

    By:_/s/
      Ronaldo Reyes

    Name:
      Ronaldo Reyes

    Title:
      Vice President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

    

    On
      the
      ____ day of March, 2006 before me, a notary public in and for said State,
      personally appeared ___________________known to me to be a ____________________
      of Financial Asset 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 CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the____ day of March, 2006 before me, a notary public in and for said State,
      personally appeared ________________________known to me to be a
      ___________________ of Option One Mortgage Corporation, a corporation that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    _____________________________

    Notary
      Public

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the
      ___ day of March, 2006 before me, a notary public in and for said State,
      personally appeared_______________________, known to me to be
      a(n)________________________ and ________________________, known to me to be
      a(n) ________________________of Deutsche Bank National Trust Company, one of
      the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said association, and acknowledged to me
      that such corporation executed the within instrument.

     

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

     

    _____________________________

    Notary
      Public

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS I-A-1 CERTIFICATE

       

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

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of
                  this Certificate (“Denomination”)

              	
                :

              	
                $
                  464,580,000.00

              
	
                Original
                  Class Certificate Principal
                  Balance of this Class

              	
                :

              	
                $
                  464,580,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LR 7

              
	
                Class

              	
                :

              	
                I-A-1

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        I-A-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class I-A-1 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class I-A-1 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class I-A-1 Certificate (obtained by dividing the Denomination
        of this Class I-A-1 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class I-A-1 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class I-A-1 Certificate
        by
        virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Reference
        is hereby made to the further provisions of this Class I-A-1 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class I-A-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class I-A-1 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS II-A-1 CERTIFICATE

       

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

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of
                  this Certificate (“Denomination”)

              	
                :

              	
                $168,330,000.00

              
	
                Original
                  Class Certificate Principal
                  Balance of this Class

              	
                :

              	
                $168,330,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LW 6

              
	
                Class

              	
                :

              	
                II-A-1

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        II-A-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-1 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-1 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-1 Certificate (obtained by dividing the
        Denomination of this Class II-A-1 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 Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of March 1, 2006 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Deutsche Bank National Trust Company, a national banking association, as
        trustee
        (the “Trustee”). To the extent not defined herein, the capitalized terms used
        herein have the meanings assigned in the Agreement. This Class II-A-1
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        II-A-1
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Reference
        is hereby made to the further provisions of this Class II-A-1 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class II-A-1 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class II-A-1 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS II-A-2 CERTIFICATE

       

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

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of
                  this Certificate (“Denomination”)

              	
                :

              	
                $82,360,000.00

              
	
                Original
                  Class Certificate Principal
                  Balance of this Class

              	
                :

              	
                $82,360,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LX 4

              
	
                Class

              	
                :

              	
                II-A-2

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        II-A-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-2 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-2 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-2 Certificate (obtained by dividing the
        Denomination of this Class II-A-2 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 Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of March 1, 2006 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Deutsche Bank National Trust Company, a national banking association, as
        trustee
        (the “Trustee”). To the extent not defined herein, the capitalized terms used
        herein have the meanings assigned in the Agreement. This Class II-A-2
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        II-A-2
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Reference
        is hereby made to the further provisions of this Class II-A-2 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class II-A-2 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class II-A-2 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS II-A-3 CERTIFICATE

       

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

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of
                  this Certificate (“Denomination”)

              	
                :

              	
                $85,590,000.00

              
	
                Original
                  Class Certificate Principal
                  Balance of this Class

              	
                :

              	
                $85,590,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LY 2

              
	
                Class

              	
                :

              	
                II-A-3

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        II-A-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-3 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-3 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-3 Certificate (obtained by dividing the
        Denomination of this Class II-A-3 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 Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of March 1, 2006 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Deutsche Bank National Trust Company, a national banking association, as
        trustee
        (the “Trustee”). To the extent not defined herein, the capitalized terms used
        herein have the meanings assigned in the Agreement. This Class II-A-3
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        II-A-3
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Reference
        is hereby made to the further provisions of this Class II-A-3 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class II-A-3 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class II-A-3 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS II-A-4 CERTIFICATE

       

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

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of
                  this Certificate (“Denomination”)

              	
                :

              	
                $26,093,000.00

              
	
                Original
                  Class Certificate Principal
                  Balance of this Class

              	
                :

              	
                $26,093,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LZ 9

              
	
                Class

              	
                :

              	
                II-A-4

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        II-A-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-4 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-4 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-4 Certificate (obtained by dividing the
        Denomination of this Class II-A-4 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 Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of March 1, 2006 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Deutsche Bank National Trust Company, a national banking association, as
        trustee
        (the “Trustee”). To the extent not defined herein, the capitalized terms used
        herein have the meanings assigned in the Agreement. This Class II-A-4
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        II-A-4
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Reference
        is hereby made to the further provisions of this Class II-A-4 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class II-A-4 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class II-A-4 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      

       

      

       

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-1 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES AND THE CLASS
        II-A-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $74,844,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $74,844,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LS 5

              
	
                Class

              	
                :

              	
                M-1

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
        of this Class M-1 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-1 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-1 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-1 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-2 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS
        I-A-1 CERTIFICATES, THE CLASS II-A-1 CERTIFICATES, THE CLASS II-A-2, THE
        CLASS
        II-A-3 CERTIFICATES, THE CLASS II-A-4 CERTIFICATES
        AND THE
        CLASS M-1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $19,366,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $19,366,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  MA 3

              
	
                Class

              	
                :

              	
                M-2

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
        of this Class M-2 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-2 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-2 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-2 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-3 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $17,272,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $17,272,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  MB 1

              
	
                Class

              	
                :

              	
                M-3

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
        of this Class M-3 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-3 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-3 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-3 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-4 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES AND
        THE
        CLASS M-3 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $16,748,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $16,748,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  MC 9

              
	
                Class

              	
                :

              	
                M-4

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
        of this Class M-4 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-4 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-4 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-4 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-5 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES AND THE CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $16,225,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $16,225,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  MD 7

              
	
                Class

              	
                :

              	
                M-5

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-5

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-5 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
        of this Class M-5 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-5 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-5 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-5 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-5 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-5 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-6 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $14,131,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $14,131,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  ME 5

              
	
                Class

              	
                :

              	
                M-6

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-6

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-6 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
        of this Class M-6 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-6 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-6 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-6 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-6 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-6 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-7 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES
        AND THE
        CLASS M-6 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $13,085,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $13,085,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  MF 2

              
	
                Class

              	
                :

              	
                M-7

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-7

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-7 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
        of this Class M-7 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-7 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-7 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-7 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-7 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-7 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-8 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES,
        THE
        CLASS M-6 CERTIFICATES AND THE CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $9,421,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $9,421,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  MG 0

              
	
                Class

              	
                :

              	
                M-8

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-8

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-8 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
        of this Class M-8 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-8 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-8 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-8 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-8 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-8 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-9 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES,
        THE
        CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES AND THE CLASS M-8
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
        SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
        ACT”)
        AND
        MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
        THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
        THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
        QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
        RULE
        144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
        SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
        REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
        WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
        STATES.

      

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $
                  6,804,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $
                  6,804,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LT 3

              
	
                Class

              	
                :

              	
                M-9

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-9

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-9 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
        of this Class M-9 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-10 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-9 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. The Holder hereof desiring to effect such transfer shall, and does
        hereby agree to, indemnify the Trustee and the Depositor against any liability
        that may result if the transfer is not so exempt or is not made in accordance
        with such federal and state laws.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-9 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-9 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-9 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS M-10 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES,
        THE
        CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES
        AND THE CLASS M-9 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
        SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
        ACT”)
        AND
        MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
        THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
        THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
        QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
        RULE
        144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
        SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
        REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
        WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
        STATES.

      

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $10,468,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $10,468,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611M
                  LU 0

              
	
                Class

              	
                :

              	
                M-10

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-10

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-10 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-10 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-10 Certificate (obtained by dividing the Denomination
        of this Class M-10 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-10 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-10 Certificate by
        virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. The Holder hereof desiring to effect such transfer shall, and does
        hereby agree to, indemnify the Trustee and the Depositor against any liability
        that may result if the transfer is not so exempt or is not made in accordance
        with such federal and state laws.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-10 Certificate set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class M-10 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-10 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS M-11 CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES,
        THE
        CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES,
        THE CLASS M-9 CERTIFICATES AND THE CLASS M-10 CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
        SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
        ACT”)
        AND
        MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
        THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
        THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
        QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
        RULE
        144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
        SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
        REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
        WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
        STATES.

      

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $8,374,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $8,374,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                5.0000%

              
	
                CUSIP

              	
                :

              	
                83611M
                  LV 8

              
	
                Class

              	
                :

              	
                M-11

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        M-11

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-11 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-11 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-11 Certificate (obtained by dividing the Denomination
        of this Class M-11 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 Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-11 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-11 Certificate by
        virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. The Holder hereof desiring to effect such transfer shall, and does
        hereby agree to, indemnify the Trustee and the Depositor against any liability
        that may result if the transfer is not so exempt or is not made in accordance
        with such federal and state laws.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-11 Certificate set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class M-11 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-11 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS C CERTIFICATES

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS A-6 CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE
        CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES,
        THE
        CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES,
        THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES, THE CLASS M-10
        CERTIFICATES AND THE CLASS M-11 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

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

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of
                  this Certificate (“Denomination”)

              	
                :

              	
                $
                  13,084,321.57

              
	
                Original
                  Class Certificate Principal
                  Balance of this Class

              	
                :

              	
                $
                  13,084,321.57

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Class

              	
                :

              	
                C

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        C

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class C Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class C Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of
        the
        Percentage Interest evidenced by this Class C Certificate (obtained by dividing
        the Denomination of this Class C Certificate by the Original Class Certificate
        Principal Balance) in certain distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class C Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Class C Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

      

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

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

       

      This
        Class C Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class C Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      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 “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Initial
                  Certificate Principal Balance of
                  this Certificate (“Denomination”)

              	
                :

              	
                $100.00

              
	
                Original
                  Class Certificate Principal
                  Balance of this Class

              	
                :

              	
                $100.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Class

              	
                :

              	
                P

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        P

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class P Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class P Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of
        the
        Percentage Interest evidenced by this Class P Certificate (obtained by dividing
        the Denomination of this Class P Certificate by the Original Class Certificate
        Principal Balance) in certain distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class P Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Class P Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

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

       

      This
        Class P Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class P Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-19

       

      FORM
        OF
        CLASS 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”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Class

              	
                :

              	
                R

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        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 a
        pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that GREENWICH CAPITAL MARKETS, INC. 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
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of March 1, 2006 (the
        “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
        (the “Servicer”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trustee 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 Trustee as 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. Pursuant to the Agreement, The Trustee
        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
        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 countersigned by an authorized officer of
        the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1 Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-20

       

      FORM
        OF
        CLASS R-X CERTIFICATES

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                March
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                April
                  25, 2006

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Class

              	
                :

              	
                R-X

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      Series
        2006-OPT1

      CLASS
        R-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 a
        pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that GREENWICH CAPITAL MARKETS, INC. 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
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of March 1, 2006 (the
        “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
        (the “Servicer”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trustee 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 Trustee as 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. Pursuant to the Agreement, The Trustee
        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
        R-X
        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 countersigned by an authorized officer of
        the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT1

                 

                 

                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	 	 	 
	 	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Deutsche
        Bank National Trust Company,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R-X Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans at a purchase price determined as
        provided in the Agreement. In the event that no such optional termination
        occurs, 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 Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

       

      
        	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        B

       

      [RESERVED]

       

      

       

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        C

       

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

       

       

      

        OPTION
          ONE MORTGAGE CORPORATION,

         

        as
          Originator and Seller

         

        OPTION
          ONE OWNER TRUST 2001-1A,

         

        OPTION
          ONE OWNER TRUST 2001-1B,

         

        OPTION
          ONE OWNER TRUST 2001-2,

         

        OPTION
          ONE OWNER TRUST 2002-3,

         

        OPTION
          ONE OWNER TRUST 2003-4,

         

        OPTION
          ONE OWNER TRUST 2003-5,

         

        OPTION
          ONE OWNER TRUST 2005-6,

         

        OPTION
          ONE OWNER TRUST 2005-7,

         

        OPTION
          ONE OWNER TRUST 2005-8,

         

        OPTION
          ONE OWNER TRUST 2005-9

         

        as
          Sellers

         

        and

         

         

        FINANCIAL
          ASSET SECURITIES CORP.,

         

        as
          Purchaser

         

         

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        Dated
          as
          of March 7, 2006

         

         

        Adjustable-Rate
          and Fixed-Rate Mortgage Loans

         

        Soundview
          Home Loan Trust 2006-OPT1

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        Table
          of Contents

         

        
          	
                  ARTICLE
                    I.

                
	 
	
                  DEFINITIONS

                
	 
	
                  Section
                    1.01

                	
                  Definitions

                
	 	 
	
                  ARTICLE
                    II.

                
	 
	
                  SALE
                    OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

                
	 
	
                  Section
                    2.01

                	
                  Sale
                    of Mortgage Loans

                
	
                  Section
                    2.02

                	
                  Obligations
                    of the Seller and Seller Upon Sale

                
	
                  Section
                    2.03

                	
                  Payment
                    of Purchase Price for the Mortgage Loans.

                
	 	 
	
                  ARTICLE
                    III.

                
	 
	
                  REPRESENTATIONS
                    AND WARRANTIES; REMEDIES FOR BREACH

                
	 
	
                  Section
                    3.01

                	
                  Seller
                    Representations and Warranties Relating to the Mortgage
                    Loans.

                
	
                  Section
                    3.02

                	
                  Seller
                    Representations and Warranties Relating to the Seller

                
	
                  Section
                    3.03

                	
                  Remedies
                    for Breach of Representations and Warranties

                
	 	 
	
                  ARTICLE
                    IV.

                
	 
	
                  SELLER’S
                    COVENANTS

                
	 
	
                  Section
                    4.01

                	
                  Covenants
                    of the Seller

                
	 	 
	
                  ARTICLE
                    V.

                
	 
	
                  INDEMNIFICATION
                    WITH RESPECT TO THE MORTGAGE LOANS

                
	 
	
                  Section
                    5.01

                	
                  Indemnification.

                
	 	 
	
                  ARTICLE
                    VI.

                
	 
	
                  TERMINATION

                
	 
	
                  Section
                    6.01

                	
                  Termination

                
	 	 
	
                  ARTICLE
                    VII.

                
	 
	
                  MISCELLANEOUS
                    PROVISIONS

                
	 
	
                  Section
                    7.01

                	
                  Amendment

                
	
                  Section
                    7.02

                	
                  Governing
                    Law

                
	
                  Section
                    7.03

                	
                  Notices

                
	
                  Section
                    7.04

                	
                  Severability
                    of Provisions

                
	
                  Section
                    7.05

                	
                  Counterparts

                
	
                  Section
                    7.06

                	
                  Further
                    Agreements

                
	
                  Section
                    7.07

                	
                  Intention
                    of the Parties

                
	
                  Section
                    7.08

                	
                  Successors
                    and Assigns; Assignment of Purchase Agreement

                
	
                  Section
                    7.09

                	
                  Survival

                
	
                  Section
                    7.10

                	
                  Owner
                    Trustee

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        MORTGAGE
          LOAN PURCHASE AGREEMENT, dated as of March 7, 2006 (the “Agreement”), among
          Option One Mortgage Corporation (the “Originator”), Option One Owner Trust
          2001-1A (“Seller Trust 1A”), Option One Owner Trust 2001-1B (“Seller Trust 1B”),
          Option One Owner Trust 2001-2 (“Seller Trust 2”), Option One Owner Trust 2002-3
          (“Seller Trust 3”), Option One Owner Trust 2003-4 (“Seller Trust 4”), Option One
          Owner Trust 2003-5 (“Seller Trust 5”), Option One Owner Trust 2005-6 (“Seller
          Trust 6”), Option One Owner Trust 2005-7 (“Seller Trust 7”), Option One Owner
          Trust 2005-8 (“Seller Trust 2005-8) and Option One Owner Trust 2005-9 (“Seller
          Trust 2005-9); each of Seller Trust 1A, Seller Trust 1B, Seller Trust 2,
          Seller
          Trust 3, Seller Trust 4, Seller Trust 5, Seller Trust 6, Seller Trust 7,
          Seller
          Trust 8 and Seller Trust 9, a “Seller
          Trust”
and
          collectively the “Seller
          Trusts”)
          (the
          Originator and each Seller Trust a “Seller” and collectively the “Sellers”) and
          Financial Asset Securities Corp. (the “Purchaser”).

         

        WITNESSETH

         

        WHEREAS,
          each Seller is the owner of (a) the notes or other evidence of indebtedness
          (the
“Mortgage Notes”) so indicated on the applicable Schedule hereto referred to
          below and (b) the other documents or instruments constituting the Mortgage
          File
          (collectively, the “Mortgage Loans”); and

         

        WHEREAS,
          the Sellers, as of the date hereof, own the mortgages (the “Mortgages”) on the
          properties (the “Mortgaged Properties”) securing such Mortgage Loans, including
          rights to (a) any property acquired by foreclosure or deed in lieu of
          foreclosure or otherwise and (b) the proceeds of any insurance policies
          covering
          the Mortgage Loans or the Mortgaged Properties or the obligors on the Mortgage
          Loans; and

         

        WHEREAS,
          the parties hereto desire that the Sellers sell the Mortgage Loans to the
          Purchaser pursuant to the terms of this Agreement; and

         

        WHEREAS,
          each Seller Trust is an indirect subsidiary of the Originator and the Originator
          is the administrator of each Seller Trust; and

         

        WHEREAS,
          the Originator originated or acquired the Mortgage Loans and subsequently
          sold
          the Mortgage Loans to the applicable Seller Trust; and

         

        WHEREAS,
          pursuant to the terms of a Pooling and Servicing Agreement dated as of
          March 1,
          2006 (the “Pooling and Servicing Agreement”) among the Purchaser as depositor,
          the Originator as servicer and Deutsche Bank National Trust Company as
          trustee
          (the “Trustee”), the Purchaser will convey the Mortgage Loans to Soundview Home
          Loan Trust 2006-OPT1 (the “Trust”); and

         

        WHEREAS,
          the Originator is obligated, in connection with the transactions contemplated
          by
          this Agreement, to make certain representations, warranties and covenants
          with
          respect to itself and the Mortgage Loans; and

         

        WHEREAS,
          each Seller Trust is obligated, in connection with the transactions contemplated
          by this Agreement, to make certain representations, warranties and covenants
          with respect to itself.

         

        NOW,
          THEREFORE, in consideration of the mutual covenants herein contained, the
          parties hereto agree as follows:

         

         

         

        ARTICLE
          I.

         

        DEFINITIONS

         

        Section
          1.01  Definitions.
          All
          capitalized terms used but not defined herein and below shall have the
          meanings
          assigned thereto in the Pooling and Servicing Agreement.

         

        “ORIGINATOR
          INFORMATION”:
          The
          information contained in the Prospectus Supplement, read either individually
          or
          collectively under “SUMMARY OF TERMS—Mortgage Loans,” the first sentence of the
          fourth bullet point under “RISK FACTORS—Unpredictability of Prepayments and
          Effect on Yields,” the second sentence under “RISK FACTORS—High Loan-to-Value
          Ratios Increase Risk of Loss,” the first sentence under “RISK FACTORS—Interest
          Only Mortgage Loans,” the second sentence of the third bullet point under “RISK
          FACTORS—Interest Generated by the Mortgage Loans May Be Insufficient to Maintain
          Overcollateralization,” “THE MORTGAGE POOL,” the first sentence of the seventh
          paragraph under “YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS” and “THE
          SELLER.”

         

        ARTICLE
          II.

         

        SALE
          OF
          MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

         

        Section
          2.01  Sale
          of Mortgage Loans.
          The
          applicable Seller, concurrently with the execution and delivery of this
          Agreement, does hereby sell, assign, set over, and otherwise convey to
          the
          Purchaser, without recourse, (i) all of its right, title and interest in
          and to
          each Mortgage Loan, identified on the related Schedule, including the related
          Cut-off Date Principal Balance, all interest accruing thereon on or after
          the
          Cut-off Date and all collections in respect of interest and principal due
          after
          the Cut-off Date; (ii) property which secured such Mortgage Loan and which
          has
          been acquired by foreclosure or deed in lieu of foreclosure; (iii) its
          interest
          in any insurance policies in respect of the Mortgage Loans; and (iv) all
          proceeds of any of the foregoing. In addition to the sale of the Mortgage
          Loans,
          the Originator will direct the Trustee to enter into the Interest Rate
          Swap
          Agreement and Swap Administration Agreement on behalf of the Trust.

         

        Section
          2.02  Obligations
          of the Originator Upon Sale.
          In
          connection with any transfer pursuant to Section 2.01 hereof, the Originator
          further agrees, at its own expense on or prior to the Closing Date, (a)
          to cause
          its books and records and the books and records of each Seller Trust, to
          indicate that the Mortgage Loans have been sold to the Purchaser pursuant
          to
          this Agreement and (b) to deliver to the Purchaser and the Trustee a computer
          file containing a true and complete list of all such Mortgage Loans specifying
          for each such Mortgage Loan, as of the Cut-off Date, (i) its account number
          and
          (ii) the Cut-off Date Principal Balance. Such files, which form a part
          of
          Exhibit D to the Pooling and Servicing Agreement, shall also be marked
          as
          Schedule I-XI to this Agreement and are hereby incorporated into and made
          a part
          of this Agreement.

         

        In
          connection with any conveyance by the Sellers, the Originator shall on
          behalf of
          the Purchaser deliver to, and deposit with the Trustee (or the Custodian
          on
          behalf of the Trustee), as assignee of the Purchaser, on or before the
          Closing
          Date, the following documents or instruments with respect to each Mortgage
          Loan:

         

        (i)  the
          original Mortgage Note, endorsed either (A) in blank, in which case the
          Trustee
          shall cause the endorsement to be completed or (B) in the following form:
“Pay
          to the order of Deutsche Bank National Trust Company, as Trustee,” 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 1.00% of the Pool Balance as
          of the
          Cut-off Date;

         

        (ii)  the
          original Mortgage with evidence of recording thereon, and the original
          recorded
          power of attorney, if the Mortgage was executed pursuant to a power of
          attorney,
          with evidence of recording thereon or, if such Mortgage or power of attorney
          has
          been submitted for recording but has not been returned from the applicable
          public recording office, has been lost or is not otherwise available, a
          copy of
          such Mortgage or power of attorney, as the case may be, certified to be
          a true
          and complete copy of the original submitted for recording;

         

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

         

        (iv)  an
          original of any intervening assignment of Mortgage showing a complete chain
          of
          assignments;

         

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

         

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

         

        The
          Originator hereby confirms to the Purchaser and the Trustee that it has
          caused
          the appropriate entries to be made in its general accounting records to
          indicate
          that such Mortgage Loans have been transferred to the Trustee and constitute
          part of the Trust in accordance with the terms of the Pooling and Servicing
          Agreement.

         

        If
          any of
          the documents referred to in Section 2.02(ii), (iii) or (iv) above has
          as of the
          Closing Date been submitted for recording but either (x) has not been returned
          from the applicable public recording office or (y) has been lost or such
          public
          recording office has retained the original of such document, the obligations
          of
          the Originator to deliver such documents shall be deemed to be satisfied
          upon
          (1) delivery to the Trustee or the Custodian, no later than the Closing
          Date, of
          a copy of each such document certified by the Originator in the case of
          (x)
          above or the applicable public recording office in the case of (y) above
          to be a
          true and complete copy of the original that was submitted for recording
          and (2)
          if such copy is certified by the Originator, delivery to the Trustee or
          the
          Custodian, promptly upon receipt thereof of either the original or a copy
          of
          such document certified by the applicable public recording office to be
          a true
          and complete copy of the original. If the original lender’s title insurance
          policy, or a certified copy thereof, was not delivered pursuant to Section
          2.02(v) above, the Originator shall deliver or cause to be delivered to
          the
          Trustee or the Custodian, the original or a copy of a written commitment
          or
          interim binder or preliminary report of title issued by the title insurance
          or
          escrow company, with the original or a certified copy thereof to be delivered
          to
          the Trustee or the Custodian, promptly upon receipt thereof. The Originator
          shall deliver or cause to be delivered to the Trustee or the Custodian
          promptly
          upon receipt thereof any other documents constituting a part of a Mortgage
          File
          received with respect to any Mortgage Loan, including, but not limited
          to, any
          original documents evidencing an assumption or modification of any Mortgage
          Loan.

         

        Upon
          discovery or receipt of notice of any materially defective document in,
          or that
          a document is missing from, a Mortgage File, the Originator shall have
          90 days
          to cure such defect or deliver such missing document to the Purchaser.
          If the
          Originator does not cure such defect or deliver such missing document within
          such time period, the Originator shall either repurchase or substitute
          for such
          Mortgage Loan pursuant to Section 2.03 of the Pooling and Servicing
          Agreement.

         

        Purchaser
          hereby acknowledges its acceptance of all right, title and interest to
          the
          Mortgage Loans and other property, now existing and hereafter created,
          conveyed
          to it pursuant to Section 2.01.

         

        The
          parties hereto intend that the transaction set forth herein be a sale by
          the
          Sellers to the Purchaser of all the applicable Seller’s right, title and
          interest in and to the related Mortgage Loans and other property described
          above. In the event the transaction set forth herein is deemed not to be
          a sale,
          each Seller hereby grants to the Purchaser a security interest in all of
          such
          Seller’s right, title and interest in, to and under the related Mortgage Loans
          and other property described above, whether now existing or hereafter created,
          to secure all of such Seller’s obligations hereunder; and this Agreement shall
          constitute a security agreement under applicable law.

         

        The
          Originator shall cause the Assignments which were delivered in blank to
          be
          completed and shall cause all Assignments referred to in Section 2.02(iii)
          hereof and, to the extent necessary, in Section 2.02(iv) hereof to be recorded.
          The Originator shall be required to deliver such assignments for recording
          within 180 days of the Closing Date. In the event that any such Assignment
          is
          lost or returned unrecorded because of a defect therein, the Originator
          shall
          promptly have a substitute Assignment prepared or have such defect cured,
          as the
          case may be, and thereafter cause each such Assignment to be duly recorded.
          Notwithstanding the foregoing, for administrative convenience and facilitation
          of servicing and to reduce closing costs, the Assignments of Mortgage shall
          not
          be required to be submitted for recording (except with respect to any Mortgage
          Loan located in Maryland) unless such failure to record would result in
          a
          withdrawal or a downgrading by any Rating Agency of the rating on any Class
          of
          Certificates; provided,
          however,
          each
          Assignment shall be submitted for recording by the Originator in the manner
          described above, at no expense to the Trust Fund or Trustee, upon the earliest
          to occur of: (i) reasonable direction by Holders of Certificates entitled
          to at
          least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event
          of
          Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure
          relating to the Servicer, (iv) the occurrence of a servicing transfer as
          described in Section 7.02 of the Pooling and Servicing Agreement, (v) upon
          receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
          or foreclosure relating to the Mortgagor under the related Mortgage and
          (vi)
          upon receipt of notice from the Servicer, any Mortgage Loan that is 90
          days or
          more Delinquent. Upon receipt of written notice from the Purchaser that
          recording of the Assignments is required pursuant to one or more of the
          conditions set forth in the preceding sentence, the related Seller shall
          be
          required to deliver such Assignments for recording as provided above, promptly
          and in any event within 30 days following receipt of such notice. The related
          Seller shall furnish the Trustee (or the Custodian on behalf of the Trustee),
          or
          its designated agent, with a copy of each Assignment submitted for
          recording.

         

        In
          the
          event that any Mortgage Note is endorsed in blank as of the Closing Date,
          promptly following the Closing Date, the Trustee (or the Custodian on behalf
          of
          the Trustee), at the expense of the related Seller, shall cause to be completed
          such endorsements “Pay to the order of Deutsche Bank National Trust Company, as
          Trustee, without recourse.”

         

        Section
          2.03  Payment
          of Purchase Price for the Mortgage Loans.

         

        (i)  In
          consideration of the sale of the Mortgage Loans from Option One Mortgage
          Corporation to the Purchaser on the Closing Date, the Purchaser agrees
          to pay to
          Option One Mortgage Corporation on the Closing Date immediately available
          funds
          in an amount equal to $2,686,881.30.

         

        (ii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 1A to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          1A on
          the Closing Date immediately available funds in an amount equal to
          $891,000.

         

        (iii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 1B to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          1B on
          the Closing Date immediately available funds in an amount equal to
          $231,260,607.39.

         

        (iv)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 2 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          2 on
          the Closing Date immediately available funds in an amount equal to
          $64,880,661.68.

         

        (v)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 3to the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          3 on
          the Closing Date immediately available funds in an amount equal to
          $140,887,038.32. 

         

        (vi)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 4 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          4 on
          the Closing Date immediately available funds in an amount equal to
          $83,192,650.61.

         

        (vii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 5 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          5 on
          the Closing Date immediately available funds in an amount equal to
          $68,736,748.59.

         

        (viii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 6 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          6 on
          the Closing Date immediately available funds in an amount equal to
          $144,557,408.96.

         

        (ix)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 7 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          7 on
          the Closing Date immediately available funds in an amount equal to
          $104,510,633.18.

         

        (x)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 8 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          8 on
          the Closing Date immediately available funds in an amount equal to
          $203,019,904.55.

         

        (xi)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 9 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          9 on
          the Closing Date immediately available funds in an amount equal to
          $2,151,886.99.

         

        ARTICLE
          III.

         

        REPRESENTATIONS
          AND WARRANTIES; REMEDIES FOR BREACH

         

        Section
          3.01  Originator
          Representations and Warranties Relating to the Mortgage Loans. 

         

        The
          Originator and the Purchaser understand, acknowledge and agree that, the
          representations and warranties set forth in Schedule XII attached hereto
          are
          made as of the Closing Date or as of the date specifically provided
          herein.

         

        Section
          3.02  Originator
          Representations and Warranties Relating to Option One Mortgage
          Corporation.
          The
          Originator represents, warrants and covenants to the Purchaser as of the
          Closing
          Date or as of such other date specifically provided herein:

         

        (a)  The
          Originator is duly organized, validly existing and in good standing as
          a
          corporation under the laws of the State of California 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 ensure the enforceability of each Mortgage
          Loan in accordance with the terms of this Agreement;

         

        (b)  The
          Originator has the full power and authority to hold each Mortgage Loan,
          to sell
          each Mortgage Loan, to execute, deliver and perform, and to enter into
          and
          consummate, all transactions contemplated by this Agreement. The Originator
          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 Purchaser and the Seller Trusts,
          constitutes a legal, valid and binding obligation of the Originator, enforceable
          against it in accordance with its terns except as the enforceability thereof
          may
          be limited by bankruptcy, insolvency or reorganization. At the time of
          the sale
          of each Mortgage Loan by the Originator (in its capacity as a Seller),
          the
          Originator (in its capacity as a Seller) had the full power and authority
          to
          hold each Mortgage Loan and to sell each Mortgage Loan;

         

        (c)  The
          execution and delivery of this Agreement by the Originator and the performance
          of and compliance with the terms of this Agreement will not violate the
          Originator’s articles of incorporation or by-laws or constitute a default under
          or result in a breach or acceleration of, any material contract, agreement
          or
          other instrument to which the Originator is a party or which may be applicable
          to the Originator or its assets;

         

        (d)  The
          Originator is not in violation of, and the execution and delivery of this
          Agreement by the Originator 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 Originator or its assets,
          which violation might have consequences that would materially and adversely
          affect the condition (financial or otherwise) or the operation of the Originator
          or its assets or might have consequences that would materially and adversely
          affect the performance of its obligations and duties hereunder;

         

        (e)  Reserved;

         

        (f)  Immediately
          prior to the payment of the Purchase Price for each Mortgage Loan, the
          Originator (in its capacity as a Seller) was the owner of the related Mortgages
          and the indebtedness evidenced by the related Mortgage Note and upon the
          payment
          of the Purchase Price by the Purchaser, in the event that the Originator
          (in its
          capacity as a Seller) retains record title, the Originator (in its capacity
          as a
          Seller) shall retain such record title to each Mortgage, each related Mortgage
          Note and the related Mortgage Files with respect thereto in trust for the
          Purchaser as the owner thereof,

         

        (g)  The
          Originator (in its capacity as a Seller) has not transferred the Mortgage
          Loans
          to the Purchaser with any intent to hinder, delay or defraud any of its
          creditors;

         

        (h)  There
          are
          no actions or proceedings against, or investigations known to it of, the
          Originator 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 Originator of its obligations under, or validity or
          enforceability of, this Agreement;

         

        (i)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Originator
          of, or compliance by the Originator 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;

         

        (j)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Originator. The sale of the Mortgage
          Loans is
          in the ordinary course of business of the Originator (in its capacity as
          a
          Seller) and the assignment and conveyance of the Mortgage Notes and the
          Mortgages by the Originator (in its capacity as a Seller) are not subject
          to the
          bulk transfer or any similar statutory provisions;

         

        (k)  Except
          with respect to liens released immediately prior to the transfer herein
          contemplated, each Mortgage Note and related Mortgage have not been assigned
          or
          pledged and immediately prior to the transfer and assignment herein
          contemplated, the Originator (in its capacity as a Seller) held good, marketable
          and indefeasible title to, and were the sole owners and holders of, each
          Mortgage Loan subject to no liens, charges, mortgages, claims, participation
          interests, equities, pledges or security interests of any nature, encumbrances
          or rights of others (collectively, a “Lien”); the Originator (in its capacity as
          a Seller) had full right and authority under all governmental and regulatory
          bodies having jurisdiction over the Originator, subject to no interest
          or
          participation of, or agreement with, any party, to sell and assign the
          same
          pursuant to this Agreement; and immediately upon the transfers and assignments
          herein contemplated. The Originator (in its capacity as a Seller) shall
          have
          transferred all of its right, title and interest in and to each Mortgage
          Loan
          and the Trustee will hold good, marketable and indefeasible title to, and
          be the
          sole owner of, each Mortgage Loan subject to no Liens.

         

        (l)  The
          Originator 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;
          and

         

        (m)  Except
          with respect to any statement regarding the intentions of the Purchaser,
          or any
          other statement contained herein the truth or falsity of which is dependant
          solely upon the actions of the Purchaser, this Agreement does not contain
          any
          untrue statement of material fact or omit to state a material fact necessary
          to
          make the statements contained herein not misleading. The written statements,
          reports and other documents prepared and furnished or to be prepared and
          furnished by the Originator pursuant to this Agreement or in connection
          with the
          transactions contemplated hereby taken in the aggregate do not contain
          any
          untrue statement of material fact or omit to state a material fact necessary
          to
          make the statements contained therein not misleading;

         

        (n)  The
          Originator is an approved seller/servicer for Fannie Mae and Freddie Mac
          in good
          standing and is a HUD approved mortgagee pursuant to Section 203 of the
          National Housing Act. No event has occurred, including but not limited
          to a
          change in insurance coverage, which would make the Originator unable to
          comply
          with Fannie Mae, Freddie Mac or HUD eligibility requirements or which would
          require notification to Fannie Mae, Freddie Mac or HUD;

         

        (o)  The
          Mortgage Note, the Mortgage, the Assignment and any other documents required
          to
          be delivered with respect to each Mortgage Loan, have been delivered to
          the
          Purchaser all in compliance with the specific requirements hereof. With
          respect
          to each Mortgage Loan, the Originator/Seller is in possession of a complete
          Mortgage File, except for such documents as have been delivered to the
          Trustee;
          and

         

        (p)  The
          Originator
          is a
          member of MERS in good standing, will comply in all material respects with
          the
          rules and procedures of MERS in connection with the servicing of the Mortgage
          Loans that are registered with MERS and is current in payment of all fees
          and
          assessments imposed by MERS.

         

        Section
          3.03  Seller
          Trust Representations and Warranties.
          Each
          Seller Trust represents, warrants and covenants to the Purchaser as of
          the
          Closing Date or as of such other date specifically provided herein:

         

        (i)  The
          Seller Trust is duly organized, validly existing and in good standing as
          a
          business trust 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 ensure the enforceability of each Mortgage
          Loan in accordance with the terms of this Agreement;

         

        (ii)  The
          Seller Trust has the full power and authority to hold each Mortgage Loan,
          to
          sell each Mortgage Loan, to execute, deliver and perform, and to enter
          into and
          consummate, all transactions contemplated by this Agreement. The Seller
          Trust
          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 Purchaser and the Originator,
          constitutes a legal, valid and binding obligation of the Seller Trust,
          enforceable against it in accordance with its terms except as the enforceability
          thereof may be limited by bankruptcy, insolvency or reorganization;

         

        (iii)  The
          execution and delivery of this Agreement by the Seller Trust and the performance
          of and compliance with the terms of this Agreement will not violate the
          Seller
          Trust’s certificate of trust or constitute a default under or result in a breach
          or acceleration of, any material contract, agreement or other instrument
          to
          which the Seller Trust is a party or which may be applicable to the Seller
          Trust
          or its assets;

         

        (iv)  The
          Seller Trust is not in violation of, and the execution and delivery of
          this
          Agreement by the Seller Trust 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 such Seller Trust 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
          Trust or its assets or might have consequences that would materially and
          adversely affect the performance of its obligations and duties hereunder;
          and

         

        (v)  Immediately
          prior to the payment of the mortgage loan purchase price for each Mortgage
          Loan,
          the Seller Trust was the owner of the related Mortgage and the indebtedness
          evidenced by the related Mortgage Note and upon the payment of the mortgage
          loan
          purchase price by the Purchaser, in the event that the Seller Trust retains
          record title, the Seller Trust shall retain such record title to each Mortgage,
          each related Mortgage Note and the related Mortgage Files with respect
          thereto
          in trust for the Purchaser as the owner thereof;

         

        (vi)  The
          Seller Trust has not transferred the Mortgage Loans to the Purchaser with
          any
          intent to hinder, delay or defraud any of its creditors;

         

        (vii)  There
          are
          no actions or proceedings against, or investigations known to it of, the
          Seller
          Trust 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 Trust of its obligations under, or validity or
          enforceability of, this Agreement;

         

        (viii)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Seller
          Trust
          of, or compliance by the Seller Trust 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;

         

        (ix)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Seller Trust, and the transfer assignment
          and
          conveyance of the related Mortgage Notes and the Mortgages by the Seller
          Trust
          pursuant to this Agreement are not subject to the bulk transfer or any
          similar
          statutory provisions; and

         

        (x)  Except
          with respect to liens released immediately prior to the transfer herein
          contemplated, the applicable Mortgage Note and related Mortgage have not
          been
          assigned or pledged and immediately prior to the transfer and assignment
          herein
          contemplated, the Seller Trust held good, marketable and indefeasible title
          to,
          and was the sole owner and holder of, the related Mortgage Loan subject
          to no
          liens, charges, mortgages, claims, participation interests, equities, pledges
          or
          security interests of any nature, encumbrances or rights of others
          (collectively, a “Lien”); the Seller Trust has full right and authority under
          all governmental and regulatory bodies having jurisdiction over the Seller
          Trust, subject to no interest or participation of, or agreement with, any
          party,
          to sell and assign the same pursuant to this Agreement; and immediately
          upon the
          transfers and assignments herein contemplated, the Seller Trust shall have
          transferred all of its right, title and interest in and to the related
          Mortgage
          Loans and the Trustee will hold good, marketable and indefeasible title
          to, and
          be the sole owner of, the related Mortgage Loans subject to no
          Liens.

         

        Section
          3.04  Remedies
          for Breach of Representations and Warranties.
          It is
          understood and agreed that the representations and warranties set forth
          in
          Subsections 3.01 and 3.02 shall survive the sale of the Mortgage Loans
          to the
          Purchaser and shall inure to the benefit of the Purchaser, notwithstanding
          any
          restrictive or qualified endorsement on any Mortgage Note or Assignment
          or the
          examination or lack of examination of any Mortgage File. Upon discovery
          by
          either the Originator or the Purchaser of a breach of any of the foregoing
          representations and warranties that materially and adversely affects the
          value
          of the Mortgage Loans or the interest of the Purchaser (or which materially
          and
          adversely affects the interests of the Purchaser in the related Mortgage
          Loan in
          the case of a representation and warranty relating to a particular Mortgage
          Loan), the party discovering such breach shall give prompt written notice
          to the
          other. It is understood by the parties hereto that a breach of the
          representations and warranties made in paragraphs (39), (45), (48), (58),
          (60),
          (70), (71) and (81) of Schedule II will be deemed to materially and adversely
          affect the value of the related Mortgage Loan or the interest of the Purchaser.
          

         

        Within
          60
          days of the earlier of either discovery by or notice to the Originator
          of any
          breach of a representation or warranty made by the Originator or the Sellers
          that materially and adversely affects the value of a Mortgage Loan or the
          Mortgage Loans or the interest therein of the Purchaser, the Originator
          shall
          use its best efforts promptly to cure such breach in all material respects
          and,
          if such breach cannot be cured, the Originator shall, at the Purchaser’s option,
          repurchase such Mortgage Loan at the Purchase Price (as defined in the
          Pooling
          and Servicing Agreement). In the event that a breach shall involve any
          representation or warranty set forth in Subsection 3.02 and such breach
          cannot
          be cured within 60 days of the earlier of either discovery by or notice
          to the
          Originator of such breach, all of the Mortgage Loans shall, at the Purchaser’s
          option be repurchased by the Originator at the Purchase Price (as defined
          in the
          Pooling and Servicing Agreement). The Originator may, at the request of
          the
          Purchaser and assuming the Originator has a Qualified Substitute Mortgage
          Loan,
          rather than repurchase a deficient Mortgage Loan as provided above, remove
          such
          Mortgage Loan and substitute in its place a Qualified Substitute Mortgage
          Loan
          or Loans. If the Originator does not provide a Qualified Substitute Mortgage
          Loan or Loans, it shall repurchase the deficient Mortgage Loan. Any repurchase
          of a Mortgage Loan(s) pursuant to the foregoing provisions of this Section
          3.03
          shall occur on a date designated by the Purchaser and shall be accomplished
          by
          deposit in accordance with Section 2.03 of the Pooling and Servicing Agreement.
          Any repurchase or substitution required by this Section shall be made in
          a
          manner consistent with Section 2.03 of the Pooling and Servicing
          Agreement.

         

        Notwithstanding
          the foregoing, within 90 days of the earlier of discovery by the Originator
          or
          receipt of notice by the Originator of the breach of the representation
          of the
          Originator set forth in paragraphs (52) or (58) of Schedule II which materially
          and adversely affects the interests of the Holders of the Class P Certificates
          in any Prepayment Charge, the Originator shall pay the amount of the scheduled
          Prepayment Charge, for the benefit of the Holders of the Class P Certificates,
          by depositing such amount into the Collection Account, net of any amount
          previously collected by the Servicer and paid by the Servicer, for the
          benefit
          of the Holders of the Class P Certificates, in respect of such Prepayment
          Charge.

         

        With
          respect to the covenant set forth in paragraph (83) of Schedule XII, if
          the
          reports required to be delivered by the Servicer pursuant to Section 3.01
          of the
          Pooling and Servicing Agreement are not obtained or if any of the related
          Mortgaged Properties appear to have been damaged materially per such reports,
          the Originator shall repurchase or substitute for such Mortgage Loans in
          accordance with the procedures set forth herein within 180 days of the
          Closing
          Date.

         

        At
          the
          time of substitution or repurchase of any deficient Mortgage Loan, the
          Purchaser
          and the Originator shall arrange for the reassignment of the repurchased
          or
          substituted Mortgage Loan to the Originator (in its capacity as Seller)
          and the
          delivery to the Originator (in its capacity as Seller) of any documents
          held by
          the Trustee relating to the deficient or repurchased Mortgage Loan. In
          the event
          the Purchase Price (as defined in the Pooling and Servicing Agreement)
          is
          deposited in the Collection Account. The Originator shall, simultaneously
          with
          such deposit, give written notice to the Purchaser that such deposit has
          taken
          place. Upon such repurchase, the Mortgage Loan Schedule shall be amended
          to
          reflect the withdrawal of the repurchased Mortgage Loan from this
          Agreement.

         

        In
          the
          event that the first Monthly Payment on any Mortgage Loan due to the Trust
          is
          not made within forty-five (45) days of the date on which such Monthly
          Payment
          was due, then such Mortgage Loan will be repurchased by the Originator
          at the
          Purchase Price (as defined in the Pooling and Servicing Agreement).
          Notwithstanding the foregoing, the Originator’s obligation to repurchase any
          such Mortgage Loan pursuant to this paragraph shall expire 180 days following
          the Closing Date.

         

        As
          to any
          Deleted Mortgage Loan for which the Originator substitutes a Qualified
          Substitute Mortgage Loan or Loans, the Originator shall effect such substitution
          by delivering to the Purchaser or its designee for such Qualified Substitute
          Mortgage Loan or Loans the Mortgage Note, the Mortgage, the Assignment
          and such
          other documents and agreements as are required by the Pooling and Servicing
          Agreement. with the Mortgage Note endorsed as required therein. The Originator
          shall remit for deposit in the Collection Account the Monthly Payment due
          on
          such Qualified Substitute Mortgage Loan or Loans in the month following
          the date
          of such substitution. Monthly payments due with respect to Qualified Substitute
          Mortgage Loans in the month of substitution will be retained by the Originator.
          For the month of substitution, distributions to the Purchaser will include
          the
          Monthly Payment due on such Deleted Mortgage Loan in the month of substitution,
          and the Originator shall thereafter be entitled to retain all amounts
          subsequently received by the Originator in respect of such Deleted Mortgage
          Loan. Upon such substitution, the Qualified Substitute Mortgage Loans shall
          be
          subject to the terms of this Agreement in all respects, and the Originator
          shall
          be deemed to have made with respect to such Qualified Substitute Mortgage
          Loan
          or Loans as of the date of substitution, the covenants, representations
          and
          warranties set forth in Subsections 3.01 and 3.02.

         

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Sections 3.01 and 3.02 shall survive delivery of the respective Mortgage
          Files
          to the Trustee on behalf of the Purchaser.

         

        It
          is
          understood and agreed that the obligations of the Originator set forth
          in this
          Section 3.04 to cure, repurchase and substitute for a defective Mortgage
          Loan
          and to indemnify the Purchaser as provided in Section 5.01 constitute the
          sole
          remedies of the Purchaser respecting a missing or defective document or
          a breach
          of the representations and warranties contained in Section 3.01, 3.02 or
          3.03.

         

        ARTICLE
          IV.

         

        ORIGINATOR’S
          COVENANTS

         

        Section
          4.01  Covenants
          of the Originator.
          The
          Originator hereby covenants that except for the transfer hereunder, neither
          the
Originator
          nor any Seller Trust will
          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 Originator will notify the Trustee, as assignee of the Purchaser,
          of the existence of any Lien on any Mortgage Loan immediately upon discovery
          thereof, and the Originator will defend the right, title and interest of
          the
          Trust, as assignee of the Purchaser, in, to and under the Mortgage Loans,
          against all claims of third parties claiming through or under the Originator
          or
          any Seller Trust; provided,
          however,
          that
          nothing in this Section 4.01 shall prevent or be deemed to prohibit the
          Originator or any Seller Trust 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 Originator or any Seller shall currently be contesting
          the
          validity thereof in good faith by appropriate proceedings and shall have
          set
          aside on its books adequate reserves with respect thereto.

         

        ARTICLE
          V.

         

        INDEMNIFICATION
          WITH RESPECT TO THE MORTGAGE LOANS

         

        Section
          5.01  Indemnification. 

         

        (a) The
          Originator indemnifies and holds harmless the Purchaser, its respective
          officers
          and directors and each person, if any, who controls the Purchaser within
          the
          meaning of Section 15 of the Securities Act or Section 20 of the Exchange
          Act,
          as follows:

         

        (i)  against
          any and all losses, claims, expenses, damages or liabilities, joint or
          several,
          to which the Purchaser or such controlling person may become subject under
          the
          Securities Act or otherwise, insofar as such losses, claims, damages or
          liabilities (or actions in respect thereof including, but not limited to,
          any
          loss, claim, expense, damage or liability related to purchases and sales
          of the
          Certificates) arise out of or are based upon any untrue statement or alleged
          untrue statement of any material fact contained in the Prospectus Supplement,
          or
          any amendment or supplement thereto, or arise out of, or are based upon,
          the
          omission or alleged omission to state therein a material fact required
          to be
          stated therein or necessary to make the statements made therein not misleading,
          to the extent that any untrue statement or alleged untrue statement therein
          results (or is alleged to have resulted) from an error or material omission
          in
          the information concerning the Originator Information furnished by the
          Originator to the Purchaser for use in the preparation of the Prospectus
          Supplement, which error was not superseded or corrected by the delivery
          to the
          Purchaser of corrected written or electronic information, or for which
          the
          Originator provided written notice of such error to the Purchaser prior
          to the
          confirmation of the sale of the Certificates; and will reimburse the Purchaser
          and each such controlling person for any legal or other expenses reasonably
          incurred by the Purchaser or such controlling person in connection with
          investigating or defending any such loss, claim, damage. liability or action
          as
          such expenses are incurred;

         

        (ii)  against
          any and all loss, liability, claim, damage and expense whatsoever, to the
          extent
          of the aggregate amount paid in settlement of any litigation, or investigation
          or proceeding by any governmental agency or body, commenced or threatened,
          or of
          any claim whatsoever based upon any such untrue statement or omission,
          or any
          such alleged untrue statement or omission, if such settlement is effected
          with
          the written consent of the Purchaser; and

         

        (iii)  against
          any and all expense whatsoever (including the fees and disbursements of
          counsel
          chosen by the Purchaser), reasonably incurred in investigating, preparing
          or
          defending against any litigation, or investigation or proceeding by any
          governmental agency or body. commenced or threatened, or any claim whatsoever
          based upon any such untrue statement or omission, or any such alleged untrue
          statement or omission, to the extent that any such expense is not paid
          under
          clause (i) or clause (ii) above.

         

        This
          indemnity agreement will be in addition to any liability which the Originator
          may otherwise have.

         

        (b) Promptly
          after receipt by any indemnified party under this Article V of notice of
          any
          claim or the commencement of any action, such indemnified party shall,
          if a
          claim in respect thereof is to be made against any indemnifying party under
          this
          Article V, notify the indemnifying party in writing of the claim or the
          commencement of that action; provided,
          however,
          that
          the failure to notify an indemnifying party shall not relieve it from any
          liability which it may have under this Article V except to the extent it
          has
          been materially prejudiced by such failure and, provided further, that
          the
          failure to notify any indemnifying party shall not relieve it from any
          liability
          which it may have to any indemnified party otherwise than under this Article
          V.

         

        If
          any
          such claim or action shall be brought against an indemnified party, and
          it shall
          notify the indemnifying party thereof, the indemnifying party shall be
          entitled
          to participate therein and, to the extent that it wishes, jointly with
          any other
          similarly notified indemnifying party, to assume the defense thereof with
          counsel reasonably satisfactory to the indemnified party. After notice
          from the
          indemnifying party to the indemnified party of its election to assume the
          defense of such claim or action, the indemnifying party shall not be liable
          to
          the indemnified party under this Article V for any legal or other expenses
          subsequently incurred by the indemnified party in connection with the defense
          thereof other than reasonable costs of investigation.

         

        Any
          indemnified party shall have the right to employ separate counsel in any
          such
          action and to participate in the defense thereof, but the fees and expenses
          of
          such counsel shall be at the expense of such indemnified party unless:
          (i) the
          employment thereof has been specifically authorized by the indemnifying
          party in
          writing; (ii) such indemnified party shall have been advised in writing
          by such
          counsel that there may be one or more legal defenses available to it which
          are
          different from or additional to those available to the indemnifying party
          and in
          the reasonable judgment of such counsel it is advisable for such indemnified
          party to employ separate counsel; or (iii) the indemnifying party has failed
          to
          assume the defense of such action and employ counsel reasonably satisfactory
          to
          the indemnified party, in which case, if such indemnified party notifies
          the
          indemnifying party in writing that it elects to employ separate counsel
          at the
          expense of the indemnifying party, the indemnifying party shall not have
          the
          right to assume the defense of such action on behalf of such indemnified
          party,
          it being understood, however, the indemnifying party shall not, in connection
          with any one such action or separate but substantially similar or related
          actions in the same jurisdiction arising out of the same general allegations
          or
          circumstances, be liable for the reasonable fees and expenses of more than
          one
          separate firm of attorneys (in addition to local counsel) at any time for
          all
          such indemnified parties, which firm shall be designated in writing by
          the
          Purchaser, if the indemnified parties under this Article V consist of the
          Purchaser, by the Originator, if the indemnified parties in this Article
          V
          consist of the Originator, or be the related Seller Trust, if the indemnified
          parties in this Article V consist of such Seller Trust.

         

        Each
          indemnified party, as a condition of the indemnity agreements contained
          in
          Section 5.01 (a) and (b) hereof, shall use its best efforts to cooperate
          with
          the indemnifying party in the defense of any such action or claim. No
          indemnifying party shall be liable for any settlement of any such action
          effected without its written consent (which consent shall not be unreasonably
          withheld), but if settled with its written consent or if there be a final
          judgment for the plaintiff in any such action, the indemnifying party agrees
          to
          indemnify and hold harmless any indemnified party from and against any
          loss or
          liability by reason of such settlement or judgment. Notwithstanding the
          foregoing sentence, if at any time an indemnified party shall have requested
          an
          indemnifying party to consent to a settlement of any action, the indemnifying
          party agrees that it shall be liable for any settlement of any proceeding
          effected without its written consent if such settlement is entered into
          more
          than 30 days after receipt by such indemnifying party of the aforesaid
          request
          and the indemnifying party has not previously provided the indemnified
          party
          with written notice of its objection to such settlement. No indemnifying
          party
          shall effect any settlement of any pending or threatened proceeding in
          respect
          of which an indemnified party is or could have been a party and indemnity
          is or
          could have been sought hereunder, without the written consent of such
          indemnified party, unless settlement includes an unconditional release
          of such
          indemnified party from all liability and claims that are the subject matter
          of
          such proceeding.

         

        (c) In
          order
          to provide for just and equitable contribution in circumstances in which
          the
          indemnity agreement provided for in this Article is for any reason held
          to be
          unenforceable although applicable in accordance with its terms, each Seller
          Trust and the Originator, on the one hand, and the Purchaser, on the other,
          shall contribute to the aggregate losses, liabilities, claims, damages
          and
          expenses of the nature contemplated by said indemnity agreement incurred
          by the
          related Seller Trust, the Originator and the Purchaser in such proportions
          as
          shall be appropriate to reflect the relative benefits received by each
          Seller
          Trust and the Originator on the one hand and the Purchaser on the other
          from the
          sale of the Mortgage Loans; provided,
          however,
          that no
          person guilty of fraudulent misrepresentation (within the meaning of Section
          11
          (f) of the Securities Act) shall be entitled to contribution from any person
          who
          was not guilty of such fraudulent misrepresentation. For purposes of this
          Section, each officer and director of the Purchaser and each person, if
          any, who
          controls the Purchaser within the meaning of Section 15 of the Securities
          Act
          shall have the same rights to contribution as the Purchaser and each director
          of
          the Originator, each officer of the Originator, and each person, if any,
          who
          controls the Originator within the meaning of Section 15 of the Securities
          Act
          shall have the same rights to contribution as the Originator and each director
          of the related Seller Trust, each officer of such Seller Trust, and each
          person,
          if any, who controls such Seller within the meaning of Section 15 of the
          Securities Act shall have the same rights to contribution as the related
          Seller.

         

        (d) The
          Originator agrees to indemnify and to hold each of the Purchaser, the Trustee,
          each of the officers and directors of each such entity and each person
          or entity
          who controls each such entity or person and each Certificateholder harmless
          against any and all claims, losses, penalties, fines, forfeitures, legal
          fees
          and related costs, judgments, and any other costs, fees and expenses that
          the
          Purchaser, the Trustee, or any such person or entity and any Certificateholder
          may sustain in any way (i) related to the failure of the Originator to
          perform
          its duties in compliance with the terms of this Agreement or (ii) arising
          from a
          breach by the Originator of its representations and warranties in Sections
          3.01
          and 3.02 of this Agreement. The Originator shall immediately notify the
          Purchaser, the Trustee and each Certificateholder if a claim is made by
          a third
          party with respect to this Agreement. The Originator shall assume the defense
          of
          any such claim and pay all expenses in connection therewith, including
          reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
          or
          decree which may be entered against the Purchaser, the Trustee or any such
          person or entity and/or any Certificateholder in respect of such
          claim.

         

        ARTICLE
          VI.

         

        TERMINATION

         

        Section
          6.01  Termination.
          The
          respective obligations and responsibilities of the Originator, each Seller
          and
          the Purchaser created hereby shall terminate, except for the Originator’s
          indemnity obligations as provided herein upon the termination of the Trust
          as
          provided in Article X of the Pooling and Servicing Agreement.

         

        ARTICLE
          VII.

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          7.01  Amendment.
          This
          Agreement may be amended from time to time by the Originator, each Seller
          Trust
          and the Purchaser, by written agreement
          signed by the Originator, each Seller Trust and the Purchaser.

         

        Section
          7.02  Governing
          Law.
          This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York and the obligations, rights and remedies of the parties
          hereunder shall be determined in accordance with such laws.

         

        Section
          7.03  Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered at or mailed by
          registered mail, postage prepaid, addressed as follows: (i) if to the
          Originator, Option One Mortgage Corporation, 3 Ada, Irvine, California
          92618,
          Attention: C. Robert Fulton, or such other address as may hereafter be
          furnished
          to the Purchaser in writing by the Originator and (ii) if to the Purchaser,
          Financial Asset Securities Corp., 600 Steamboat Road, Greenwich, Connecticut
          06830, Attention: Legal, or such other address as may hereafter be furnished
          to
          the Purchaser and any Seller Trust in writing by the Originator..

         

        Section
          7.04  Severability
          of Provisions.
          If any
          one or more of the covenants, agreements, provisions of terms of this Agreement
          shall be held invalid for any reason whatsoever, then such covenants,
          agreements, provisions or terms shall be deemed severable from the remaining
          covenants, agreements, provisions or terms of this Agreement and shall
          in no way
          affect the validity of enforceability of the other provisions of this
          Agreement.

         

        Section
          7.05  Counterparts.
          This
          Agreement may be executed in one or more counterparts and by the different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          be deemed to be an original and such counterparts, together, shall constitute
          one and the same agreement.

         

        Section
          7.06  Further
          Agreements.
          The
          Purchaser, each Seller and the Originator each agree to execute and deliver
          to
          the other such additional documents, instruments or agreements as may be
          necessary or reasonable and appropriate to effectuate the purposes of this
          Agreement or in connection with the issuance of any Series of Certificates
          representing interests in the Mortgage Loans.

         

        Without
          limiting the generality of the foregoing, as a further inducement for the
          Purchaser to purchase the Mortgage Loans from the Sellers, the Originator
          will
          cooperate with the Purchaser in connection with the sale of any of the
          securities representing interests in the Mortgage Loans. In that connection,
          the
          Originator will provide to the Purchaser any and all information and appropriate
          verification of information, whether through letters of its auditors and
          counsel
          or otherwise, as the Purchaser shall reasonably request and will provide
          to the
          Purchaser such additional representations and warranties, covenants, opinions
          of
          counsel, letters from auditors, and certificates of public officials or
          officers
          of the Originator as are reasonably required in connection with such
          transactions and the offering of investment grade securities rated by the
          Rating
          Agencies.

         

        Section
          7.07  Intention
          of the Parties.
          It is
          the intention of the parties that the Purchaser is purchasing, and each
          Seller
          is selling, the Mortgage Loans rather than pledging the Mortgage Loans
          to secure
          a loan by the Purchaser to each Seller. Accordingly, the parties hereto
          each
          intend to treat the transaction for federal income tax purposes and all
          other
          purposes as a sale by the related Seller, and a purchase by the Purchaser,
          of
          the Mortgage Loans. The Purchaser will have the right to review the Mortgage
          Loans and the related Mortgage Files to determine the characteristics of
          the
          Mortgage Loans which will affect the federal income tax consequences of
          owning
          the Mortgage Loans and the related Seller will cooperate with all reasonable
          requests made by the Purchaser in the course of such review.

         

        Section
          7.08  Successors
          and Assigns; Assignment of Purchase Agreement.
          This
          Agreement shall bind and inure to the benefit of and be enforceable by
          each
          Seller, the Originator, the Purchaser and the Trustee.

         

        The
          obligations of each Seller and the Originator under this Agreement cannot
          be
          assigned or delegated to a third party without the consent of the Purchaser
          which consent shall be at the Purchaser’s sole discretion, except that the
          Purchaser acknowledges and agrees that each Seller or the Originator may
          assign
          its obligations hereunder to any Person into which the related Seller or
          the
          Originator is merged or any corporation resulting from any merger, conversion
          or
          consolidation to which the related Seller or the Originator is a party
          or any
          Person succeeding to the business of the related Seller or the Originator.
          The
          parties hereto acknowledge that the Purchaser is acquiring the Mortgage
          Loans
          for the purpose of contributing them to a trust that will issue a series
          of
          Certificates representing undivided interests in such Mortgage Loans. As
          an
          inducement to the Purchaser to purchase the Mortgage Loans, the related
          Seller
          and the Originator acknowledge and consent to the assignment by the Purchaser
          to
          the Trustee of all of the Purchaser’s rights against each Seller and the
          Originator pursuant to this Agreement insofar as such rights relate to
          Mortgage
          Loans transferred to the Trustee and to the enforcement or exercise of
          any right
          or remedy against each Seller or the Originator pursuant to this Agreement
          by
          the Trustee. Such enforcement of a right or remedy by the Trustee shall
          have the
          same force and effect as if the right or remedy had been enforced or exercised
          by the Purchaser directly.

         

        Section
          7.09 Survival.
          The
          representations and warranties set forth in Sections 3.01, 3.02 and 3.03
          and the
          provisions of Article V hereof shall survive the purchase of the Mortgage
          Loans
          hereunder.

         

        Section
          7.10 Owner
          Trustee.
          It is
          expressly understood and agreed by the parties to this Agreement that (a)
          this
          Agreement is executed and delivered by Wilmington Trust Company, not
          individually or personally but solely as Owner Trustee of the Seller Trusts,
          in
          the exercise of the powers and authority conferred and vested in it as
          trustee,
          (b) each of the representations undertakings and agreements herein made
          on the
          part of the related Seller Trust is made and intended not as personal
          representations, undertakings and agreements by Wilmington Trust Company
          but is
          made and intended for the purpose of binding only the related Seller Trust,
          (c)
          nothing herein contained shall be construed as creating any liability on
          Wilmington Trust Company, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if any,
          being
          expressly waived by the parties to this Agreement and by any person claiming
          by,
          through or under the parties to this Agreement and (d) under no circumstances
          shall Wilmington Trust Company be personally liable for the payment of
          any
          indebtedness or expenses of any Seller Trust or be liable for the breach
          or
          failure of any obligation, representation, warranty or covenant made or
          undertaken by any Seller Trust under this Agreement or any other document.
           

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        IN
          WITNESS WHEREOF, each Seller, the Originator and the Purchaser have caused
          their
          names to be signed to this Mortgage Loan Purchase Agreement by their respective
          officers thereunto duly authorized as of the day and year first above
          written.

         

        
          	 	 	 	 	 	 	 	
                  FINANCIAL
                    ASSET SECURITIES CORP.,

                  as
                    Purchaser

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE MORTGAGE CORPORATION,

                  as
                    Originator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2001-1A,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2001-1B,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2001-2,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2002-3,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2003-4,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2003-5,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-6,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-7,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-8,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-9,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual capacity but solely as Owner
                    Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        SCHEDULE
          I-XI

         

        MORTGAGE
          LOANS

         

        SEE
          EXHIBIT D TO

        POOLING
          AND SERVICING AGREEMENT

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          XII

         

        REPRESENTATIONS
          AND WARRANTIES

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        The
          Originator hereby represents and warrants to the Purchaser and to any subsequent
          Purchaser that, as to each Mortgage Loan, as of the Closing Date for such
          Mortgage Loan:

         

        (1)  The
          information set forth in the Mortgage Loan Schedule is complete, true and
          correct as of the Cut-off Date;

         

        (2)  Except
          with respect to payments not yet 30 days past due, all payments required
          to be
          made up to the close of business on the Closing Date for such Mortgage
          Loan
          under the terms of the Mortgage Note have been made; the Originator has
          not
          advanced funds, or induced, solicited or knowingly received any advance
          of funds
          from a party other than the owner of the related Mortgaged Property, directly
          or
          indirectly, for the payment of any amount required by the Mortgage Note
          or
          Mortgage; and except with respect to payments not yet 30 days past due,
          there
          has been no delinquency, exclusive of any period of grace, in any payment
          by the
          Mortgagor thereunder since the origination of the Mortgage Loan;

         

        (3)  As
          of the
          origination date of the Mortgage Loan there were no delinquent taxes, ground
          rents, water charges, sewer rents, assessments, insurance premiums, leasehold
          payments, including assessments payable in future installments or other
          outstanding charges affecting the related Mortgaged Property, and as of
          the
          Closing Date there are no delinquent taxes, insurance premiums, or other
          outstanding charges jeopardizing the lien position of the Mortgage Loan,
          and to
          the best knowledge of the Originator, as of the Closing Date, there are
          no
          ground rents, water charges, sewer rents, assessments, leasehold payments,
          including assessments payable in future installments or other outstanding
          charges affecting the related Mortgaged Property;

         

        (4)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Trustee; the substance
          of any
          such waiver, alteration or modification has been approved by the title
          insurer,
          to the extent required by the related policy, and is reflected on the Mortgage
          Loan Schedule. No instrument of waiver, alteration or modification has
          been
          executed, and no Mortgagor has been released, in whole or in part, except
          in
          connection with an assumption agreement approved by the title insurer,
          to the
          extent required by the policy, and which assumption agreement has been
          delivered
          to the Trustee and the terms of which are reflected in the Mortgage Loan
          Schedule;

         

        (5)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        (6)  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          Fannie Mae and Freddie Mac against loss by fire, hazards of extended coverage
          and such other hazards as are customary in the area where the Mortgaged
          Property
          is located, pursuant to insurance policies providing coverage in an amount
          not
          less than the greatest of (i) 100% of the replacement cost of all improvements
          to the Mortgaged Property, (ii) either (A) the outstanding principal balance
          of
          the Mortgage Loan with respect to each first lien Mortgage Loan or (B)
          with
          respect to each second lien Mortgage Loan, the sum of the outstanding principal
          balance of the first lien Mortgage Loan and the outstanding principal balance
          of
          the second lien Mortgage Loan, (iii) the amount necessary to avoid the
          operation
          of any co-insurance provisions with respect to the Mortgaged Property,
          and
          consistent with the amount that would have been required as of the date
          of
          origination in accordance with the underwriting guidelines of the originator
          or
          (iv) the amount necessary to fully compensate for any damage or loss to
          the
          improvements that are a part of such property on a replacement cost basis.
          All
          such insurance policies contain a standard mortgagee clause naming the
          Originator, its successors and assigns as mortgagee and all premiums thereon
          have been paid. If the Mortgaged Property is in an area identified on a
          Flood
          Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
          Management Agency as having special flood hazards (and such flood insurance
          has
          been made available) a flood insurance policy meeting the requirements
          of the
          current guidelines of the Federal Insurance Administration is in effect
          which
          policy conforms to the requirements of Fannie Mae and Freddie Mac. The
          Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance at the
          Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s
          cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (7)  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans have
          been
          complied with;

         

        (8)  The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (9)  The
          Mortgage (including any negative amortization which may arise thereunder)
          is a
          valid, existing and enforceable (A) first lien and first priority security
          interest with respect to each Mortgage Loan which is indicated by the Originator
          to be a first lien (as reflected on the Mortgage Loan Schedule), or (B)
          second
          lien and second priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Originator to be a second lien (as reflected
          on the
          Mortgage Loan Schedule), in either case, on the Mortgaged Property, including
          all improvements on the Mortgaged Property subject only to (a) the lien
          of
          current real property taxes and assessments not yet due and payable, (b)
          covenants, conditions and restrictions, rights of way, easements and other
          matters of the public record as of the date of recording being acceptable
          to
          mortgage lending institutions generally and specifically referred to in
          the
          lender’s title insurance policy delivered to the originator of the Mortgage Loan
          and which do not adversely affect the Value of the Mortgaged Property,
          (c) with
          respect to each Mortgage Loan which is indicated by the Originator to be
          a
          second lien Mortgage Loan (as reflected on the Mortgage Loan Schedule)
          a first
          lien on the Mortgaged Property; and (d) other matters to which like properties
          are commonly subject which do not materially interfere with the benefits
          of the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property. Any security agreement,
          chattel
          mortgage or equivalent document related to and delivered in connection
          with the
          Mortgage Loan establishes and creates a valid, existing and enforceable
          first or
          second lien and first or second priority security interest (in each case,
          as
          indicated on the Mortgage Loan Schedule) on the property described therein
          and
          the Originator has full right to sell and assign the same to the Purchaser.
          The
          Mortgaged Property was not, as of the date of origination of the Mortgage
          Loan,
          subject to a mortgage, deed of trust, deed to secure debt or other security
          instrument creating a lien subordinate to the lien of the Mortgage;

         

        (10)  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (11)  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person who executed the related
          Mortgage either in an individual capacity or, provided that the related
          Mortgage
          is guaranteed by a natural person, as trustee for a family trust;

         

        (12)  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (13)  As
          of the
          Closing Date and immediately prior to the sale of the Mortgage Loan hereunder,
          the applicable Seller is the sole legal, beneficial and equitable owner
          of the
          Mortgage Note and the Mortgage and has full right to transfer and sell
          the
          Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
          lien,
          pledge, charge, claim or security interest;

         

        (14)  All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        (15)  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy (which, in the case of an Adjustable-Rate Mortgage
          Loan
          has an Adjustable-Rate mortgage endorsement in the form of ALTA 6.0 or
          6.1) or
          with respect to any Mortgage Loan for which the related Mortgaged Property
          is
          located in California a CLTA lender’s title insurance policy, or other generally
          acceptable form of policy or insurance acceptable to Fannie Mae and Freddie
          Mac,
          issued by a title insurer acceptable to Fannie Mae and Freddie Mac and
          qualified
          to do business in the jurisdiction where the Mortgaged Property is located,
          insuring (subject to the exceptions contained in (x)(a) and (b), and with
          respect to any second lien Mortgage Loan (c), above) the Originator, its
          successors and assigns as to the first or second priority lien (as indicated
          on
          the Mortgage Loan Schedule) of the Mortgage in the original principal amount
          of
          the Mortgage Loan and, with respect to any Adjustable-Rate Mortgage Loan,
          against any loss by reason of the invalidity or unenforceability of the
          lien
          resulting from the provisions of the Mortgage providing for adjustment
          in the
          Mortgage Rate and Monthly Payment and negative amortization provisions
          of the
          Mortgage Note. Additionally, such lender’s title insurance policy affirmatively
          insures ingress and egress to and from the Mortgaged Property, and against
          encroachments by or upon the Mortgaged Property or any interest therein.
          The
          Originator is the sole insured of such lender’s title insurance policy, and such
          lender’s title insurance policy is in full force and effect and will be in full
          force and effect upon the consummation of the transactions contemplated
          by this
          Agreement. No claims have been made under such lender’s title insurance policy,
          and no prior holder of the related Mortgage, including the Originator,
          has done,
          by act or omission, anything which would impair the coverage of such lender’s
          title insurance policy;

         

        (16)  As
          of the Closing Date, there
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Originator
          has not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien Mortgage Loan, as of the Closing Date (i) the related
          first
          lien mortgage loan is in full force and effect, (ii) there is no default,
          breach, violation or event of acceleration existing under such first lien
          mortgage or the related mortgage note, (iii) no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event of acceleration thereunder,
          and
          either (A) the first lien mortgage contains a provision which allows or
          (B)
          applicable law requires, the mortgagee under the second lien Mortgage Loan
          to
          receive notice of, and affords such mortgagee an opportunity to cure any
          default
          by payment in full or otherwise under the first lien mortgage. For purposes
          of
          the foregoing, a delinquent payment of less than thirty (30) days on a
          Mortgage
          Loan in and of itself does not constitute a default, breach, violation
          or event
          of acceleration (or an event which, with the passage of time or with notice
          and
          the expiration of any grace or cure period, has occurred that would constitute
          a
          default, breach, violation or event of acceleration) with respect to such
          Mortgage Loan;

         

        (17)  As
          of the
          Closing Date, there are no mechanics’ or similar liens or claims which have been
          filed for work, labor or material (and no rights are outstanding that under
          law
          could give rise to such lien) affecting the related Mortgaged Property
          which are
          or may be liens prior to, or equal or coordinate with, the lien of the
          related
          Mortgage;

         

        (18)  All
          improvements which were considered in determining the Value of the related
          Mortgaged Property lay wholly within the boundaries and building restriction
          lines of the Mortgaged Property, and no improvements on adjoining properties
          encroach upon the Mortgaged Property;

         

        (19)  The
          Mortgage Loan was originated or acquired by the Originator (and if acquired
          by
          the Originator, the Mortgage Loan was underwritten in all material respects
          with
          the Originator’s underwriting guidelines, and if a first-lien Mortgage Loan, is
          eligible for inclusion under a Secondary Mortgage Market Enhancement Act
          eligible transaction) or by a savings and loan association, a savings bank,
          a
          commercial bank or similar banking institution which is supervised and
          examined
          by a federal or state authority, or by a mortgagee approved as such by
          the
          Secretary of HUD;

         

        (20)  Principal
          payments on the Mortgage Loan commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Rate. With respect to each Mortgage Loan which is not a
          negative
          amortization loan, the Mortgage Note is payable on the first day of each
          month,
          or such other day of each month as may be specified in the Mortgage Loan
          Schedule, in Monthly Payments, which, in the case of a Fixed-Rate Mortgage
          Loans, are sufficient to fully amortize the original principal balance
          over the
          original term thereof (other than with respect to a Mortgage Loan identified
          on
          the Mortgage Loan Schedule as an interest-only Mortgage Loan during the
          interest-only period) and to pay interest at the related Mortgage Rate,
          and, in
          the case of an Adjustable-Rate Mortgage Loan, are changed on each Adjustment
          Date, and in any case, are sufficient to fully amortize the original principal
          balance over the original term thereof (other than with respect to a Mortgage
          Loan identified on the Mortgage Loan Schedule as an interest-only Mortgage
          Loan
          during the interest-only period) and to pay interest at the related Mortgage
          Rate. With respect to each negative amortization Mortgage Loan, the related
          Mortgage Note requires a Monthly Payment which is sufficient during the
          period
          following each Payment Adjustment Date, to fully amortize the outstanding
          principal balance as of the first day of such period (including any negative
          amortization) over the then remaining term of such Mortgage Note and to
          pay
          interest at the related Mortgage Rate; provided, that the Monthly Payment
          shall
          not increase to an amount that exceeds 107.5% of the amount of the Monthly
          Payment that was due immediately prior to the Adjustment Date; provided,
          further, that the payment adjustment cap shall not be applicable with respect
          to
          the adjustment made to the Monthly Payment that occurs in a year in which
          the
          Mortgage Loan has been outstanding for a multiple of 5 years and in any
          such
          year the Monthly Payment shall be adjusted to fully amortize the Mortgage
          Loan
          over the remaining term. With respect to each Mortgage Loan identified
          on the
          Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
          period shall not exceed ten (10) years (or such other period specified
          on the
          Mortgage Loan Schedule) and following the expiration of such interest-only
          period, the remaining Monthly Payments shall be sufficient to fully amortize
          the
          original principal balance over the remaining term of the Mortgage Loan
          and to
          pay interest at the related Mortgage Rate. The Index for each Adjustable-Rate
          Mortgage Loan is as defined in the Mortgage Loan Schedule. No Mortgage
          Loan is a
          convertible Mortgage Loan;

         

        (21)  The
          origination, servicing and collection practices used by the Originator
          with
          respect to each Mortgage Note and Mortgage including, without limitation,
          the
          establishment, maintenance and servicing of the Escrow Accounts and Escrow
          Payments, if any, since origination have been in all respects legal, proper,
          prudent and customary in the mortgage origination and servicing industry.
          The
          Mortgage Loan has been serviced by the Originator and any predecessor servicer
          in accordance with the terms of the Mortgage Note. With respect to escrow
          deposits and Escrow Payments, if any, all such payments are in the possession
          of, or under the control of, the Originator and there exist no deficiencies
          in
          connection therewith for which customary arrangements for repayment thereof
          have
          not been made. No escrow deposits or Escrow Payments or other charges or
          payments due the Originator have been capitalized under any Mortgage or
          the
          related Mortgage Note and no such escrow deposits or Escrow Payments are
          being
          held by the Originator for any work on a Mortgaged Property which has not
          been
          completed;

         

        (22)  As
          of the Closing Date, the
          Mortgaged Property is free of material damage and waste and there is no
          proceeding pending for the total or partial condemnation thereof;

         

        (23)  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. Since
          the date of origination of the Mortgage Loan, the Mortgaged Property has
          not
          been subject to any bankruptcy proceeding or foreclosure proceeding and
          the
          Mortgagor has not filed for protection under applicable bankruptcy laws.
          There
          is no homestead or other exemption available to the Mortgagor which would
          interfere with the right to sell the Mortgaged Property at a trustee’s sale or
          the right to foreclose the Mortgage. As of the Closing Date, the Mortgagor
          has
          not notified the Originator and the Originator has no knowledge of any
          relief
          requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

         

        (24)  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Originator in effect at the time the Mortgage Loan was originated.
          The
          Mortgage Note and Mortgage are on forms generally acceptable to Fannie
          Mae and
          Freddie Mac;

         

        (25)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        (26)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of Fannie Mae and Freddie Mac, was on appraisal
          form
          1004 or form 2055 (or a form otherwise satisfactory to S&P and Moody’s) and
          was made and signed, prior to the approval of the Mortgage Loan application,
          by
          a qualified appraiser, duly appointed by the originator of the Mortgage
          Loan,
          who had no interest, direct or indirect in the Mortgaged Property or in
          any loan
          made on the security thereof, whose compensation is not affected by the
          approval
          or disapproval of the Mortgage Loan and who met the minimum qualifications
          of
          Fannie Mae and Freddie Mac. Each appraisal of the Mortgage Loan was made
          in
          accordance with the relevant provisions of the Financial Institutions Reform,
          Recovery, and Enforcement Act of 1989;

         

        (27)  In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Purchaser to the trustee under the deed of trust, except
          in
          connection with a trustee’s sale after default by the Mortgagor;

         

        (28)  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Originator, the Mortgagor, or anyone on behalf of the Mortgagor,
          (b) paid
          by any source other than the Mortgagor or (c) contains any other similar
          provisions which may constitute a “buydown” provision. The Mortgage Loan is not
          a graduated payment mortgage loan and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (29)  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of Fixed-Rate mortgage loans in the case of Fixed-Rate Mortgage Loans,
          and
          Adjustable-Rate mortgage loans in the case of Adjustable-Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (30)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (31)  The
          Originator has no knowledge of any circumstances or condition with respect
          to
          the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause private institutional
          investors who routinely invest in mortgage loans similar to the Mortgage
          Loan to
          regard the Mortgage Loan to be an unacceptable investment, cause the Mortgage
          Loan to become delinquent, or adversely affect the value of the Mortgage
          Loan;

         

        (32)  No
          Mortgage Loan had a Loan-to Value Ratio or a Combined Loan-to-Value Ratio
          at
          origination in excess of 100%;

         

        (33)  The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy,
          have been made or obtained from the appropriate authorities;

         

        (34)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Originator,
          the
          related Seller, or to the best of the Originator’s knowledge, on the part of any
          other person, including without limitation the Mortgagor, any appraiser,
          any
          builder or developer, or any other party involved in the origination of
          the
          Mortgage Loan or in the application of any insurance in relation to such
          Mortgage Loan;

         

        (35)  The
          Assignment is in recordable form and (other than with respect to the blank
          assignee) is acceptable for recording under the laws of the jurisdiction
          in
          which the Mortgaged Property is located;

         

        (36)  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second (as indicated
          on
          the Mortgage Loan Schedule) lien priority by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee’s consolidated interest or by
          other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
          principal amount does not exceed the original principal amount of the Mortgage
          Loan plus any negative amortization;

         

        (37)  No
          Mortgage Loan has a balloon payment feature;

         

        (38)  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of Fannie Mae and Freddie Mac;

         

        (39)  With
          respect to each Mortgage Loan, the Originator has fully and accurately
          furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Originator, in accordance with the Fair
          Credit Reporting Act and its implementing regulations, on a monthly basis
          and
          the Originator for each Loan will furnish, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations, accurate and complete
          information on its primary borrower to Equifax, Experian, and Trans Union
          Credit
          Information Originator, on a monthly basis;

         

        (40)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Originator, except as noted on the Mortgage Loan
          Schedule;

         

        (41)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (42)  The
          Originator shall, at its own expense, cause each Mortgage Loan to be covered
          by
          a tax service contract which is assignable to the Purchaser or its designee;
          provided however, that if the Originator fails to purchase such tax service
          contract, the Originator shall be required to reimburse the Purchaser for
          all
          costs and expenses incurred by the Purchaser in connection with the purchase
          of
          any such tax service contract;

         

        (43)  Each
          Mortgage Loan is covered by a flood zone service contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Originator agrees to purchase such flood
          zone
          service contract;

         

        (44)  As
          of the
          Closing Date. the Mortgaged Property is in material compliance with all
          applicable environmental laws pertaining to environmental hazards including,
          without limitation, asbestos, and neither the Originator nor, to the
          Originator’s knowledge, the related Mortgagor, has received any notice of any
          violation or potential violation of such law;

         

        (45)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan, “high risk home” mortgage loan, or “predatory” mortgage
          loan or any other comparable term, no matter how defined under any federal,
          state or local law, (c) subject to any comparable federal, state or local
          statutes or regulations, or any other statute or regulation providing for
          heightened regulatory scrutiny or assignee liability to holders of such
          mortgage
          loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such
          terms are
          defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        (46)  No
          predatory, abusive, or deceptive lending practices, including but not limited
          to, the extension of credit to a mortgagor without regard for the mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a mortgagor
          which has no apparent benefit to the mortgagor, were employed in connection
          with
          the origination of the Mortgage Loan. Each Mortgage Loan (other
          than with respect to the points and fees threshold in connection with Mortgage
          Loans that are not Points and Fees Eligible Loans and escrow payment
          requirements) is
          in
          compliance with the anti-predatory lending eligibility for purchase requirements
          of the Fannie Mae Guides;

         

        (47)  The
          debt-to-income ratio of the related Mortgagor was not greater than 65%
          at the
          origination of the related Mortgage Loan;

         

        (48)  No
          Mortgagor was required to purchase any single premium credit insurance
          product
          (e.g., life, mortgage, disability, accident, unemployment or health insurance
          product) or debt cancellation agreement as a condition of obtaining the
          extension of credit. No Mortgagor obtained a prepaid single premium credit
          life,
          mortgage, disability, accident, unemployment or health insurance product
          in
          connection with the origination of the Mortgage Loan. No proceeds from
          any
          Mortgage Loan were used to purchase single premium credit insurance policies
          or
          debt cancellation agreements as part of the origination of, or as a condition
          to
          closing, such Mortgage Loan;

         

        (49)  The
          Mortgage Loans were not selected from the outstanding Fixed-Rate or
          adjustable-rate one to four-family mortgage loans in the Originator’s portfolio
          at the Cut-off Date as to which the representations and warranties set
          forth in
          this Agreement could be made in a manner so as to affect adversely the
          interests
          of the Purchaser;

         

        (50)  The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        (51)  The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
          originated by a properly licensed entity, and in all other respects, complies
          with all of the material requirements of any such applicable laws;

         

        (52)  The
          information set forth in the Prepayment Charge Schedule is complete, true
          and
          correct in all material respects and each Prepayment Charge is permissible,
          enforceable and collectable under applicable federal and state law;

         

        (53)  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Originator has not received notification from a Mortgagor that a prepayment
          in
          full shall be made after the Closing Date;

         

        (54)  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (55)  Any
          Mortgaged Property that is considered manufactured housing shall be legally
          classified as real property, is permanently affixed to a foundation and
          must
          assume that characteristics of site-built housing and must otherwise conform
          to
          the requirements (A) for inclusion in residential mortgage backed securities
          transactions rated by S&P and (B) of Fannie Mae and Freddie Mac, including,
          but not limited to, the requirements that (i) the related Mortgage Note
          or
          contract, as applicable, be secured by a “single family residence” within the
          meaning of Section 25(e)(10) of the Code, (ii) the fair market value of
          the
          manufactured home securing each related Mortgage Note or contract, as
          applicable, was at least equal to 80% of the original principal balance
          of such
          Note or contract, as applicable, and (iii) each related Mortgage Note or
          contract, as applicable, is a “qualified mortgage” under Section 860G(a)(3) of
          the Code;

         

        (56)  Each
          Mortgage Loan is eligible for sale in the secondary market without unreasonable
          credit enhancement;

         

        (57)  All
          points, fees and charges related to each Mortgage Loan (whether or not
          financed,
          assessed, collected or to be collected in connection with the origination
          and
          servicing of each Mortgage Loan) were disclosed in writing to the Mortgagor
          in
          accordance with applicable state and federal laws and regulations. Except
          as otherwise set forth in the Mortgage Loan Schedule and in the case of
          a
          Mortgage Loan in an original principal amount of less than $60,000 which
          would
          have resulted in an unprofitable origination, no
          Mortgagor was charged “points and fees” (whether or not financed) in an amount
          greater than 5% of the principal amount of the related Mortgage Loan, such
          5%
          limitation is calculated in accordance with Fannie Mae ‘s anti-predatory lending
          requirements as set forth in the Fannie Mae Selling Guide;

         

        (58)  Except
          as
          set forth on the Mortgage Loan Schedule, none of the Mortgage Loans are
          subject
          to a Prepayment Charge. For any Mortgage Loan originated prior to October
          1,
          2002 that is subject to a prepayment penalty, such prepayment penalty does
          not
          extend beyond five years after the date of origination. For any Mortgage
          Loan
          originated on or following October 1, 2002 that is subject to a prepayment
          penalty, such prepayment penalty does not extend beyond three years after
          the
          date of origination. With respect to any Mortgage Loan that contains a
          provision
          permitting imposition of a premium upon a prepayment prior to maturity:
          (i)
          prior to the Mortgage Loan’s origination, the Mortgagor agreed to such premium
          in exchange for a monetary benefit, including but not limited to a rate
          or fee
          reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was
          offered the option of obtaining a Mortgage Loan that did not require payment
          of
          such a premium, (iii) the prepayment premium is disclosed to the Mortgagor
          in
          the loan documents pursuant to applicable state and federal law, and (iv)
          notwithstanding any state or federal law to the contrary, the Originator
          shall
          not impose such prepayment premium in any instance when the mortgage debt
          is
          accelerated as the result of the Mortgagor’s default in making the loan
          payments;

         

        (59)  The
          Originator has complied with all applicable anti-money laundering laws
          and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); the Originator has established
          an anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
          No
          Mortgage Loan is subject to nullification pursuant to Executive Order 13224
          (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
          Assets Control of the United States Department of the Treasury (the “OFAC
          Regulations”) or in violation of the Executive Order or the OFAC Regulations,
          and no Mortgagor is subject to the provisions of such Executive Order or
          the
          OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
          Regulations;

         

        (60)  No
          Mortgage Loan is secured by real property or secured by a manufactured
          home
          located in the state of Georgia unless (x) such Mortgage Loan was originated
          prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
          the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
          Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
          defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
          Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
          applicable provisions of the Georgia Act. No Mortgage Loan subject to the
          Georgia Act and secured by owner occupied real property or an owner occupied
          manufactured home located in the State of Georgia was originated (or modified)
          on or after October 1, 2002 through and including March 6, 2003;

         

        (61)  No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Mortgage Loan’s originator which is a higher cost product designed for
          less creditworthy borrowers, unless at the time of the Mortgage Loan’s
          origination, such Mortgagor did not qualify taking into account credit
          history
          and debt to income ratios for a lower cost credit product then offered
          by the
          Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
          If, at the time of loan application, the Mortgagor may have qualified for
          a
          lower cost credit product then offered by any mortgage lending affiliate
          of the
          Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
          Mortgagor’s application to such affiliate for underwriting
          consideration;

         

        (62)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the Mortgagor had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

        (63)  With
          respect to any Mortgage Loan which is secured by manufactured housing,
          such
          Mortgage Loan satisfies the requirements for inclusion in residential mortgage
          backed securities transactions rated by S&P;

         

        (64)  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

         

        (65)  The
          Originator will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Originator agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        (66)  No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

         

        (67)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

         

        (68)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 24, 2003 (Ky. Rev. Stat.
          Section 360.100);

         

        (69)  No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

        (70)  No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
          Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
          New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
          et
          seq.);

         

        (71)  Each
          Mortgage Loan constitutes a “qualified mortgage” under
          Section 860G(a)(3)(A) of the Code and Treasury Regulation
          Section 1.860G-2(a)(1);

         

        (72)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (73)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

        (74)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.) and
          no Mortgage Loan secured by a Mortgage Property located in the State of
          Illinois
          is in violation of the provisions of the Illinois Interest Act, including
          Section 4.1a;

         

        (75)  No
          Loan
          that is secured by property located within the State of Maine meets the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

         

        (76)  No
          Loan
          is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act, Ind.
          Code Ann. §§ 24-9-1 et seq.;

         

        (77)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (78)  With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule. The related Assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office;

         

        (79)  With
          respect to each MOM Loan, the Originator has not received any notice of
          liens or
          legal actions with respect to such Mortgage Loan and no such notices have
          been
          electronically posted by MERS;

         

        (80)  With
          respect to each Mortgage Loan, (i) if the related first lien provides for
          negative amortization, the Combined Loan-to Value Ratio was calculated
          at the
          maximum principal balance of such first lien that could result upon application
          of such negative amortization feature, and (ii) either no consent for the
          Mortgage Loan is required by the holder of the first lien or such consent
          has
          been obtained and is contained in the Mortgage File;

         

        (81)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction; 

         

        (82)  No
          Mortgage Loan is
          a
“High-Cost Home Mortgage Loan” as
          defined in the Massachusetts
          Predatory Home
          Loan
          Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C).
          If any
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term “borrower” is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          Massachusetts House Bill 480 (2004)), such Mortgage Loan is in the “borrower’s
          interest,” as documented by a “borrower’s interest worksheet” for the particular
          Mortgage Loan, which worksheet incorporates the factors set forth in
          Massachusetts House Bill 4880 (2004) and the regulations promulgated thereunder
          for determining “borrower’s interest,” and otherwise complies in all material
          respects with the laws of the Commonwealth of Massachusetts; 

         

        (83)  With
          respect to the Mortgage Loans set forth on Schedule XIII, the Originator
          shall
          cause the Servicer to deliver the reports required by Section 3.01 of the
          Pooling and Servicing Agreement;

         

        (84)  Each
          Group I Mortgage Loan (other than with respect to the points and fees threshold
          in connection with the Group I Mortgage Loans that are not Points and Fees
          Eligible Loans and escrow payment requirements) is in compliance with the
          anti-predatory lending eligibility for purchase requirements of Fannie
          Mae’s
          Selling Guide;

         

        (85)  No
          Mortgage Loan that was originated on or after October 31, 2004, is subject
          to
          mandatory arbitration except when the terms of the arbitration also contain
          a
          waiver provision that provides that in the event of a sale or transfer
          of the
          Mortgage Loan or interest in the Mortgage Loan to Fannie Mae, the terms
          of the
          arbitration are null and void and cannot be reinstated. The seller hereby
          covenants that the seller or servicer of the Mortgage Loan, as applicable,
          will
          notify the borrower in writing within 60 days of the sale or transfer of
          the
          Mortgage Loan to Fannie Mae that the terms of the arbitration are null
          and void;
          and

         

        (86)  All
          fees
          and charges (including finance charges) and whether or not financed, assessed,
          collected or to be collected in connection with the origination and servicing
          of
          each Mortgage Loan has been disclosed in writing to the borrower in accordance
          with applicable state and federal law and regulation.

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          XIII

         

        None.

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      [PREVIOUSLY
        FILED]

      

       

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      To:        
        [Address
        for Custodian: Mortgage Document Custody

      Wells
        Fargo Corporate Trust Services

      24
        Executive Park, Suite 100 

      Irvine,
        California 92614]

      

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of March 1, 2006, among Deutsche

                Bank
                  National Trust Company as the Trustee, Option One Mortgage 

                Corporation
                  as Servicer and Wells
                  Fargo Bank, N.A.
                  as
                  the Custodian

              

      

      

       

      In
        connection with the administration of the Mortgage Loans included in the
        Trust
        Fund established pursuant to the Pooling and Servicing Agreement dated as
        of
        March 1, 2006, among Financial Asset Securities Corp. as Depositor, Option
        One
        Mortgage Corporation, as Servicer, and Deutsche Bank National Trust Company,
        a
        national banking association, as Trustee and held by you as Custodian pursuant
        to the above-captioned Custodial Agreement, we request the release, and hereby
        acknowledge receipt of the Custodial File for the Mortgage Loan described
        below,
        for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _________1.

              	
                Mortgage
                  Paid in Full

              
	
                _________2.

              	
                Foreclosure

              
	
                _________3.

              	
                Substitution

              
	
                _________4.

              	
                Other
                  Liquidation (Repurchases, etc.)

              
	
                _________5.

              	
                Nonliquidation                                                  
                  Reason:_____________________

              

      

       

      Address
        to which Trustee should deliver

      the
        Custodial File:

       

      
        	 

      

      

       

      

       

      
        	 	
                By:

              	 
	 	 	
                (authorized
                  signer)

              
	 	
                Issuer:

              	 
	 	
                Address:

              	 
	 	
                Date:

              	 

      

      

       

      Custodian

      

      Wells
        Fargo Bank, N.A.

      

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

      
        	
                ____________________________

              	
                __________________

              
	
                Signature

              	
                Date

              
	
                 

                Documents
                  returned to Custodian:

              	 
	
                ______________________________

              	
                __________________

              
	
                Custodian

              	
                Date

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F-1

       

      [FORM
        OF
        TRUSTEE’S INITIAL CERTIFICATION

       

      March
        __,
        2006

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of March 1, 2006, among

                Financial
                  Asset Securities Corp. as Depositor, Option One Mortgage 

                Corporation,
                  as Servicer, and Deutsche Bank National Trust Company, a 

                national
                  banking association, as Trustee

              

      

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the Trustee’s preliminary exception report delivered in accordance with
        Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”). Capitalized terms used but not otherwise defined herein
        shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File includes any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      
        	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:]

              	 

      

      

       

      

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [FORM
        OF
        CUSTODIAN’S INITIAL CERTIFICATION

                      _____,
        2006

      Trust
        Receipt #: ____ 

      Original
        Principal Balance of the Mortgage Loans:$_______

      

      
        	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

                Attention:
                  Trust Administration GC04FFH4

                 

              	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              
	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

                 

              	 

      

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of March 1, 2006, among Deutsche Bank National
                  Trust
                  Company 
as the Trustee, Option One Mortgage Corporation as Servicer
                  and Wells
                  Fargo Bank, N.A.
                  as
                  the Custodian

                 

              

      

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions of Section 3 of the above-referenced Custodial
        Agreement, the undersigned, as the Custodian, hereby certifies that it is
        holding the Mortgage Loans identified on the schedule attached hereto for
        the
        exclusive benefit of the Trustee pursuant to the terms and conditions of
        the
        Custodial Agreement, and it has received a Custodial File with respect to
        each
        such Mortgage Loan (other than any Mortgage Loan specifically identified
        on the
        exception report attached hereto) and that with respect to each such Mortgage
        Loan: (i) all documents required to be delivered to it pursuant to 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 appear on their face
        to
        relate to such Mortgage Loan and (iii) based on its examination and only
        as to
        the foregoing, the information set forth in the Mortgage Loan Schedule that
        corresponds to items (1) and (3) of the definition of “Mortgage Loan Schedule”
in the Pooling and Servicing Agreement accurately reflects information set
        forth
        in the Custodial File.

       

      The
        Custodian hereby confirms that it is holding each such Custodial File as
        agent
        and bailee of and custodian for the exclusive use and benefit of the Trustee
        pursuant to the terms of the Custodial Agreement.

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used herein shall have the meaning ascribed to them in the Custodial
        Agreement. 

       

      
        	 	
                WELLS
                  FARGO
                  BANK, N.A. 

                (Custodian)

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:]

              	 

      

      

       

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F-2

       

      [FORM
        OF
        TRUSTEE’S FINAL CERTIFICATION

       

                              ________________

                              [Date]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                  of March 1, 2006 among Financial Asset Securities Corp., as Depositor,
                  Option One Mortgage Corporation, as Servicer and Deutsche Bank
                  National
                  Trust Company, as Trustee with respect to Soundview Home Loan Trust
                  2006-OPT1, Asset-Backed Certificates, Series
                  2006-OPT1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage loan paid in full
        or
        listed on Schedule I hereto) it (or its custodian) has received the applicable
        documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items 1, 3, 10, 11 and 15 of the
        definition of Mortgage Loan Schedule in the Pooling and Servicing Agreement
        accurately reflects information in the Mortgage File.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:]

              	 

      

      

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [FORM
        OF
        CUSTODIAN’S FINAL CERTIFICATION 

      

      TRUST
        RECEIPT # ___

      ______,
        2006

      Aggregate
        Amount of Mortgage Loans: _____

      Original
        Principal Balance of Aggregate Mortgage Loans: __________

      

      
        	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

                Attention:
                  Trust Administration GC04FFH4

                 

              	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              
	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

                 

              	 

      

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of March 1, 2006, among Deutsche Bank National
                  Trust
                  Company as the Trustee, Option One Mortgage Corporation as Servicer
                  and
                  Wells
                  Fargo Bank, N.A.
                  as
                  the Custodian

              

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with the provisions of Section 4 of the above-referenced Custodial
        Agreement, the undersigned, as the Custodian, hereby certifies that as to
        each
        Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or any Mortgage Loan listed on the attachment hereto) it has
        reviewed the Custodial Files and has determined that (i) all documents required
        to be delivered to it pursuant to Sections 2(i), (ii), (iii), (iv) and (v)
        of
        the Custodial Agreement are in its possession and to the extent provided
        in the
        Custodial Files paragraph (v) of Section 2 of the Custodial Agreement are
        in its
        possession; (ii) such documents have been reviewed by it and appear regular
        on
        their face and relate to such Mortgage Loan; (iii) based on its examination
        and
        only as to the foregoing documents, the information set forth in items (1)
        and
        (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
        Agreement accurately reflects information set forth in the Custodial File;
        and
        (iv) each Mortgage Note has been endorsed as provided in Section 2 of the
        Custodial Agreement and each Mortgage has been assigned in accordance with
        Section 2 of the Custodial Agreement. The Custodian makes no representations
        as
        to (i) the validity, legality, enforceability, sufficiency, due authorization
        or
        genuineness of any of the documents contained in each Custodial File or of
        any
        of the Mortgage Loans or (ii) the collectability, insurability, effectiveness
        or
        suitability of any such Mortgage Loan.

       

      The
        Custodian hereby confirms that it is holding each such Custodial File as
        agent
        and bailee of, and custodian for the exclusive use and benefit, and subject
        to
        the sole direction, of the Trustee pursuant to the terms and conditions of
        the
        Custodial Agreement.

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used herein shall have the meaning ascribed to them in the Custodial
        Agreement.

       

      
        	 	
                WELLS
                  FARGO
                  BANK, N.A. 

                (Custodian)

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title]

              	 

      

      

       

       

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Re:  
        Soundview
        Home Loan Trust 2006-OPT1,

             
        Asset-Backed Certificates Series 2006-OPT1

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 3 of the Custodial Agreement, dated as of March 1, 2006, among
        Deutsche Bank National Trust Company as the Trustee, Option One Mortgage
        Corporation as Servicer and Wells
        Fargo Bank, N.A.
        as the
        Custodian, we hereby acknowledge the receipt of the original Mortgage Notes
        (a
        copy of which is attached hereto as Exhibit 1) with any exceptions thereto
        listed on Exhibit 2.

       

      
        	 	
                WELLS
                  FARGO BANK, N.A.

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

      

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        CUSTODIAL AGREEMENT

       

      

        
          	 

        

        

        DEUTSCHE
          BANK NATIONAL TRUST COMPANY, as Trustee

         

        for
          the
          Soundview Home Loan Trust 2006-OPT1,

         

        Asset
          Backed Certificates, Series 2006-OPT1

         

        and

         

        WELLS
          FARGO BANK, N.A.,

         

        as
          Custodian

         

        and

         

        OPTION
          ONE MORTGAGE CORPORATION,

         

        as
          Servicer

         

        CUSTODIAL
          AGREEMENT

        As
          of
          March 1, 2006

        

        
          	 

        

        

        TABLE
          OF CONTENTS

         

        
           

          1. Definitions.

           

          2. Delivery
            of Custodial Files.

           

          
            3. Custodian’s
              Receipt, Examination and Certification of Mortgage Files; Initial Trust
              Receipt
              Delivered by the Custodian.

             

          

          4. Obligations
            of the Custodian.

           

          5. Final
            Trust Receipt.

           

          6. Future
            Defects.

           

          7. Release
            for Servicing.

           

          8. Release
            for Payment.

           

          9. Fees
            and
            Expenses of Custodian.

           

          10. Removal
            of Custodian.

           

          11. Transfer
            of Custodial Files.

           

          12. Examination
            of Custodial Files.

           

          13. Insurance
            of Custodian.

           

          14. Counterparts.

           

          15. Periodic
            Statements.

           

          16. GOVERNING
            LAW.

           

          17. Copies
            of
            Mortgage Documents.

           

          18. No
            Adverse Interest of Custodian.

           

          19. Termination
            by Custodian.

           

          20. Term
            of
            Agreement.

           

          21. Notices.

           

          22. Successors
            and Assigns.

           

          23. Indemnification
            of Custodian.

           

          24. Reliance
            of Custodian.

           

          25. Transmission
            of Custodial Files.

           

          26. Authorized
            Representatives.

           

          27. Reproduction
            of Documents.

           

          28. Amendment.

           

          29. Compliance
            with Regulation AB.

           

          30. Limitation
            of Liability.

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBITS

         

        EXHIBIT
          1 
          FORM
          OF
          TRUST RECEIPT AND INITIAL CERTIFICATION

        EXHIBIT
          2 
          FORM
          OF
          FINAL TRUST RECEIPT

        EXHIBIT
          3
 
          FORM
          OF
          REQUEST FOR RELEASE OF DOCUMENTS

        EXHIBIT
          4 
          AUTHORIZED
          REPRESENTATIVES OF SERVICER

        EXHIBIT
          5 
          AUTHORIZED
          REPRESENTATIVES OF TRUSTEE

        EXHIBIT
          6 
          AUTHORIZED
          REPRESENTATIVES OF CUSTODIAN

        EXHIBIT
          7 
          MORTGAGE
          LOAN SCHEDULE

        EXHIBIT
          8 
          FORM
          OF
          RECEIPT OF MORTGAGE NOTE

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        

           

          THIS
            CUSTODIAL AGREEMENT, dated as of March 1, 2006, among Deutsche Bank National
            Trust Company, having an address at 1761 East St. Andrew Place, Santa
            Ana,
            California 92705-4934, not individually but solely as trustee for Soundview
            Home
            Loan Trust 2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1 (the
            “Trustee”), Wells Fargo Bank, N.A. as custodian, having an address at 24
            Executive Park, Suite 100, Irvine, California 92614 (the “Custodian”) and Option
            One Mortgage Corporation. as servicer (the “Servicer”), having an address at 3
            Ada, Irvine, California 92618.

           

          W I T N E S S E T H

           

          WHEREAS,
            Financial Asset Securities Corp. (the “Depositor”) has purchased certain
            conventional fixed-rate and adjustable-rate mortgage loans (the “Mortgage
            Loans”) from Option One Mortgage Corporation, Option One Owner Trust 2001-1A,
            Option One Owner Trust 2001-1B, Option One Owner Trust 2001-2, Option
            One Owner
            Trust 2002-3, Option One Owner Trust 2003-4, Option One Owner Trust 2003-5,
            Option One Owner Trust 2005-6, Option One Owner Trust 2005-7, Option
            One Owner
            Trust 2005-8 and/or Option One Owner Trust 2005-9 (collectively, the
“Sellers”),
            pursuant to the terms and conditions of an Mortgage Loan Purchase Agreement,
            dated as of March 7, 2006, among the Depositor and the Sellers (the “Purchase
            Agreement”);

           

           

          WHEREAS,
            the Servicer is to service the Mortgage Loans on behalf of Soundview
            Home Loan
            Trust 2006-OPT1, under a Pooling and Servicing Agreement, dated as of
            March 1,
            2006, among the Depositor, the Servicer and the Trustee (the “Pooling and
            Servicing Agreement”); and

           

           

          WHEREAS,
            the Custodian is a national banking association chartered under the laws
            of the
            United States of America and regulated by the Comptroller of the Currency,
            and
            is otherwise authorized to act as Custodian pursuant to this Agreement.
            With
            respect to each of the Mortgage Loans set forth on the Mortgage Loan
            Schedule
            attached as Exhibit 8 hereto, the Servicer desires to have the Custodian
            take
            possession of the Mortgages and Mortgage Notes, along with certain other
            documents specified herein, as the custodian of the Trustee, in accordance
            with
            the terms and conditions hereof.

           

           

          NOW
            THEREFORE, in consideration of the mutual undertakings herein expressed,
            the
            parties hereto hereby agree as follows:

           

           

          
            	 	
                    1.

                  	
                    Definitions.

                  

          

           

           

          Any
            capitalized terms used but not defined herein shall have the meanings
            ascribed
            to them in the Pooling and Servicing Agreement.

           

           

          
            	 	
                    2.

                  	
                    Delivery
                      of Custodial Files.

                  

          

           

           

          The
            Depositor has delivered and released, or will cause to be delivered and
            released, to the Custodian on or prior to the Closing Date the following
            documents pertaining to each of the Mortgage Loans identified in the
            Mortgage
            Loan Schedule (the “Custodial File”):

           

           

          (i) the
            original Mortgage Note, endorsed either (A) in blank, in which case the
            Custodian shall cause the endorsement to be completed or (B) in the following
            form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee,
            without recourse” or with respect to any lost Mortgage Note, an original Lost
            Note Affidavit stating that the original mortgage note was lost, misplaced
            or
            destroyed, together with a copy of the related mortgage note; provided,
            however,
            that such substitutions of Lost Note Affidavits for original Mortgage
            Notes may
            occur only with respect to Mortgage Loans, the aggregate Cut-off Date
            Principal
            Balance of which is less than or equal to 1.00% of the Pool Balance as
            of the
            Cut-off Date;

           

           

          (ii) the
            original Mortgage with evidence of recording thereon, and the original
            recorded
            power of attorney, if the Mortgage was executed pursuant to a power of
            attorney,
            with evidence of recording thereon or, if such Mortgage or power of attorney
            has
            been submitted for recording but has not been returned from the applicable
            public recording office, has been lost or is not otherwise available,
            a copy of
            such Mortgage or power of attorney, as the case may be, certified to
            be a true
            and complete copy of the original submitted for recording;

           

           

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

           

           

          (iv) an
            original copy of any intervening assignment of Mortgage showing a complete
            chain
            of assignments;

           

           

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

           

           

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

           

           

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

           

           

          Upon
            discovery or receipt of notice of any materially defective document in,
            or that
            a document is missing from, a Mortgage File, the Custodian shall notify
            the
            Servicer and the Servicer shall enforce the obligations of the Originator
            under
            the Purchase Agreement to cure such defect or deliver such missing document
            to
            the Trustee or the Custodian within 120 days. If the Originator does
            not cure
            such defect or deliver such missing document within such time period,
            the
            Servicer shall enforce the obligations of the Originator to either repurchase
            or
            substitute for such Mortgage Loan in accordance with Section 2.03 of
            the Pooling
            and Servicing Agreement. For purposes of this Section, “defect” shall mean a
            failure of a document to correspond to the information set forth in the
            applicable Mortgage Loan Schedule or the absence in a Mortgage File of
            any
            document required pursuant to this Agreement. In connection with the
            foregoing,
            it is understood that the Custodian shall have no duty to discover any
            such
            defects except in the course of performing its review of the Mortgage
            Files to
            the extent set forth herein.

           

           

          The
            Servicer shall forward to the Custodian original documents evidencing
            an
            assumption, modification, consolidation or extension of any Mortgage
            Loan
            entered into in accordance with this Agreement within two weeks of their
            execution; provided, however, that the Servicer shall provide the Custodian
            with
            a certified true copy of any such document submitted for recordation
            within two
            weeks of its execution, and shall provide the original of any document
            submitted
            for recordation or a copy of such document certified by the appropriate
            public
            recording office to be a true and complete copy of the original within
            365 days
            of its submission for recordation. In the event that the Servicer cannot
            provide
            a copy of such document certified by the public recording office within
            such 365
            day period, the Servicer shall deliver to the Custodian, within such
            365 day
            period, an Officers’ Certificate of the Servicer which shall (A) identify the
            recorded document, (B) state that the recorded document has not been
            delivered
            to the Custodian due solely to a delay caused by the public recording
            office,
            (C) state the amount of time generally required by the applicable recording
            office to record and return a document submitted for recordation, if
            known and
            (D) specify the date the applicable recorded document is expected to
            be
            delivered to the Custodian, and, upon receipt of a copy of such document
            certified by the public recording office, the Servicer shall immediately
            deliver
            such document to the Custodian. In the event the appropriate public recording
            office will not certify as to the accuracy of such document, the Servicer
            shall
            deliver a copy of such document certified by an officer of the Servicer
            to be a
            true and complete copy of the original to the Custodian.

           

          The
            Custodian hereby agrees to its duties under Section 2.03 of the Pooling
            and
            Servicing Agreement with respect to Qualified Substitute Mortgage
            Loans.

           

          
            	 	
                    3.

                  	
                    Custodian’s
                      Receipt, Examination and Certification of Mortgage Files; Initial
                      Trust
                      Receipt Delivered by the Custodian.

                  

          

           

           

          The
            Custodian agrees, for the benefit of the Certificateholders, to review
            each
            Custodial File within 45 days of the Closing Date and to certify in
            substantially the form attached hereto as Exhibit 1 (the “Trust Receipt and
            Initial Certification”) 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 to 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 appear on their face to relate to such Mortgage Loan and (iii) based
            on its
            examination and only as to the foregoing, the information set forth in
            the
            Mortgage Loan Schedule that corresponds to items (1) and (3) of the definition
            of “Mortgage Loan Schedule” in the Pooling and Servicing Agreement accurately
            reflects information set forth in the Custodial File. It is herein acknowledged
            that, in conducting such review, the Custodian was not under any duty
            or
            obligation (i) to inspect, review or examine any such documents, instruments,
            certificates or other papers to determine whether they are genuine, enforceable,
            or appropriate for the represented purpose or whether they have actually
            been
            recorded or that they are other than what they purport to be on their
            face or
            (ii) to determine whether any Custodial File should include any of the
            documents
            specified in clause (v) of Section 2.

           

           

          The
            Custodian agrees to execute and deliver to the Depositor, the Trustee
            and the
            Servicer on or prior to the Closing Date an acknowledgment of receipt
            of the
            related original Mortgage Note for each Initial Mortgage Loan (with any
            exceptions noted), substantially in the form attached as Exhibit 8 (the
“Receipt
            of Mortgage Note”) hereto.

           

           

          
            	 	
                    4.

                  	
                    Obligations
                      of the Custodian.

                  

          

           

           

          With
            respect to the Mortgage Note, the Mortgage and the Assignment and other
            documents constituting each Custodial File which is delivered to the
            Custodian
            or which come into the possession of the Custodian, the Custodian is
            the
            custodian for the Trustee exclusively. The Custodian shall hold all mortgage
            documents received by it constituting the Custodial File for the exclusive
            use
            and benefit of the Trustee, and shall make disposition thereof only in
            accordance with this Agreement and the instructions furnished by the
            Trustee.
            The Custodian shall segregate and maintain continuous custody of all
            mortgage
            documents constituting the Custodial File in secure and fire-resistant
            facilities in accordance with customary standards for such custody. The
            Custodian shall not be responsible to verify (i) the validity, legality,
            enforceability, sufficiency, due authorization or genuineness of any
            document in
            each Custodial File or of any of the Mortgage Loans or (ii) the collectability,
            insurability, effectiveness or suitability of any Mortgage Loan.
            The
            Custodian shall not execute any
            endorsements on the Mortgage Notes and Assignments of Mortgages without
            the
            prior written consent of the Trustee, except as otherwise set forth in
            Section 2
            of this Agreement or as otherwise agreed to between the Trustee and the
            Custodian.

           

           

          
            	 	
                    5.

                  	
                    Final
                      Trust Receipt.

                  

          

           

           

          Within
            one (1) year
            after
            the Closing Date, the Custodian shall review each Custodial File, and
            shall
            deliver to the Trustee (with a copy to the Depositor and the Servicer),
            a Final
            Trust Receipt attached hereto as Exhibit 2 to the effect that, as to
            each
            Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
            Loan
            (i) paid in full,
            or
            (ii)
            specifically identified on such Final Trust Receipt as not covered by
            such Final
            Trust Receipt): (i) all documents required to be delivered to it pursuant
            to
            paragraphs (i), (ii), (iii), (iv) and (vi) and to the extent provided
            in the
            Custodial Files paragraph (v) of Section 2 of this Agreement are in its
            possession; (ii) such documents have been reviewed by it and appear regular
            on
            their face and relate to such Mortgage Loan; (iii) based on its examination
            and
            only as to the foregoing documents, the information set forth in items
            (1) and
            (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
            Agreement accurately reflects information set forth in the Custodial
            File; and
            (iv) each Mortgage Note has been endorsed as provided in Section 2 of
            this
            Agreement and each Mortgage has been assigned in accordance with Section
            2 of
            this Agreement.

           

           

          
            	 	
                    6.

                  	
                    Future
                      Defects.

                  

          

           

           

          During
            the term of this Agreement, if the Custodian discovers any defect with
            respect
            to the Custodial File, the Custodian shall give written specification
            of such
            defect to the Servicer and the Trustee. For purposes of this Section,
“defect”
shall mean a failure of a document to correspond to the information set
            forth in
            the applicable Mortgage Loan Schedule or the absence in a Mortgage File
            of any
            document required pursuant to this Agreement.

           

           

          
            	 	
                    7.

                  	
                    Release
                      for Servicing.

                  

          

           

           

          From
            time
            to time and as appropriate for the foreclosure or servicing of any of
            the
            Mortgage Loans, the Custodian shall, upon receipt of two copies (or
            electronic receipt
            from the Servicer in a form acceptable to the Custodian) of a Request
            for
            Release of Documents and receipt in the form annexed hereto as Exhibit
            3,
            release
            to the Servicer, the related Custodial File or its designee within three
            Business Days, which, shall be sent by overnight mail, at the expense
            of the
            Servicer or the related Mortgagor, and the Custodian shall, at the written
            direction of the Servicer, execute such documents provided to it by the
            Servicer
            as shall be necessary to the prosecution of any such proceedings. The
            Servicer
            shall return to the Custodian the Custodial File when the Servicer’s need
            therefor in connection with such foreclosure or servicing no longer exists,
            unless the Mortgage Loan shall be liquidated in which case, upon receipt
            of an
            additional Request for Release of Documents and receipt certifying such
            liquidation in the form annexed hereto as Exhibit
            3,
            the
            request and receipt submitted pursuant to the first sentence of this
            Section 7
            shall be released by the Custodian to the Servicer.

           

           

          
            	 	
                    8.

                  	
                    Release
                      for Payment.

                  

          

           

           

          Upon
            receipt by the Custodian of two copies (or electronic receipt from the
            Servicer
            in a form acceptable to the Custodian) of the Servicer’s Request for Release of
            Documents and receipt in the form annexed hereto as Exhibit
            3
            (which
            certification shall include a statement to the effect that all amounts
            received
            in connection with such payment, repurchase or liquidation have been
            credited to
            the related custodial account), the Custodian shall promptly release
            the related
            Custodial File to the Servicer.

           

           

          
            	 	
                    9.

                  	
                    Fees
                      and Expenses of Custodian.

                  

          

           

           

          In
            accordance with the terms of the Pooling and Servicing Agreement, the
            Custodian’s fees and expenses in connection herewith shall be paid by the
            Trustee as set forth in the Pooling and Servicing Agreement. By each
            Determination Date, the Custodian shall notify the Trustee of the amount
            of fees
            and expenses owed to the Custodian with respect to the related Distribution
            Date.

           

           

          
            	 	
                    10.

                  	
                    Removal
                      of Custodian.

                  

          

           

           

          The
            Trustee, with or without cause, may upon at least 60
            days’
notice remove and discharge the Custodian from the performance of its
            duties
            under this Agreement by written notice from the Trustee
            to the
            Custodian, with a copy to the Servicer. Having given notice of such removal,
            the
            Trustee promptly shall appoint (at the direction of the Depositor and
            with the
            consent of the Servicer) a successor Custodian to act on behalf of the
            Trustee
            by written instrument, one original counterpart of which instrument shall
            be
            retained by the Trustee, with a copy to the Servicer, and an original
            to the
            successor Custodian. In the event of any such removal, the Custodian
            shall, upon
            the Trustee’s surrender of the Trust Receipt and Initial Certifications and
            Final Trust Receipt, as applicable, promptly transfer to the successor
            Custodian, as directed, all Custodial Files being administered under
            this
            Agreement. In the event of any such removal and appointment the Trust
            Fund shall
            be responsible for the fees and expenses of the existing and successor
            Custodian.

           

           

          
            	 	
                    11.

                  	
                    Transfer
                      of Custodial Files.

                  

          

           

           

          Upon
            the
            Custodian’s receipt of two (2) Business Days’ written or
            electronic notification
            from the Trustee, the Custodian shall release to such persons as the
            Trustee
            shall
            designate all or a portion of the Custodial Files relating to the Mortgage
            Loans
            subject to the Trust Receipt and Initial Certification or Final Trust
            Receipt,
            as applicable.

           

           

          
            	 	
                    12.

                  	
                    Examination
                      of Custodial Files.

                  

          

           

           

          Upon
            reasonable prior written notice to the Custodian but not less than two
            (2)
            Business Days notice, the Trustee and its agents, accountants, attorneys
            and
            auditors will be permitted during normal business hours to examine the
            Custodial
            Files, documents, records and other papers in the possession of or under
            the
            control of the Custodian relating to any or all of the Mortgage Loans
            at the
            expense of the Trustee.

           

           

          
            	 	
                    13.

                  	
                    Insurance
                      of Custodian.

                  

          

           

           

          At
            its
            own expense, the Custodian shall maintain at all times during the existence
            of
            this Agreement and keep in full force and effect such insurance in amounts,
            with
            standard coverage and subject to deductibles, all as is customary for
            insurance
            typically maintained by banks which act as Custodian. The minimum coverage
            under
            any such bond and insurance policies shall be at least equal to the
            corresponding amounts required by Fannie Mae in the Fannie Mae Servicing
            Guide
            or by Freddie Mac in the Freddie Mac Sellers’ & Servicers’ Guide. Upon
            request, the Trustee shall be entitled to receive evidence satisfactory
            to the
            Trustee that such insurance is in full force and effect.

           

           

          
            	 	
                    14.

                  	
                    Counterparts.

                  

          

           

           

          For
            the
            purpose of facilitating the execution 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 constitute and be one and the same
            instrument.

           

           

          
            	 	
                    15.

                  	
                    Periodic
                      Statements.

                  

          

           

           

          Upon
            the
            written request of the Trustee, the Custodian shall provide to the Trustee
            a
            list of all the Mortgage Loans for which the Custodian holds a Custodial
            File
            pursuant to this Agreement. Such list may be in the form of a copy of
            the
            Mortgage Loan Schedule with manual deletions to specifically denote any
            Mortgage
            Loans paid off, repurchased or sold since the date of this
            Agreement.

           

           

          
            	 	
                    16.

                  	
                    GOVERNING
                      LAW.

                  

          

           

           

          THIS
            AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
            OF NEW
            YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER
            SHALL BE
            DETERMINED IN ACCORDANCE WITH SUCH LAWS.

           

           

          
            	 	
                    17.

                  	
                    Copies
                      of Mortgage Documents.

                  

          

           

           

          Upon
            the
            written request of the Trustee
            and at
            the cost and expense of the Custodian, the Custodian shall provide the
            Trustee
            with
            copies of the Mortgage Notes, Mortgages, Assignments and other documents
            relating to one or more of the Mortgage Loans.

           

           

          
            	 	
                    18.

                  	
                    No
                      Adverse Interest of Custodian.

                  

          

           

           

          By
            execution of this Agreement, the Custodian represents and warrants that
            it
            currently holds, and during the existence of this Agreement shall hold,
            no
            interest adverse to the Trustee, by way of security or otherwise, in
            any
            Mortgage Loan, and hereby waives and releases any such interest which
            it may
            have in any Mortgage Loan as of the date hereof.

           

           

          
            	 	
                    19.

                  	
                    Termination
                      by Custodian.

                  

          

           

           

          The
            Custodian may terminate its obligations under this Agreement upon at
            least sixty
            (60) days’ prior notice to the Servicer and the Trustee. In the event of such
            termination, the Trustee shall appoint a successor Custodian. The payment
            of
the
            existing Custodian’s or such
            successor Custodian’s fees and expenses shall be solely the responsibility of
            the Trust Fund. Upon such appointment, the Custodian shall promptly transfer
            to
            the successor Custodian, as directed, all Custodial Files being administered
            under this Agreement.

           

           

          
            	 	
                    20.

                  	
                    Term
                      of Agreement.

                  

          

           

           

          Unless
            terminated pursuant to Section 9 or Section 18 hereof, this Agreement
            shall
            terminate upon the final payment or other liquidation (or advance with
            respect
            thereto) of the last Mortgage Loan or the disposition of all property
            acquired
            upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan,
            and the
            final remittance of all funds due under the Pooling and Servicing Agreement.
            In
            such event all documents remaining in the Custodial Files shall be released
            in
            accordance with the written instructions of the Trustee.

           

           

          
            	 	
                    21.

                  	
                    Notices.

                  

          

           

           

          All
            demands, notices and communications hereunder shall be in writing and
            shall be
            deemed to have been duly given when received by the recipient party (i)
            in the
            case of the Custodian, the Trustee and the Servicer, at the address shown
            on the
            first page hereof, (ii) in the case of the Depositor, Financial Asset
            Securities
            Corp., 600 Steamboat Road, Greenwich, Connecticut 08630, Attention: Legal
            and
            (iii) in the case of the Seller, Option One Mortgage Corporation, 3 Ada,
            Irvine,
            California 92618, or in any case, at such other addresses as may hereafter
            be
            furnished to the other party by like notice. Any such demand, notice
            or
            communication hereunder shall be deemed to have been received on the
            date
            delivered to or received at the premises of the addressee.

           

           

          
            	 	
                    22.

                  	
                    Successors
                      and Assigns.

                  

          

           

           

          This
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto; provided however, that the form of any assignment by
            any party
            of its interests hereunder shall be in a form reasonably acceptable to
            the
            Trustee, the Servicer and the Custodian. Such assignment shall be executed
            by an
            authorized representative of the assignor and any assignee shall forward
            a list
            of authorized representatives to each party to this Agreement pursuant
            to
            Section 26 of this Agreement.

           

           

          
            	 	
                    23.

                  	
                    Indemnification
                      of Custodian.

                  

          

           

           

          The
            Custodian and its directors, officers, agents and employees shall be
            indemnified
            and held harmless by the Trust Fund against liabilities, obligations,
            losses,
            damages, penalties, actions, judgments, suits, costs, expenses or disbursements,
            including reasonable attorney’s fees, that may be imposed on, incurred by, or
            asserted against it or them directly relating to or arising out of this
            Custodial Agreement or any action taken or not taken by it or them hereunder
            unless such liabilities, obligations, losses, damages, penalties, actions,
            judgments, suits, costs, expenses or disbursements were imposed on, incurred
            by
            or asserted against the Custodian because of the breach by the Custodian
            of its
            obligations hereunder, which breach was caused by negligence, lack of
            good faith
            or willful misconduct on the part of the Custodian or any of its directors,
            officers, agents or employees. The indemnification set forth in this
            section
            shall survive any termination or
            assignment of
            this
            Custodial Agreement and the termination or removal of the
            Custodian.

           

           

          The
            Custodian agrees to indemnify and hold the Trust Fund and Trustee, its
            employees, officers and directors harmless against liabilities, obligations,

            losses, damages, penalties, actions, judgments, suits, costs, expenses
            or
            disbursements, including reasonable attorney’s fees, that may be imposed on,
            incurred by, or asserted against them directly relating to or arising
            out of a
            failure to produce a Mortgage Note, Assignment or any other document
            related to
            a Mortgage Loan that was in its possession pursuant to Section 2 within
            two (2)
            Business Days after required or requested by the Trustee, and provided,
            that (i)
            Custodian previously delivered to the Trustee a Trust Receipt and Initial
            Certification with respect to such document (other than any Mortgage
            Loan
            identified in the exception report annexed thereto as not covered by
            such
            certification); (ii) such document is not outstanding pursuant to a Request
            for
            Release; and (iii) such document was held by the Custodian on behalf
            of the
            Trustee. In no event shall the Custodian or its directors, officers,
            agents and
            employees be liable for any special, indirect or consequential damages
            from any
            action taken or omitted to be taken by it or them hereunder or in connection
            herewith even if advised of the possibility of such damages. The foregoing
            indemnification shall survive any termination or assignment of this Agreement
            or
            the removal or resignation of the Custodian hereunder.

           

           

          
            	 	
                    24.

                  	
                    Reliance
                      of Custodian.

                  

          

           

           

          (i) The
            Custodian may conclusively rely, as to the truth of the statements and
            the
            correctness of the opinions expressed therein, upon any request, instructions,
            certificate, opinion or other document furnished to the Custodian, reasonably
            believed by the Custodian to be genuine and to have been signed or presented
            by
            the proper party or parties and conforming to the requirements of this
            Agreement; but in the case of any loan document or other request, instruction,
            document or certificate which by any provision hereof is specifically
            required
            to be furnished to the Custodian, the Custodian shall be under a duty
            to examine
            the same to determine, subject to the limitations on the Custodian’s obligations
            set forth herein, whether or not it conforms to the requirements of this
            Agreement.

           

           

          (ii) The
            Custodian shall have no duties or responsibilities except those that
            are
            specifically set forth in this Agreement. The Custodian shall have no
            responsibility nor duty with respect to any Custodial File while such
            Custodial
            File is not in its possession. If the Custodian requests instructions
            from the
Trustee
            with
            respect to any act, action or failure to act in connection with this
            Agreement,
            the Custodian shall be entitled to refrain from taking such action and
            continue
            to refrain from acting unless and until the Custodian shall have received
            written instructions from the Trustee
            with
            respect to a Custodial File without incurring any liability therefor
            to the
Trustee
            or any
            other Person.

           

           

          (iii) Other
            than as provided herein, neither the Custodian nor any of its directors,
            officers, agents or employees shall be liable for any action or omission
            to act
            hereunder except for its or their own negligence or lack of good faith
            or
            willful misconduct. In no event shall the Custodian or any of its directors,
            officers, agents or employees have any responsibility to ascertain or
            take
            action except as expressly provided herein.

           

           

          (iv) Neither
            the Custodian nor any of its directors, officers, agents or employees
            shall be
            liable for any action taken or not taken by it in good faith in the performance
            of its obligations under this Agreement. The obligations of the Custodian
            or any
            of its directors, officers, agents or employees shall be determined solely
            by
            the express provisions of this Agreement. No representation, warranty,
            covenant,
            agreement, obligation or duty of the Custodian or any of its directors,
            officers, agents or employees shall be implied with respect to this Agreement
            or
            the Custodian’s services hereunder.

           

           

          (v) The
            Custodian, its directors, officers, agents and employees shall be under
            no duty
            or obligation to inspect, review or examine the Custodial Files to determine
            that the contents thereof are genuine, enforceable or appropriate for
            the
            represented purpose or that they have been actually recorded or that
            they are
            other than what they purport to be on their face.

           

           

          (vi) The
            Custodian may consult with counsel selected by the Custodian with regard
            to
            legal questions arising out of or in connection with this Agreement,
            and the
            advice or opinion of such counsel shall be full and complete authorization
            and
            protection in respect of any action reasonably taken, omitted or suffered
            by the
            Custodian in good faith and in accordance therewith.

           

           

          (vii) No
            provision of this Agreement shall require the Custodian to expend or
            risk its
            own funds or otherwise incur financial liability (other than expenses
            or
            liabilities otherwise required to be incurred by the express terms of
            this
            Agreement) in the performance of its duties under this Agreement if it
            shall
            have reasonable grounds for believing that repayment of such funds or
            adequate
            indemnity is not reasonably assured to it.

           

           

          (viii) Any
            corporation into which the Custodian may be merged or converted or with
            which it
            may be consolidated, or any corporation resulting from any merger, conversion
            or
            consolidation to which the Custodian shall be a party, or any corporation
            succeeding to the business of the Custodian shall be the successor of
            the
            Custodian hereunder without the execution or filing of any paper with
            any party
            hereto or any further act on the part of any of the parties hereto except
            where
            an instrument of transfer or assignment is required by law to effect
            such
            succession, anything herein to the contrary notwithstanding.

           

           

          
            	 	
                    25.

                  	
                    Transmission
                      of Custodial Files.

                  

          

           

           

          Written
            or
            electronic
            instructions as to the method of shipment and shipper(s) the Custodian
            is
            directed to utilize in connection with transmission of mortgage files
            and loan
            documents in the performance of the Custodian’s duties hereunder shall be
            delivered by the Servicer (a “Requesting Party”), to the Custodian prior to any
            shipment of any mortgage files and loan documents hereunder. The Requesting
            Party will arrange for the provision of such services at its sole cost
            and
            expense (or, at the Custodian’s option, reimburse the Custodian for all costs
            and expenses incurred by the Custodian consistent with such instructions)
            and
            will maintain such insurance against loss or damage to mortgage files
            and loan
            documents as the Requesting Party deems appropriate. Without limiting
            the
            generality of the provisions of Section 23 above, it is expressly agreed
            that in
            no event shall the Custodian have any liability for any losses or damages
            to any
            person, including without limitation, any Requesting Party, arising out
            of
            actions of the Custodian consistent with instructions of the Requesting
            Party.

           

           

          
            	 	
                    26.

                  	
                    Authorized
                      Representatives.

                  

          

           

           

          Each
            individual designated as an authorized representative of the Servicer,
            the
            Trustee and the Custodian, respectively (an “Authorized
            Representative”),
            is
            authorized to give and receive notices, requests and instructions and
            to deliver
            certificates and documents in connection with this Agreement on behalf
            of the
            Servicer, the Trustee or the Custodian, as the case may be, and the specimen
            signature for each such Authorized Representative of the Servicer, the
            Trustee
            and the Custodian, initially authorized hereunder, as set forth on Exhibit
            4,
            Exhibit
            5
            and
Exhibit
            6
            hereof,
            respectively. From time to time the parties hereto may, by delivering
            to each
            other a revised exhibit, change the information previously given pursuant
            to
            this Section 25, but each of the parties hereto shall be entitled to
            rely
            conclusively on the then current exhibit until receipt of a superseding
            exhibit.

           

           

          
            	 	
                    27.

                  	
                    Reproduction
                      of Documents.

                  

          

           

           

          This
            Custodial Agreement and all documents relating thereto except with respect
            to
            the Custodial File, including, without limitation, (a) consents, waivers
            and
            modifications which may hereafter be executed, and (b) certificates and
            other
            information previously or hereafter furnished, may be reproduced by any
            photographic, photostatic, microfilm, microcard, miniature photographic
            or other
            similar process. The parties agree that any such reproduction shall be
            admissible in evidence as the original itself in any judicial or administrative
            proceeding, whether or not the original is in existence and whether or
            not such
            reproduction was made by a party in the regular course of business, and
            that any
            enlargement, facsimile or further reproduction of such reproduction shall
            likewise be admissible in evidence.

           

           

          
            	 	
                    28.

                  	
                    Amendment.

                  

          

           

           

          This
            Custodial Agreement may be amended from time to time by written agreement
            signed
            by the Servicer, the Trustee and the Custodian.

           

           

          
            	 	
                    29.

                  	
                    Compliance
                      with Regulation AB.

                  

          

           

           

          (a) Intent
            of the Parties; Reasonableness.
            The
            Custodian acknowledges and agrees that the purpose of this Section 29
            is to
            facilitate compliance by the Depositor with the provisions of Regulation
            AB and
            related rules and regulations of the Securities and Exchange Commission
            (the
“Commission”). The Depositor shall not exercise its right to request delivery of
            information or other performance under these provisions other than in
            good
            faith, or for purposes other than compliance with the Securities Act
            of 1933
            (the “1933 Act”), the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”) and the rules and regulations of the Commission under the 1933
            Act and the Exchange Act. The Custodian acknowledges that interpretations
            of the
            requirements of Regulation AB may change over time, due to interpretive
            guidance
            provided by the Commission or its staff and agrees to comply with requests
            made
            by the Depositor in good faith for delivery of information under these
            provisions on the basis of evolving interpretations of Regulation AB.
            The
            Custodian shall cooperate reasonably with the Depositor to deliver to
            the
            Depositor (including any of its assignees or designees), any and all
            disclosure,
            statements, reports, certifications, records and any other information
            necessary
            in the reasonable, good faith determination of the Depositor to permit
            the
            Depositor to comply with the provisions of Regulation AB.

           

           

          (b) Additional
            Representations and Warranties of the Custodian.

           

           

          (i) The
            Custodian hereby represents and warrants that the information set forth
            in the
            Prospectus Supplement under the caption “Pooling and Servicing Agreement—The
            Custodian” (the “Custodian Disclosure”) does not contain any untrue statement of
            a material fact or omit to state a material fact required to be stated
            therein
            or necessary in order to make the statements therein, in the light of
            the
            circumstances under which they were made, not misleading.

           

           

          (ii) The
            Custodian shall be deemed to represent to the Depositor as of the date
            hereof
            and on each date on which information is provided to the Depositor under
            Section
            29(c) that, except as disclosed in writing to the Depositor prior to
            such date:
            (i) there are no aspects of its financial condition that could have a
            material
            adverse effect on the performance by it of its Custodian obligations
            under this
            Custodial Agreement or any other securitization transaction as to which
            it is
            the custodian; (ii) there are no material legal or governmental proceedings
            pending (or known to be contemplated) against it; and (iii) there are
            no
            affiliations relating to the Custodian with respect to the Depositor
            or any of
            the following and their affiliates: Soundview Home Loan Trust 2006-OPT1
            (“Issuing Entity”), Option One Mortgage Corporation (“Sponsor”), the Depositor,
            the Servicer, the Trustee, The Royal Bank of Scotland plc (“Swap Provider”) or
            any successor thereto or other material party as identified in writing
            to the
            Custodian by the Sponsor (each a “Transaction Party”) on any date following the
            date hereof, any relationships or transaction any relationships or transactions
            relating to the Custodian and any Transaction Party of a type described
            in Item
            1119(b) of Regulation AB or any specific relationships involving the
            transaction
            contemplated by the Pooling and servicing Agreement or the Mortgage Loans
            between the Custodian and any Transaction Party.

           

           

          (iii) If
            so
            requested by the Depositor on any date following the Closing Date, the
            Custodian
            shall, within five Business Days following such request, confirm in writing
            the
            accuracy of the representations and warranties set forth in paragraph
            (ii) of
            this Section 29(b) or, if any such representation and warranty is not
            accurate
            as of the date of such confirmation, provide reasonably adequate disclosure
            of
            the pertinent facts, in writing, to the requesting party. Any such request
            from
            the Depositor shall not be given more than once each calendar quarter,
            unless
            the Depositor shall have a reasonable basis for a determination that
            any of the
            representations and warranties may not be accurate.

           

           

          (c) Additional
            Information to Be Provided by the Custodian.
            For so
            long as the Certificates are outstanding, for the purpose of satisfying
            the
            Depositor’s reporting obligation under the Exchange Act with respect to any
            class of Certificates, the Custodian shall (a) notify the Depositor and
            the
            Trustee in writing of any material litigation or governmental proceedings
            pending against the Custodian that would be material to Certificateholders,
            and
            (b) provide to the Depositor and the Trustee a written description of
            such
            proceedings. Any notices and descriptions required under this Section
            29(c)
            shall be given no later than five Business Days prior to the Determination
            Date
            following the month in which the Custodian has knowledge of the occurrence
            of
            the relevant event. As of the date the Depositor or Trustee files each
            Report on
            Form 10-D or Form 10-K with respect to the Certificates, the Custodian
            will be
            deemed to represent that any information previously provided under this
            Section
            29(c), if any, is materially correct and does not have any material omissions
            unless the Custodian has provided an update to such information.

           

           

          (d) Report
            on Assessment of Compliance and Attestation.
            On or
            before March 15th of each calendar year, beginning in 2007 until and
            unless a
            Form 15 suspension notification has been filed with respect to the Trust,
            the
            Custodian shall, at its own expense:

           

           

          (i) deliver
            to the Trustee a report (in form and substance reasonably satisfactory
            to the
            Trustee) regarding the Custodian’s assessment of compliance with the Servicing
            Criteria (set forth in Exhibit 9) applicable to it during the immediately
            preceding calendar year, as required under Rules 13a-18 and 15d-18 of
            the
            Exchange Act and Item 1122 of Regulation AB. Each such report shall include
            (a)
            a statement of the Custodian’s responsibility for assessing compliance with the
            Servicing Criteria applicable to it, (b) a statement that the Custodian
            used the
            criteria applicable to it identified in Item 1122(d) of Regulation AB
            (§229.1122(d)) to assess compliance with the applicable Servicing Criteria,
            (c)
            disclosure of any material instance of noncompliance identified by the
            Custodian, and (d) a statement that a registered public accounting firm
            has
            issued an attestation report on the Custodian’s assessment of compliance with
            the applicable Servicing Criteria, which report shall be delivered by
            the
            Custodian as provided in this Section 29(d). Such report shall be addressed
            to
            the Depositor and signed by an authorized officer of the Custodian, and
            shall
            address each of the applicable Servicing Criteria; and

           

           

          (ii) deliver
            to the Trustee a report of a registered public accounting firm (who may
            also
            render other services to Custodian), which is a member of the American
            Institute
            of Certified Public Accountants, that attests to, and reports on, the
            assessment
            of compliance made by the Custodian and delivered pursuant to the preceding
            paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
            and
            2-02(g) of Regulation S-X under the 1933 Act and the Exchange Act.

           

           

          (iii) The
            Custodian has not and shall not engage any subcontractor which is “participating
            in the servicing function” within the meaning of Item 1122 of Regulation AB
            unless such Subcontractor provides, beginning March 1, 2007 a Report
            on
            Assessment of Compliance and an Attestation from a registered public
            accounting
            firm certifying its compliance with the applicable Servicing
            Criteria.

           

           

          (e) Indemnification;
            Remedies.

           

           

          The
            Custodian shall indemnify the Depositor, each affiliate of the Depositor
            and
            each broker dealer acting as underwriter, placement agent or initial
            purchaser
            of the Certificates or each Person who controls any of such parties (within
            the
            meaning of Section 15 of the Securities Act and Section 20 of the Exchange
            Act);
            and the respective present and former directors, officers, employees
            and agents
            of each of the foregoing, and shall hold each of them harmless from and
            against
            any losses, damages, penalties, fines, forfeitures, legal fees and expenses
            and
            related costs, judgments, and any other costs, fees and expenses that
            any of
            them may sustain arising out of or based upon (i) any untrue statement
            of a
            material fact contained or alleged to be contained in the Custodian Disclosure
            and any information, report, certification, accountants’ attestation or other
            material provided under this Section 29 by or on behalf of the Custodian
            (collectively, the “Custodian Information”), or the omission or alleged omission
            to state in the Custodian Information a material fact required to be
            stated in
            the Custodian Information or necessary in order to make the statements
            therein,
            in the light of the circumstances under which they were made, not misleading;
            or
            (ii) any failure by the Custodian to deliver any information, report,
            certification, accountants’ attestation or other material when and as required
            under this Section 29. This indemnification shall survive the termination
            of
            this Custodial Agreement or the termination, resignation or removal of
            the
            Custodian.

           

           

          In
            the
            case of any failure of performance described in clause (ii) of the immediately
            preceding paragraph, the Custodian shall promptly reimburse the Depositor
            for
            all costs reasonably incurred by the Depositor in order to obtain the
            information, report, certification, accountants’ letter or other material not
            delivered as required by the Custodian.

           

           

          
            	 	
                    30.

                  	
                    Limitation
                      of Liability.

                  

          

           

           

          It
            is
            expressly understood and agreed by the parties hereto that (a) this Custodial
            Agreement is executed and delivered by Deutsche Bank National Trust Company,
            not
            individually or personally but solely as the Indenture Trustee for Soundview
            Home Loan Trust 2006-OPT1, in the exercise of the powers and authority
            conferred
            and vested in it, (b) the representations, undertakings and agreements
            herein
            made on the part of the Soundview Home Loan Trust 2006-OPT1 are made
            and
            intended not as personal representations, undertakings and agreements
            by
            Deutsche Bank National Trust Company but are made and intended for the
            purpose
            of binding only the Soundview Home Loan Trust 2006-OPT1, (c) nothing
            herein
            contained shall be construed as creating any liability on Deutsche Bank
            National
            Trust Company, individually or personally, to perform any covenant either
            expressed or implied contained herein, all such liability, if any, being
            expressly waived by the parties who are signatories to this Custodial
            Agreement
            and by any person claiming by, through or under such parties and (d)
            under no
            circumstances shall Deutsche Bank National Trust Company be personally
            liable
            for the payment of any indebtedness or expenses of the Soundview Home
            Loan Trust
            2006-OPT1 or be liable for the breach or failure of any obligation,
            representation, warranty or covenant made or undertaken by the Soundview
            Home
            Loan Trust 2006-OPT1 under this Custodial Agreement.

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

           

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

           

          

          
            	 	 	 	 	 	 	 	
                    DEUTSCHE
                      BANK NATIONAL TRUST COMPANY,

                    as
                      Trustee for the Soundview Home Loan Trust 2006-OPT1, Asset-Backed
                      Certificates, Series 2006-OPT1

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    WELLS
                      FARGO
                      BANK, N.A.,

                    as
                      Custodian

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    OPTION
                      ONE MORTGAGE CORPORATION,

                    as
                      Servicer

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          EXHIBIT
            1

          FORM
            OF
            TRUST RECEIPT AND INITIAL CERTIFICATION

          _____,
            2006

          Trust
            Receipt #: ___

          Original
            Principal Balance of the Mortgage Loans:$_______

          

          
            	
                    Deutsche
                      Bank National Trust Company

                    1761
                      East St. Andrew Place

                    Santa
                      Ana, California 92705-4934

                    Attention:
                      Trust Administration GC05O3

                     

                  	
                    Financial
                      Asset Securities Corp.

                    600
                      Steamboat Road

                    Greenwich,
                      Connecticut 08630

                  
	
                    Greenwich
                      Capital Markets, Inc.

                    600
                      Steamboat Road

                    Greenwich,
                      Connecticut 08630

                  	 

          

          

          
            	 	
                    Re:

                  	
                    Custodial
                      Agreement, dated as of March 1, 2006, among Deutsche Bank National
                      Trust
                      Company as the Trustee, Option One Mortgage Corporation as
                      Servicer and
                      Wells
                      Fargo Bank, N.A.
                      as
                      the Custodian

                  

          

           

          Ladies
            and Gentlemen:

           

          In
            accordance with the provisions of Section 3 of the above-referenced Custodial
            Agreement, the undersigned, as the Custodian, hereby certifies that it
            is
            holding the Mortgage Loans identified on the schedule attached hereto
            for the
            exclusive benefit of the Trustee pursuant to the terms and conditions
            of the
            Custodial Agreement, and it has received a Custodial File with respect
            to each
            such Mortgage Loan (other than any Mortgage Loan specifically identified
            on the
            exception report attached hereto) and that with respect to each such
            Mortgage
            Loan: (i) all documents required to be delivered to it pursuant to 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 appear on their
            face to
            relate to such Mortgage Loan and (iii) based on its examination and only
            as to
            the foregoing, the information set forth in the Mortgage Loan Schedule
            that
            corresponds to items (1) and (3) of the definition of “Mortgage Loan Schedule”
in the Pooling and Servicing Agreement accurately reflects information
            set forth
            in the Custodial File.

           

           

          The
            Custodian hereby confirms that it is holding each such Custodial File
            as agent
            and bailee of and custodian for the exclusive use and benefit of the
            Trustee
            pursuant to the terms of the Custodial Agreement.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          Capitalized
            terms used herein shall have the meaning ascribed to them in the Custodial
            Agreement.

           

          

          
            	 	 	 	 	 	 	 	
                    WELLS
                      FARGO
                      BANK, N.A.

                    (Custodian)

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          EXHIBIT
            2

          FORM
            OF
            FINAL TRUST RECEIPT

          

          TRUST
            RECEIPT # ___

          ______,
            2006

          Aggregate
            Amount of Mortgage Loans: _____

          Original
            Principal Balance of Aggregate Mortgage Loans: __________

          

          
            	
                    Deutsche
                      Bank National Trust Company

                    1761
                      East St. Andrew Place

                    Santa
                      Ana, California 92705-4934

                    Attention:
                      Trust Administration GC05O3

                     

                  	
                    Financial
                      Asset Securities Corp.

                    600
                      Steamboat Road

                    Greenwich,
                      Connecticut 08630

                  
	
                    Greenwich
                      Capital Markets, Inc.

                    600
                      Steamboat Road

                    Greenwich,
                      Connecticut 08630

                  	 

          

          

          
            	 	
                    Re:

                  	
                    Custodial
                      Agreement, dated as of March 1, 2006, among Deutsche Bank National
                      Trust
                      Company as the Trustee, Option One Mortgage Corporation as
                      Servicer and
                      Wells
                      Fargo Bank, N.A.
                      as
                      the Custodian

                     

                  

          

          Ladies
            and Gentlemen:

           

          In
            accordance with the provisions of Section 4 of the above-referenced Custodial
            Agreement, the undersigned, as the Custodian, hereby certifies that as
            to each
            Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
            Loan
            paid in full or any Mortgage Loan listed on the attachment hereto) it
            has
            reviewed the Custodial Files and has determined that (i) all documents
            required
            to be delivered to it pursuant to Sections 2(i), (ii), (iii), (iv) and
            (v) of
            the Custodial Agreement are in its possession and to the extent provided
            in the
            Custodial Files paragraph (v) of Section 2 of the Custodial Agreement
            are in its
            possession; (ii) such documents have been reviewed by it and appear regular
            on
            their face and relate to such Mortgage Loan; (iii) based on its examination
            and
            only as to the foregoing documents, the information set forth in items
            (1) and
            (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
            Agreement accurately reflects information set forth in the Custodial
            File; and
            (iv) each Mortgage Note has been endorsed as provided in Section 2 of
            the
            Custodial Agreement and each Mortgage has been assigned in accordance
            with
            Section 2 of the Custodial Agreement. The Custodian makes no representations
            as
            to (i) the validity, legality, enforceability, sufficiency, due authorization
            or
            genuineness of any of the documents contained in each Custodial File
            or of any
            of the Mortgage Loans or (ii) the collectability, insurability, effectiveness
            or
            suitability of any such Mortgage Loan.

           

           

          The
            Custodian hereby confirms that it is holding each such Custodial File
            as agent
            and bailee of, and custodian for the exclusive use and benefit, and subject
            to
            the sole direction, of the Trustee pursuant to the terms and conditions
            of the
            Custodial Agreement.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          Capitalized
            terms used herein shall have the meaning ascribed to them in the Custodial
            Agreement.

           

          

          
            	 	 	 	 	 	 	 	
                    WELLS
                      FARGO
                      BANK, N.A.

                    (Custodian)

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          EXHIBIT
            3

           

          REQUEST
            FOR RELEASE OF DOCUMENTS

           

          To: Wells
            Fargo Bank, N.A.

          24
            Executive Park, Suite 100

          Irvine,
            CA 92614

          Attn:  Inventory
            Control

           

          
            	 	
                    Re:

                  	
                    Custodial
                      Agreement, dated as of March 1, 2006, among Deutsche Bank National
                      Trust
                      Company as the Trustee, Option One Mortgage Corporation
                      as Servicer and Wells
                      Fargo Bank, N.A.
                      as the Custodian

                  

          

           

          In
            connection with the administration of the Mortgage Loans included in
            the Trust
            Fund established pursuant to the Pooling and Servicing Agreement dated
            as of
            March 1, 2006, among Financial Asset Securities Corp. as Depositor, Option
            One
            Mortgage Corporation, as Servicer, and Deutsche Bank National Trust Company,
            a
            national banking association, as Trustee and held by you as Custodian
            pursuant
            to the above-captioned Custodial Agreement, we request the release, and
            hereby
            acknowledge receipt of the Custodial File for the Mortgage Loan described
            below,
            for the reason indicated.

           

          Mortgage
            Loan Number:

           

          Mortgagor
            Name, Address & Zip Code:

           

          Reason
            for Requesting Documents
            (check
            one):

           

          _______  1. Mortgage
            Paid in Full

           

          _______  2. Foreclosure

           

          _______  3.
             Substitution

           

          _______  4. Other
            Liquidation (Repurchases, etc.)

           

          _______  5. Nonliquidation
             Reason:___________________________

           

          Address
            to which Custodian should

          Deliver
            the Custodial File:  _______________________________________

                                                                     
            _______________________________________

                                                                     
            _______________________________________

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          
            	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    (authorized
                      signatory)

                  
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    Issuer:

                  	 
	 	 	 	 	 	 	 	
                    Address:

                  	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    Date:

                  	 

          

          

          Custodian

           

          Wells
            Fargo Bank, N.A.

          

          Please
            acknowledge the execution of the above request by your signature and
            date
            below:

          

          
            	 	 	 
	
                    Signature

                  	 	
                    Date

                  
	 	 	 
	
                    Documents
                      returned to Custodian:

                  	 	 
	 	 	 
	 	 	 
	
                    Custodian

                  	 	
                    Date

                  

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          EXHIBIT
            4

          AUTHORIZED
            REPRESENTATIVES OF SERVICER

           

          
            	
                    NAME

                  	 	
                    SPECIMEN
                      SIGNATURE

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            5

          AUTHORIZED
            REPRESENTATIVES OF TRUSTEE

          
            	
                    NAME

                  	 	
                    SPECIMEN
                      SIGNATURE

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          EXHIBIT
            6

          AUTHORIZED
            REPRESENTATIVES OF CUSTODIAN

           

          
            	
                    NAME

                  	 	
                    SPECIMEN
                      SIGNATURE

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

          

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          EXHIBIT
            7

          SCHEDULE
            OF MORTGAGE LOANS

          SEE
            EXHIBIT D TO THE POOLING AND SERVICING AGREEMENT

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            8

          FORM
            OF
            RECEIPT OF MORTGAGE NOTE

           

          Financial
            Asset Securities Corp.

          600
            Steamboat Road

          Greenwich,
            Connecticut 06830

           

          Deutsche
            Bank National Trust Company

          1761
            East
            St. Andrew Place

          Santa
            Ana, California 92705-4934

           

          

           

          
            	 	
                    Re:

                  	
                    Soundview
                      Home Loan Trust 2006-OPT1,

                  

          

           

          Asset-Backed
            Certificates Series 2006-OPT1

           

          Ladies
            and Gentlemen:

           

          Pursuant
            to Section 3 of the Custodial Agreement, dated as of March 1, 2006, among
            Deutsche Bank National Trust Company as the Trustee, Option One Mortgage
            Corporation as Servicer and Wells
            Fargo Bank, N.A.
            as the
            Custodian, we hereby acknowledge the receipt of the original Mortgage
            Notes (a
            copy of which is attached hereto as Exhibit 1) with any exceptions thereto
            listed on Exhibit 2.

           

          
            	 	 	 	 	 	 	 	
                    WELLS
                      FARGO BANK, N.A.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          EXHIBIT
            9

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

          The
            assessment of compliance to be delivered by the Custodian shall address,
            at a
            minimum, the criteria identified below as “Applicable Servicing
            Criteria”:

          

          
            	
                    Servicing
                      Criteria

                  	
                    ApplicableServicing
                      Criteria

                     

                  
	
                    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

                     

                  	 
	
                    1122(d)(1)(ii)

                  	
                    If
                      any material servicing activities are outsourced to third parties,
                      policies and procedures are instituted to monitor the third
                      party’s
                      performance and compliance with such servicing activities

                     

                  	 
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the pool assets are maintained.

                     

                  	 
	
                    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.

                     

                  	 
	 	
                    Cash
                      Collection and Administration

                     

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on pool assets are deposited into the appropriate custodial
                      bank accounts
                      and related bank clearing accounts no more than two business
                      days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                     

                  	 
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                     

                  	 
	
                    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.

                     

                  	 
	
                    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.

                     

                  	 
	
                    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 institutions” 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.

                     

                  	 
	
                    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 ther person who
                      prepared the
                      reconciliations; 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.

                     

                  	 
	 	
                    Investor
                      Remittances and Reporting

                     

                  	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements, (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors; or the trustee’s records as to the total unpaid principal
                      balance and number of pool assets serviced by the servicer.

                     

                  	 
	
                    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.

                     

                  	 
	
                    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.

                     

                  	 
	
                    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.

                     

                  	 
	 	
                    Pool
                      Asset Administration

                     

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on pool assets is maintained as required by the
                      transaction
                      agreements or related asset pool documents.

                     

                  	
                    √

                  
	
                    1122(d)(4)(ii)

                  	
                    Pool
                      assets and related documents are safeguarded as required by
                      the
                      transaction agreements.

                     

                  	
                    √

                  
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements

                     

                  	 
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on pool assets, including any payoffs, made in accordance with
                      the related
                      pool asset documents are posted to the servicer’s obligor records
                      maintained no more than two business days after receipt, or
                      such other
                      number of days specified in the transaction agreements, and
                      allocated to
                      principal, interest or other items (e.g., escrow) in accordance
                      with the
                      related pool asset documents.

                     

                  	 
	
                    1122(d)(4)(v)

                  	
                    The
                      servicer’s records regarding the pool assets agree with the servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                     

                  	 
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor’s pool asset (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 of recovery actions (e.g., forbearance plans, modifications
                      and
                      deed 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
                      documents.

                     

                  	 
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a pool
                      asset is delinquent in accordance with the transaction agreements.,
                      Such
                      records are maintained in at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent pool assets including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                     

                  	 
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for pool assets with variable
                      rates
                      are computed based on the related pool asset documents.

                     

                  	 
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts);
                      (A) such
                      funds are analyzed, in accordance with the obligor’s pool asset documents,
                      on at least an annual basis, or such other period specified
                      in the
                      transaction agreements; (B) interest on such funds is paid,
                      or credited,
                      to obligors in accordance with applicable pool asset documents
                      and state
                      laws; and (C) such funds are returned to the obligor within
                      3- calendar
                      days of full repayment of the related pool asset, 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 ore 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 service at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                     

                  	 
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                     

                  	 
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements.

                     

                  	 
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible funds are recognized and recorded
                      in
                      accordance with the transaction agreements.

                     

                  	 
	
                    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.

                  	 

          

          

          
 

        

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        __________________ who first being duly sworn deposes and says: Deponent
        is
        __________________________ of ____________________________, successor by
        merger
        to _________________________ (“Seller”) and who has personal knowledge of the
        facts set out in this affidavit.

       

      On
        _________________________________, _________________________________ did
        execute
        and deliver a promissory note in the principal amount of
        $____________________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Deutsche Bank National
        Trust
        Company, as trustee on behalf of Soundview Home Loan Trust 2006-OPT1,
        Asset-Backed Certificates Series 2006-OPT1, to accept the transfer of the
        above
        described loan from Seller.

       

      Seller
        agrees to indemnify Deutsche Bank National Trust Company and Financial Asset
        Securities Corp. harmless for any losses incurred by such parties resulting
        from
        the above described promissory note has been lost or misplaced.

       

      By:         
        _______________________

      _______________________

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  SS:

              
	
                COUNTY
                  OF

              	
                )

                 

              

      

      On
        this
        ______ day of ______________, 20_, before me, a Notary Public, in and for
        said
        County and State, appeared , who acknowledged the extension of the foregoing
        and
        who, having been duly sworn, states that any representations therein contained
        are true.

       

      Witness
        my hand and Notarial Seal this _________ day of 20__.

       

      ____________________________

      ____________________________

       

      My
        commission expires __________________________.

       

      

      
         

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        I

       

      FORM
        OF
        LIMITED POWER OF ATTORNEY

       

      KNOW
        ALL
        MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
        AS
        APPLICABLE], [a ___________________ corporation][a national banking
        organization], having its principal place of business at
        __________________________, (the “Undersigned”), pursuant to that Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
        Asset Securities Corp. (the “Owner”), Deutsche Bank National Trust Company and
        Option One Mortgage Corporation (“OOMC”), hereby constitutes and appoints OOMC,
        by and through OOMC’s officers, the Undersigned’s true and lawful
        Attorney-in-Fact, in the Undersigned’s name, place and stead, as their interests
        may appear, and for the Undersigned’s respective benefit, in connection with all
        Mortgage Loans serviced by OOMC pursuant to the Pooling and Servicing Agreement,
        for the purpose of performing all acts and executing all documents in the
        name
        of the Undersigned as may be customarily and reasonably necessary and
        appropriate to effectuate the following enumerated transactions in respect
        of
        any of the mortgages, deeds of trust or security instrument (each a “Mortgage”
or a “Deed of Trust” respectively) and promissory notes secured thereby (each a
“Mortgage Note”) for which the Undersigned is acting as Servicer pursuant to the
        Pooling and Servicing Agreement (whether the Undersigned is named therein
        as
        mortgagee or beneficiary or has become mortgagee by virtue of endorsement
        of the
        Mortgage Note secured by any such Mortgage or Deed of Trust) all subject
        to the
        terms of the related Pooling and Servicing Agreement.

       

      This
        appointment shall apply to the following enumerated transactions
        only:

       

      1. The
        modification or re-recording of a Mortgage or Deed of Trust, where said
        modification or re-recording is for the purpose of correcting the Mortgage
        or
        Deed of Trust to conform same to the original intent of the parties thereto
        or
        to correct title errors discovered after such title insurance was issued
        and
        said modification or re-recording, in either instance, does not adversely
        affect
        the lien of the Mortgage or Deed of Trust as insured.

       

      2. The
        subordination of the lien of a Mortgage or Deed of Trust to an easement in
        favor
        of a public utility company or a governmental agency or authority thereunder
        with powers of eminent domain; this section shall include, without limitation,
        the execution of partial satisfaction/release, partial reconveyances or the
        execution of requests to trustees to accomplish same.

       

      3. The
        conveyance of the properties to the mortgage insurer, or the closing of the
        title to the property to be acquired as real estate owned, or conveyance
        of
        title to real estate owned.

       

      4. The
        completion of loan assumption agreements.

       

      5. The
        full
        satisfaction/release of a Mortgage or Deed of Trust or full reconveyance
        upon
        payment and discharge of all sums secured thereby, including, without
        limitation, cancellation of the related Mortgage Note.

       

      6. The
        assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
        in
        connection with the repurchase of the mortgage loan secured and evidenced
        thereby.

       

      7. The
        full
        assignment of a Mortgage or Deed of Trust upon payment and discharge of all
        sums
        secured thereby in conjunction with the refinancing thereof, including, without
        limitation, the assignment of the related Mortgage Note.

       

      8. With
        respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a
        deed in
        lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
        or termination, cancellation or rescission of any such foreclosure, including,
        without limitation, any and all of the following acts:

       

      a) the
        substitution of trustee(s) serving under a Deed of Trust, in accordance with
        state law and the Deed of Trust;

       

      b) the
        preparation and issuance of statements of breach or
        non-performance;

       

      c) the
        preparation and filing of notices of default and/or notices of
        sale;

       

      d) the
        cancellation/rescission of notices of default and/or notices of
        sale;

       

      e) the
        taking of a deed in lieu of foreclosure; and

       

      f) the
        preparation and execution of such other documents and performance of such
        other
        actions as may be necessary under the terms of the Mortgage, Deed of Trust
        or
        state law to expeditiously complete said transactions in paragraphs 8(a)
        through
        8(e) above.

       

      9. The
        full
        assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant to
        a
        mortgage loan sale agreement for the sale of a loan or pool of loans, including,
        without limitation, the assignment of the related Mortgage Note.

       

      The
        Undersigned gives said Attorney-in-Fact full power and authority to execute
        such
        instruments and to do and perform all and every act and thing necessary and
        proper to carry into effect the power or powers granted by or under this
        Limited
        Power of Attorney, each subject to the terms and conditions set forth in
        the
        related Pooling and Servicing Agreement and in accordance with the standard
        of
        care applicable to servicers in the Pooling and Servicing Agreement as fully
        as
        the undersigned might or could do, and hereby does ratify and confirm to
        all
        that said Attorney-in-Fact shall lawfully do or cause to be done by authority
        hereof. This Limited Power of Attorney shall be effective as of [SERVICING
        TRANSFER EFFECTIVE DATE].

       

      Nothing
        contained herein shall (i) limit in any manner any indemnification provided
        by
        OOMC to the Owner under the Pooling and Servicing Agreement, or (ii) be
        construed to grant OOMC the power to initiate or defend any suit, litigation
        or
        proceeding in the name of the Undersigned except as specifically provided
        for
        herein or under the Pooling and Servicing Agreement.

       

      Option
        One Mortgage Corporation hereby agrees to indemnify and hold the Undersigned
        and
        its directors, officers, employees and agents harmless from and against any
        and
        all liabilities, obligations, losses, damages, penalties, actions, judgments,
        suits, costs, expenses or disbursements of any kind or nature whatsoever
        incurred by reason or result of or in connection with the exercise by OOMC
        of
        the powers granted to it hereunder. The foregoing indemnity shall survive
        the
        termination of this Limited Power of Attorney and the Pooling and Servicing
        Agreement or the earlier resignation or removal of the Undersigned under
        the
        Pooling and Servicing Agreement.

       

      Any
        third
        party without actual notice of fact to the contrary may rely upon the exercise
        of the power granted under this Limited Power of Attorney; and may be satisfied
        that this Limited Power of Attorney shall continue in full force and effect
        and
        has not been revoked unless an instrument of revocation has been made in
        writing
        by the undersigned, and such third party put on notice thereof. This Limited
        Power of Attorney shall be in addition to and shall not revoke or in any
        way
        limit the authority granted by any previous power of attorney executed by
        the
        Undersigned.

       

      IN
        WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
        Agreement, has caused its corporate seal to be hereto affixed and these presents
        to be signed and acknowledged in its name and behalf by ______________________,
        its duly elected and authorized _________________________ this ___ day of
        _________________, 2006.

       

      By:______________________________

      Name:___________________________

      Title:____________________________

       

      Acknowledged
        and Agreed

      OPTION
        ONE MORTGAGE CORPORATION

       

      By:_________________________

      Name:

      Title:

       

      

      
         

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Deutsche
        Bank National Trust Company

       

      Re:  
        Soundview
        Home Loan Trust 2006-OPT1,

             
        Asset-Backed Certificates Series 2006-OPT1

       

      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) we are not an employee benefit plan that is
        subject to the Employee Retirement Income Security Act of 1974, as amended,
        or a
        plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
        as
        amended, nor are we acting on behalf of any such plan, (e) 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
        (g) below), (f) 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 (g) 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 satisfactory
        to
        the addressees of this Certificate 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.

       

      
        	 	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  

Very truly yours,

                 

                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  Officer

              

      

      

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

                                  [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Deutsche
        Bank National Trust Company

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

       

      Re:  
        Soundview
        Home Loan Trust 2006-OPT1,

             
        Asset-Backed Certificates Series 2006-OPT1

       

      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)
        we are not an employee benefit plan that is subject to the Employee Retirement
        Income Security Act of 1974, as amended, or a plan that is subject to Section
        4975 of the Internal Revenue Code of 1986, as amended, nor are we acting
        on
        behalf of any such plan, (d) we have not, nor has anyone acting on our behalf
        offered, transferred, pledged, sold or otherwise disposed of the Certificates,
        any interest in the Certificates or any other similar security to, or solicited
        any offer to buy or accept a transfer, pledge or other disposition of the
        Certificates, any interest in the Certificates or any other similar security
        from, or otherwise approached or negotiated with respect to the Certificates,
        any interest in the Certificates or any other similar security with, any
        person
        in any manner, or made any general solicitation by means of general advertising
        or in any other manner, or taken any other action, that would constitute
        a
        distribution of the Certificates under the Securities Act or that would render
        the disposition of the Certificates a violation of Section 5 of the Securities
        Act or require registration pursuant thereto, nor will act, nor has authorized
        or will authorize any person to act, in such manner with respect to the
        Certificates, (e) we are a “qualified institutional buyer” as that term is
        defined in Rule 144A under the Securities Act and have completed either of
        the
        forms of certification to that effect attached hereto as Annex 1 or Annex
        2. We
        are aware that the sale to us is being made in reliance on Rule 144A. We
        are
        acquiring the Certificates for our own account or for resale pursuant to
        Rule
        144A and further, understand that such Certificates may be resold, pledged
        or
        transferred only (i) to a person reasonably believed to be a qualified
        institutional buyer that purchases for its own account or for the account
        of a
        qualified institutional buyer to whom notice is given that the resale, pledge
        or
        transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
        exemption from registration under the Securities Act.

       

      
        	 	
                Very
                  truly yours,

                 

                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  Officer

              

      

      

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      

       

      [For
        Transferees Other Than Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $                    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.

       

      _________
        Broker-Dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      _________
        Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      _________
        State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      _________
        ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      _________
        Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      _________
        Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      3. The
        term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
        affiliated with the Buyer, (ii) securities that are part of an unsold allotment
        to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
        deposit notes and certificates of deposit (v) loan participations, (vi)
        repurchase agreements, (vii) securities owned but subject to a repurchase
        agreement and (viii) currency, interest rate and commodity swaps.

       

      4. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      5. The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      6. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      

       

      
        	 	 
	 	
                Print
                  Name of Buyer

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	 	 
	 	
                Date:

              	 

      

      

       

      
        

          

          
            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.

          

        

      

      
 

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyers Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      _________
        The
        Buyer
        owned $_________ in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      _________
        The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $___________ in securities (other than the excluded securities referred to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      3. The
        term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
        investment companies (or series thereof) that have the same investment adviser
        or investment advisers that are affiliated (by virtue of being majority owned
        subsidiaries of the same parent or because one investment adviser is a majority
        owned subsidiary of the other).

       

      4. The
        term
“SECURITIES” as used herein does not include (i) securities of issuers that are
        affiliated with the Buyer or are part of the Buyer’s Family of Investment
        Companies, (ii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
        (iv) loan participations, (v) repurchase agreements, (vi) securities owned
        but
        subject to a repurchase agreement and (vii) currency, interest rate and
        commodity swaps.

       

      5. The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer’s own account.

       

      6. Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      

       

      
        	 	 
	 	
                Print
                  Name of Buyer or Adviser

                 

              
	 	
                By:

              	 
	 	 	
                Name

              
	 	 	
                Title

              
	 	 	 
	 	 	 
	 	
                IF
                  AN ADVISER:

              
	 	 	 
	 	 
	 	
                Print
                  Name of Buyer

              
	 	 	 
	 	 	 
	 	 	 
	 	
                Date:

              	 

      

      

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

      PURSUANT
        TO SECTION 5.02(D)

       

      SOUNDVIEW
        HOME LOAN TRUST 2006-OPT1

      ASSET-BACKED
        CERTIFICATES, SERIES 2006-OPT1

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1.  The
        undersigned is an officer of, the proposed Transferee of an Ownership Interest
        in a Residual Certificate (the “Certificate”)
        issued
        pursuant to the Pooling and Servicing Agreement dated as of March 1, 2006
        (the
“Agreement”),
        among
        Financial Asset Securities Corp., as depositor (the “Depositor”),
        Option One Mortgage Corporation, as servicer (the “Servicer”)
        and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”).
        Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
        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 for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        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.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and understands the legal consequences of the acquisition of an Ownership
        Interest in the Certificate including, without limitation, the restrictions
        on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(d) of the Agreement and the restrictions
        noted on the face of the Certificate. The Transferee understands and agrees
        that
        any breach of any of the representations included herein shall render the
        Transfer to the Transferee contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the
        Agreement (a “Transferor
        Certificate”)
        to the
        effect that such Transferee has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      7.  The
        Transferee has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is ___________.

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code 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.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

      [_] The
        present value of the anticipated tax liabilities associated with holding
        the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	 	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	 	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	 	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      [_] The
        transfer of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	 	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	 	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	 	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      [_] None
        of
        the above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
            
        day
        of
                  ,
        20  .

       

      

      
        	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

       

      

       

      [Corporate
        Seal]

       

      ATTEST:

       

      

      
        	 
	
                [Assistant]
                  Secretary

              

      

       

      Personally
        appeared before me the above-named __________, known or proved to me to be
        the
        same person who executed the foregoing instrument and to be the ___________
        of
        the Transferee, and acknowledged that he executed the same as his free act
        and
        deed and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this     
        day
        of
        
        ,
        20  .

       

      

      
        	 	 
	 	
                NOTARY
                  PUBLIC

                 

                My
                  Commission expires the __ day

                of
                  _________, 20__

              

      

       

      

       

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

                              [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Re:   
        Soundview
        Home Loan Trust 2006-OPT1,

              
        Asset-Backed Certificates Series 2006-OPT1

       

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the Act,
        (c) to
        the extent we are disposing of a Class [ ] Certificate, we have no knowledge
        the
        Transferee is not a Permitted Transferee and (d) no purpose of the proposed
        disposition of a Class [ ] Certificate is to impede the assessment or collection
        of tax.

       

      
        	 	
                Very
                  truly yours,

                 

              
	 	
                TRANSFEROR

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

       

      

       

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        M

       

      FORM
        OF
        ERISA REPRESENTATION LETTER

       

                          _____________,
        20__

       

      

      
        	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 06830

              	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

              

      

      

      Re:Soundview
        Home Loan Trust 2006-OPT1,

      Asset-Backed
        Certificates Series 2006-OPT1

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
        Loan Trust 2006-OPT1, Asset-Backed Certificates Series 2006-OPT1, Class
        [C][P][R[-X]] (the “Certificates”), issued pursuant to a Pooling and Servicing
        Agreement (the “Pooling and Servicing Agreement”) dated as of March 1, 2006
        among Financial Asset Securities Corp. as depositor (the “Depositor”), Option
        One Mortgage Corporation as servicer (the “Servicer”) and Deutsche Bank National
        Trust Company as trustee (the “Trustee”). Capitalized terms used herein and not
        otherwise defined shall have the meanings assigned thereto in the Pooling
        and
        Servicing Agreement. The Transferee hereby certifies, represents and warrants
        to, and covenants with the Depositor, the Trustee and the Servicer the
        following:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R.ss.2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R.ss. 2510.3-101.

       

      

       

      
        	 	
                Very
                  truly yours,

                 

              
	 	
                [Transferee]

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

       

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        N-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

       

      Re:   
        Soundview
        Home Loan Trust, Series 2006-OPT1

              
        Asset Backed Certificates, Series 2006-OPT1

       

      I,
        [identify the certifying individual], certify that:

       

      l. I
        have
        reviewed this report on Form 10-K, and all reports on Form 10-D required
        to be
        filed in respect of the period included in the year covered by this report
        in
        Form 10-K of Soundview Home Loan Trust 2006-OPT1 (the “Exchange Act periodic
        reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4. Based
        on
        my knowledge and upon the annual compliance statement required in this report
        under Item 1123 of Regulation AB, and except as disclosed in the Exchange
        Act
        periodic reports, the Servicer has fulfilled each of its obligations under
        the
        pooling and servicing agreement; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: Option One Mortgage Corporation and
        Deutsche Bank National Trust Company.

       

      
        	 	
                FINANCIAL
                  ASSET SECURITIES CORP.

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	
                Date:

              	 

      

      

       

      EXHIBIT
        N-2

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE TRUSTEE

       

      Re:          
        Soundview
        Home Loan Trust 2006-OPT1 (the “Trust”)

      Asset-Backed
        Certificates, Series 2006-OPT1

       

      I,
        [identify the certifying individual], a [title] of Deutsche Bank National
        Trust
        Company, as Trustee of the Trust, hereby certify to Financial Asset Securities
        Corp. (the “Depositor”), and its officers, directors and affiliates, and with
        the knowledge and intent that they will rely upon this certification,
        that:

       

      1. I
        have
        reviewed the annual report on Form 10-K for the fiscal year [___], and all
        reports on Form 10-D required to be filed in respect of the period covered
        by
        such Form 10-K of the Depositor relating to the above-referenced trust (the
        “Exchange Act periodic reports”)

       

      2. Based
        on
        my knowledge, the information prepared by the Trustee, contained, in these
        distribution reports taken as a whole, do not contain any untrue statement
        of a
        material fact or omit to state a material fact necessary to make the statements
        made, in light of the circumstances under which such statements were made,
        not
        misleading with respect to the period covered by this report;

       

      3. Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Pooling and Servicing Agreement is included in these
        reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated March 1, 2006 (the “Pooling and Servicing
        Agreement”), among the Depositor as depositor, Option One Mortgage Corporation
        as servicer and Deutsche Bank National Trust Company as trustee.

       

      
        	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, as Trustee

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	
                Date:

              	 

      

      

       

      

       

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        N-3

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE SERVICER

       

      Re:                          
        Soundview
        Home Loan Trust, Series 2006-OPT1

      Asset
        Backed Certificates, Series 2006-OPT1

       

      I,
        [identify the certifying individual], certify to Financial Asset Securities
        Corp. (the “Depositor”), the Trustee and their respective officers, directors
        and affiliates, and with the knowledge and intent that they will rely upon
        this
        certification, that:

       

      1.
         Based
        on
        my knowledge, the information in the annual compliance statement, the Annual
        Independent Public Accountant's Servicing Report and all servicing reports,
        officer's certificates and other information relating to the servicing of
        the
        Mortgage Loans taken as a whole, does not contain any untrue statement of
        a
        material fact or omit to state a material fact necessary to make the statements
        made, in light of the circumstances under which such statements were made,
        not
        misleading as of the date of this certification;

       

      2. The
        servicing information required to be provided by the Servicer under the Pooling
        and Servicing Agreement has been provided to the Depositor and the
        Trustee;

       

      3. I
        am is
        responsible for reviewing the activities performed by the Servicer under
        the
        Pooling and Servicing Agreement and based upon the review required by the
        Pooling and Servicing Agreement, and except as disclosed in the annual
        compliance statement or the Annual Independent Public Accountant's Servicing
        Report, the Servicer has, as of the date of this certification fulfilled
        its
        obligations under the Pooling and Servicing Agreement; and

       

      4. Such
        officer has disclosed to the Depositor and the Trustee all significant
        deficiencies relating to the Servicer’s compliance with the minimum servicing
        standards in accordance with a review conducted in compliance with the Uniform
        Single Attestation Program for Mortgage Bankers or similar standard as set
        forth
        in the Pooling and Servicing Agreement.

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in
        the

      Pooling
        and Servicing Agreement, dated March 1, 2006 (the “Pooling and Servicing
        Agreement”), among the Depositor, Option One Mortgage Corporation as servicer
        and Deutsche Bank National Trust Company as trustee.

      
 

       

      
        	 	
                OPTION
                  ONE MORTGAGE CORPORATION

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	
                Date:

              	 

      

      

       

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        O

       

      [RESERVED]

       

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        P

       

      FORM
        OF
        ANNUAL STATEMENT AS TO COMPLIANCE

       

      ___________________
        Trust, Series 200_-___

      ________________
        Pass-Through Certificates

       

      I,
        _____________________, hereby certify that I am a duly appointed
        __________________________ of _______________________________ (the
“[Servicer]”), and further certify as follows:

       

      1. This
        certification is being made pursuant to the terms of the Pooling and Servicing
        Agreement, dated as of ____________, _____ (the “Agreement”), among
        ______________________, as depositor, the [Servicer], as [servicer] and
        ________________, as trustee.

       

      2. I
        have
        reviewed the activities of the [Servicer] during the preceding year and the
        [Servicer’s] performance under the Agreement and to the best of my knowledge,
        based on such review, the [Servicer] has fulfilled all of its obligations
        under
        the Agreement throughout the year.

       

      Capitalized
        terms not otherwise defined herein have the meanings set forth in the
        Agreements.

       

      Dated:
        _________________

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        _____________.

       

      
        	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

       

      I,
        _________________________, a (an) __________________ of the [Servicer], hereby
        certify that _________________ is a duly elected, qualified, and acting
        _______________________ of the [Servicer] and that the signature appearing
        above
        is his/her genuine signature.

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        ______________.

       

      
        	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        Q

      

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

       

      

        
          		
                  Financial
                    Markets

                  280
                    Bishopsgate

                  London
                    EC2M 4RB

                

        

        

        

          

           

          
            	
                    Date:

                  	
                    March
                      10, 2006

                  

          

           

          
            	
                    To:

                  	
                    Deutsche
                      Bank National Trust Company, not individually, but solely as
                      trustee for
                      the

                  

          

          Supplemental
            Interest Trust

          1761
            East
            Saint Andrew Place

          Santa
            Ana, CA 92705

          Tel:
            (714) 247-6000

          Fax:
            (714) 244-6471

           

          
            	
                    Attention:

                  	
                    Trust
                      Administration - GC0504

                  

          

           

          
            	
                    From:

                  	
                    The
                      Royal Bank of Scotland plc

                  

          

          c/o
            RBS
            Financial Markets

          Level
            7,
            135 Bishopsgate

          London
            EC2M 3UR

          Attn:
            Head of Legal, Financial Markets 

          Tel:
            44
            207 085 5000

          Fax:
            44
            207 085 8411

           

          
            	
                    Copy
                      To:

                  	
                    600
                      Steamboat Road

                  

          

          Greenwich,
            CT 06830

          Attn:
            Legal Department - Derivatives Documentation

          Tel.:
            203-618-2531/32

          Fax:
            203-618-2533/34

           

          
            	
                    Our
                      Reference No.:

                  	
                    D6948984

                  

          

           

          
            	
                    Re:

                  	
                    Interest
                      Rate Swap Transaction

                  

          

           

          Ladies
            and Gentlemen:

           

          The
            purpose of this letter agreement is to set forth the terms and conditions
            of the
            Transaction entered into between Royal Bank of Scotland plc (“Party A”) and
            Deutsche Bank National Trust Company, not individually, but solely as
            trustee
            for the supplemental interest trust (the “Supplemental Interest Trust”) created
            under the Pooling and Servicing Agreement (“Party B”) on the Trade Date
            specified below (the “Transaction”). This letter agreement constitutes a
“Confirmation” as referred to in the Agreement specified below.

           

          The
            definitions and provisions contained in the 2000 ISDA Definitions (the
            “Definitions”) as published by the International Swaps and Derivatives
            Association, Inc. are incorporated by reference herein. In the event
            of any
            inconsistency between the Definitions and this Confirmation, this Confirmation
            will govern.

           

          For
            the
            purpose of this Confirmation, all references in the Definitions or the
            Agreement
            to a “Swap Transaction” shall be deemed to be references to this
            Transaction.

           

          
            	
                    1.

                  	
                    This
                      Confirmation supplements, forms part of, and is subject to,
                      ISDA Master
                      Agreement dated as of March 10, 2006 (as the same may be amended
                      or
                      supplemented from time to time, the “Agreement”), between Party A and
                      Party B. All provisions contained in the Agreement shall govern
                      this
                      Confirmation except as expressly modified
                      below.

                  

          

           

          
            	
                    2.

                  	
                    The
                      terms of the particular Transaction to which this Confirmation
                      relates are
                      as follows:

                  

          

           

          
            	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the amount set forth in
                      the Additional
                      Terms attached hereto.

                  

          

           

          
            	
                    Trade
                      Date:

                  	
                    March
                      7, 2006

                  

          

           

          
            	
                    Effective
                      Date:

                  	
                    April
                      25, 2006

                  

          

           

          
            	
                    Termination
                      Date:

                  	
                    December
                      25, 2009, subject to adjustment in accordance with the Modified
                      Following
                      Business Day Convention.

                  

          

           

          Fixed
            Amounts:

           

          

          
            	 	
                    Fixed
                      Rate Payer:

                  	
                    Party
                      B

                  
	 	 	 
	 	
                    Fixed
                      Rate Payer Period End Dates:

                  	
                    The
                      25th day of each month, commencing May 25, 2006, through and
                      including the
                      Termination Date with no adjustment to Period End
                      Dates.

                  
	 	 	 
	 	
                    Fixed
                      Rate Payer Payment Dates:

                  	
                    One
                      business day prior to the 25th day of each month, commencing
                      May 25, 2006,
                      through and including the Termination Date, subject to adjustment
                      in
                      accordance with the Modified Following Business Day
                      Convention.

                  
	 	 	 
	 	
                    Fixed
                      Amounts:

                  	
                    The
                      Fixed Amount payable by Party B shall be an amount equal to
                      (i) the
                      Notional Amount for such Fixed Rate Payer Payment Date * (ii)
                      Fixed Rate *
                      (iii) 250* (iv) Fixed Rate Day Count Fraction

                  
	 	 	 
	 	
                    Fixed
                      Rate:

                  	
                    5.050%

                  
	 	 	 
	 	
                    Fixed
                      Rate Day Count Fraction:

                  	
                    30/360

                  
	 	 	 
	 	
                    Additional
                      Fixed Amount:

                  	
                    USD
                      2,390,000 payable on the Effective
                      Date

                  

          

          

          Floating
            Amounts:

          

          
            	 	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  
	 	 	 
	 	
                    Floating
                      Rate Payer Period End Dates:

                  	
                    The
                      25th day of each month, commencing May 25, 2006, through and
                      including the
                      Termination Date, subject to adjustment in accordance with
                      the Modified
                      Following Business Day Convention.

                  
	 	 	 
	 	
                    Floating
                      Rate Payer Payment Dates:

                  	
                    One
                      business day prior to the 25th day of each month, commencing
                      May 25, 2006,
                      through and including the Termination Date, subject to adjustment
                      in
                      accordance with the Modified Following Business Day
                      Convention.

                  
	 	 	 
	 	
                    Floating
                      Amounts:

                  	
                    The
                      Floating Amount payable by Party A shall be an amount equal
                      to (i)
                      Notional Amount * (ii) Floating Rate Option * (iii) 250* (iv)
                      Floating
                      Rate Day Count Fraction

                  
	 	 	 
	 	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  
	 	 	 
	 	
                    Designated
                      Maturity:

                  	
                    1
                      month

                  
	 	 	 
	 	
                    Spread:

                  	
                    None

                  
	 	 	 
	 	
                    Floating
                      Rate Day Count Fraction:

                  	
                    Actual/360

                  
	 	 	 
	 	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period

                  
	 	 	 
	 	
                    Compounding:

                  	
                    Inapplicable:

                  
	 	 	 

          

          

          
            	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  

          

           

          
            	
                    Business
                      Days:

                  	
                    New
                      York

                  

          

           

          
            	
                    3.

                  	
                    Account
                      Details:

                  

          

           

          Account
            Details for Party A:

           

          For
            the
            account of The Royal Bank of Scotland

          Financial
            Markets Fixed Income and Interest Rate

          Derivative
            Operations, London SWIFT RBOSGB2RTCM

          with
            JPMorgan Chase Bank, New York CHASUS33

          ABA
            #
            021000021

          Account
            Number 400930153

           

          Account
            Details for Party B:

           

          [Deutsche
            Bank Trust Company Americas

          ABA
            #
            021-001-033

          Account
            #: 01419663

          Account
            Name: NYLTD Funds Control/Stars West

          Ref:
            Soundview 2005-OPT4 Swap]

           

          
            	
                    4.

                  	
                    Offices:

                  

          

           

          The
            Office of Party A for this Transaction is London, England

           

          
            	
                    5.

                  	
                    It
                      is expressly understood and agreed by the parties hereto that
                      (i) this
                      Confirmation is executed and delivered by Deutsche Bank National
                      Trust
                      Company, not individually or personally but solely as trustee
                      of the
                      Supplemental Interest Trust, in the exercise of the powers
                      and authority
                      conferred and vested in it under the Pooling and Servicing
                      Agreement, (ii)
                      each of the representations, undertakings and agreements herein
                      made on
                      the part of the Supplemental Interest Trust is made and intended
                      not as
                      personal representations, undertakings and agreements by Deutsche
                      Bank
                      National Trust Company but is made and intended for the purpose
                      of binding
                      only the Supplemental Interest Trust, (iii) nothing herein
                      contained shall
                      be construed as creating any liability on the part of Deutsche
                      Bank
                      National Trust Company, individually or personally, to perform
                      any
                      covenant either expressed or implied contained herein, all
                      such liability,
                      if any, being expressly waived by the parties hereto and by
                      any Person
                      claiming by, through or under the parties hereto and (iv) under
                      no
                      circumstances shall Deutsche Bank National Trust Company be
                      personally
                      liable for the payment of any indebtedness or expenses of the
                      Trust or be
                      liable for the breach or failure of any obligation, representation,
                      warranty or covenant made or undertaken by Party B under this
                      Confirmation
                      or any other related documents.

                  

          

           

          
             

            
              	
                      6.

                    	
                      Agency
                        Role of Greenwich Capital Markets, Inc. This Transaction
                        has been entered
                        into by Greenwich Capital Markets, Inc., as agent for The
                        Royal Bank of
                        Scotland plc. Greenwich Capital Markets, Inc. 
                        has
                          not guaranteed and is not otherwise responsible for the
                          obligations of
                          Party A under this
                          Transaction.

                      

                    

            

             

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          Please
            promptly confirm that the foregoing correctly sets forth the terms of
            the
            Transaction entered into between us by executing this Confirmation and
            returning
            it to us by facsimile to:

           

          The
            Royal
            Bank of Scotland plc

          Attention:
            Derivatives Documentation

          Fax:
            0207
            375 6724 / 6486 Phone: 0207 375 4225

          

          
            	
                    For
                      and on behalf of

                    ROYAL
                      BANK OF SCOTLAND PLC

                    By:
                      Greenwich Capital Markets, Inc., its agent

                  	 	
                    For
                      and on behalf of

                    Deutsche
                      Bank National Trust Company, not individually, but solely as
                      trustee for
                      the Supplemental Interest Trust

                  
	 	 	 
	
                    Name:

                    Title:

                    Date:

                  	 	
                    Name:

                    Title:

                    Date:

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ADDITIONAL
            TERMS

           

          [May
            require updating if there is a Scale Factor]

          All
            dates
            subject to adjustment in accordance with the Modified Following Business
            Day
            Convention.

          

          
            	
                    From
                      and including:

                  	
                    To
                      but excluding:

                  	
                    Notional
                      Amount (USD):

                  
	
                    04/25/06

                  	
                    05/25/06

                  	
                    4,147,841.12

                  
	
                    05/25/06

                  	
                    06/25/06

                  	
                    4,095,285.74

                  
	
                    06/25/06

                  	
                    07/25/06

                  	
                    4,029,376.60

                  
	
                    07/25/06

                  	
                    08/25/06

                  	
                    3,950,171.95

                  
	
                    08/25/06

                  	
                    09/25/06

                  	
                    3,857,853.69

                  
	
                    09/25/06

                  	
                    10/25/06

                  	
                    3,752,732.76

                  
	
                    10/25/06

                  	
                    11/25/06

                  	
                    3,635,252.58

                  
	
                    11/25/06

                  	
                    12/25/06

                  	
                    3,505,991.66

                  
	
                    12/25/06

                  	
                    01/25/07

                  	
                    3,365,669.28

                  
	
                    01/25/07

                  	
                    02/25/07

                  	
                    3,215,996.18

                  
	
                    02/25/07

                  	
                    03/25/07

                  	
                    3,070,529.18

                  
	
                    03/25/07

                  	
                    04/25/07

                  	
                    2,931,818.02

                  
	
                    04/25/07

                  	
                    05/25/07

                  	
                    2,799,543.20

                  
	
                    05/25/07

                  	
                    06/25/07

                  	
                    2,673,400.54

                  
	
                    06/25/07

                  	
                    07/25/07

                  	
                    2,553,100.51

                  
	
                    07/25/07

                  	
                    08/25/07

                  	
                    2,438,367.20

                  
	
                    08/25/07

                  	
                    09/25/07

                  	
                    2,328,937.99

                  
	
                    09/25/07

                  	
                    10/25/07

                  	
                    2,224,562.82

                  
	
                    10/25/07

                  	
                    11/25/07

                  	
                    2,125,003.56

                  
	
                    11/25/07

                  	
                    12/25/07

                  	
                    2,029,942.12

                  
	
                    12/25/07

                  	
                    01/25/08

                  	
                    1,931,952.27

                  
	
                    01/25/08

                  	
                    02/25/08

                  	
                    1,694,324.01

                  
	
                    02/25/08

                  	
                    03/25/08

                  	
                    1,462,053.09

                  
	
                    03/25/08

                  	
                    04/25/08

                  	
                    1,268,545.15

                  
	
                    04/25/08

                  	
                    05/25/08

                  	
                    1,110,089.72

                  
	
                    05/25/08

                  	
                    06/25/08

                  	
                    1,038,590.99

                  
	
                    06/25/08

                  	
                    07/25/08

                  	
                    987,743.85

                  
	
                    07/25/08

                  	
                    08/25/08

                  	
                    939,608.65

                  
	
                    08/25/08

                  	
                    09/25/08

                  	
                    894,033.49

                  
	
                    09/25/08

                  	
                    10/25/08

                  	
                    850,874.51

                  
	
                    10/25/08

                  	
                    11/25/08

                  	
                    809,994.53

                  
	
                    11/25/08

                  	
                    12/25/08

                  	
                    771,265.78

                  
	
                    12/25/08

                  	
                    01/25/09

                  	
                    734,567.93

                  
	
                    01/25/09

                  	
                    02/25/09

                  	
                    699,787.63

                  
	
                    02/25/09

                  	
                    03/25/09

                  	
                    666,819.06

                  
	
                    03/25/09

                  	
                    04/25/09

                  	
                    635,562.12

                  
	
                    04/25/09

                  	
                    05/25/09

                  	
                    605,920.17

                  
	
                    05/25/09

                  	
                    06/25/09

                  	
                    577,803.88

                  
	
                    06/25/09

                  	
                    07/25/09

                  	
                    551,129.10

                  
	
                    07/25/09

                  	
                    08/25/09

                  	
                    525,816.48

                  
	
                    08/25/09

                  	
                    09/25/09

                  	
                    501,791.29

                  
	
                    09/25/09

                  	
                    10/25/09

                  	
                    478,983.07

                  
	
                    10/25/09

                  	
                    11/25/09

                  	
                    457,325.32

                  
	
                    11/25/09

                  	
                    12/25/09

                  	
                    436,755.39

                  

          

          

        

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        R

      

      FORM
        OF
        SWAP ADMINISTRATION AGREEMENT

       

       

      
        

          SWAP
            ADMINISTRATION AGREEMENT

           

          This
            Swap
            Administration Agreement, dated as of March 10, 2006 (this “Agreement”), among
            Deutsche Bank National Trust Company (“Deutsche Bank”), as swap administrator
            (in such capacity, the “Swap Administrator”) and as trustee and supplemental
            interest trust trustee under the Pooling and Servicing Agreement, as
            hereinafter
            defined (in such capacity, the “Trustee” and “Supplemental Interest Trust
            Trustee”), and Greenwich Capital Markets, Inc., as majority holder of the Class
            C Certificates.

           

          WHEREAS,
            the Trustee, on behalf of the holders of the Soundview Mortgage Loan
            Trust
            2006-OPT1, Asset-Backed Certificates, Series 2006-OPT1, is counterparty
            to an
            Interest Rate Swap Agreement (the “Swap Agreement”), a copy of which is attached
            hereto as Exhibit A, between the Trustee and the Royal Bank of Scotland
            PLC
            (“RBS”); and

           

          WHEREAS,
            it is desirable to irrevocably appoint the Swap Administrator, and the
            Swap
            Administrator desires to accept such appointment, to receive and distribute
            funds payable by RBS under the Swap Agreement as provided herein;

           

          NOW,
            THEREFORE, in consideration of the mutual covenants contained herein,
            and for
            other good and valuable consideration, the receipt and adequacy of which
            are
            hereby acknowledged, the parties agree as follows:

           

          1. Definitions.
            Capitalized terms used but not otherwise defined herein shall have the
            respective meanings assigned thereto in the Pooling and Servicing Agreement,
            dated as of March 1, 2006 (the “Pooling and Servicing Agreement”), among
            Financial Asset Securities Corp., as Depositor, Option One Mortgage Corporation,
            as servicer, and Deutsche Bank National Trust Company as trustee relating
            to the
            Soundview Mortgage Loan Trust 2006-OPT1, Asset-Backed Certificates, Series
            2006-OPT1 (the “Certificates”), or in the related Indenture as the case may be,
            as in effect on the date hereof.

           

          2. Swap
            Administrator.

           

          (a) The
            Swap
            Administrator is hereby irrevocably appointed to receive all funds paid
            to the
            Supplemental Interest Trust Trustee by RBS, or its successors in interest
            (the
“Swap Provider”) under the Swap Agreement (including any Swap Termination
            Payment) and the Swap Administrator hereby accepts such appointment and
            hereby
            agrees to receive such amounts and to distribute on each Distribution
            Date such
            amounts in the following order of priority:

           

          (i) first,
            to
            the Trustee for deposit into the Swap Account, an amount equal to the
            sum of the
            following amounts remaining outstanding after distribution of the Net
            Monthly
            Excess Cashflow: (A) Unpaid Interest Shortfall Amounts, (B) Net WAC Rate
            Carryover Amounts; (C) an
            amount necessary to maintain or restore the Overcollateralization Target
            Amount;
            and
            (D) any
            Allocated Realized Loss Amounts;

           

          (ii) second,
            to Greenwich Capital Markets, Inc., as majority holder of the Class C
            Certificates, any amounts remaining after payment of (i) above, provided,
            however, upon the issuance of notes by an issuer (the “Trust”), secured by all
            or a portion of the Class C Certificates and the Class P Certificates
            (the “NIM
            Notes”), Greenwich Capital Markets, Inc., as majority holder of the Class C
            Certificates, hereby instructs the Swap Administrator to make any payments
            under
            this clause 2(a)(ii):

           

          (A) to
            the
            Indenture Trustee for the Trust, for deposit into the Note Account (each
            as
            defined in the related Indenture), for distribution in accordance with
            the terms
            of the Pooling and Servicing Agreement until satisfaction and discharge
            of the
            Indenture; and

           

          (B) after
            satisfaction and discharge of the Pooling and Servicing Agreement, to
            the
            Holders of the Class C Certificates, pro rata based on the outstanding
            Notional
            Amount of each such Certificate.

           

          (b) The
            Swap
            Administrator agrees to hold any amounts received from the Supplemental
            Interest
            Trust Trustee in trust upon the terms and conditions and for the exclusive
            use
            and benefit of the Trustee and the Indenture Trustee, as applicable (in
            turn for
            the benefit of the Certificateholders, the Noteholders and the NIMS Insurer,
            if
            any) as set forth herein. The rights, duties and liabilities of the Swap
            Administrator in respect of this Agreement shall be as follows:

           

          (i) The
            Swap
            Administrator shall have the full power and authority to do all things
            not
            inconsistent with the provisions of this Agreement that may be deemed
            advisable
            in order to enforce the provisions hereof. The Swap Administrator shall
            not be
            answerable or accountable except for its own bad faith, willful misconduct
            or
            negligence. The Swap Administrator shall not be required to take any
            action to
            exercise or enforce any of its rights or powers hereunder which, in the
            opinion
            of the Swap Administrator, shall be likely to involve expense or liability
            to
            the Swap Administrator, unless the Swap Administrator shall have received
            an
            agreement satisfactory to it in its sole discretion to indemnify it against
            such
            liability and expense.

           

          (ii) The
            Swap
            Administrator shall not be liable with respect to any action taken or
            omitted to
            be taken by it in good faith in accordance with the direction of any
            party
            hereto or the NIMS Insurer, if any, or otherwise as provided herein,
            relating to
            the time, method and place of conducting any proceeding for any remedy
            available
            to the Swap Administrator or exercising any right or power conferred
            upon the
            Swap Administrator under this Agreement.

           

          (iii) The
            Swap
            Administrator may perform any duties hereunder either directly or by
            or through
            agents or attorneys of the Swap Administrator. The Swap Administrator
            shall not
            be liable for the acts or omissions of its agents or attorneys so long
            as the
            Swap Administrator chose such Persons with due care.

           

          3. Swap
            Account.
            The
            Swap Administrator shall segregate and hold all funds received from the
            Supplemental Interest Trust Trustee (including any Swap Termination Payment)
            separate and apart from any of its own funds and general assets and shall
            establish and maintain in the name of the Swap Administrator one or more
            segregated accounts (such account or accounts, the “Swap”) as described in the
            Pooling and Servicing Agreement.

           

          
            4. Replacement
              Swap Agreements.

             

          

          The
            Trustee shall, at the direction of the NIMS Insurer, if any, or, with
            the
            consent of the NIMS Insurer, if any, at the direction of Greenwich Capital
            Markets, Inc., as majority holder of the Class C Certificates, enforce
            all of
            its rights and exercise any remedies under the Swap Agreement. In the
            event the
            Swap Agreement is terminated as a result of the designation by either
            party
            thereto of an Early Termination Date (as defined therein), Greenwich
            Capital
            Markets, Inc., as majority holder of the Class C Certificates, shall
            find a
            replacement counterparty to enter into a replacement swap
            agreement.

           

          Any
            Swap
            Termination Payment received by the Swap Administrator shall be deposited
            in the
            Swap Account and shall be used to make any upfront payment required under
            a
            replacement swap agreement and any upfront payment received from the
            counterparty to a replacement swap agreement shall be used to pay any
            Swap
            Termination Payment owed to the Swap Provider.

           

          Notwithstanding
            anything contained herein, in the event that a replacement swap agreement
            cannot
            be obtained within 30 days after receipt by the Swap Administrator of
            the Swap
            Termination Payment paid by the terminated Swap Provider, the Swap Administrator
            shall deposit such Swap Termination Payment into a separate, non-interest
            bearing account, established by the Swap Administrator and the Swap
            Administrator shall, on each Distribution Date, withdraw from such account,
            an
            amount equal to the Net Swap Payment, if any, that would have been paid
            to the
            Trust by the original Swap Provider (computed in accordance with Exhibit
            A) and
            distribute such amount in accordance with Section 2(a) of this Agreement.
            On the
            Distribution Date immediately after the termination date of the original
            Swap
            Agreement, the Swap Administrator shall withdraw any funds remaining
            in such
            account and distribute such amount in accordance with Section 2(a)(ii)
            of this
            Agreement.

           

          5. Representations
            and Warranties of Deutsche Bank.
            Deutsche Bank represents and warrants as follows:

           

          (a) Deutsche
            Bank is duly organized and validly existing as a national trust company
            under
            the laws of the United States and has all requisite power and authority
            to
            execute and deliver this Agreement, to perform its obligations as Swap
            Administrator hereunder.

           

          (b) The
            execution, delivery and performance of this Agreement by Deutsche Bank
            as
            Trustee have been duly authorized in the Pooling and Servicing
            Agreement.

           

          (c) This
            Agreement has been duly executed and delivered by Deutsche Bank as Swap
            Administrator, the Trustee and the Supplemental Interest Trust Trustee
            and is
            enforceable against Deutsche Bank in such capacities in accordance with
            its
            terms, except as enforceability may be affected by bankruptcy, insolvency,
            fraudulent conveyance, reorganization, moratorium and other similar laws
            relating to or affecting creditors’ rights generally, general equitable
            principles (whether considered in a proceeding in equity or at
            law).

           

          
            6. Replacement
              of Swap Administrator.

             

          

          Any
            corporation, bank, trust company or association into which the Swap
            Administrator may be merged or converted or with which it may be consolidated,
            or any corporation, bank, trust company or association resulting from
            any
            merger, conversion or consolidation to which the Swap Administrator shall
            be a
            party, or any corporation, bank, trust company or association succeeding
            to all
            or substantially all the corporate trust business of the Swap Administrator,
            shall be the successor of the Swap Administrator hereunder, without the
            execution or filing of any paper or any further act on the part of any
            of the
            parties hereto, except to the extent that assumption of its duties and
            obligations, as such, is not effected by operation of law.

           

          No
            resignation or removal of the Swap Administrator and no appointment of
            a
            successor Swap Administrator shall become effective until the appointment
            by
            Greenwich Capital Markets, Inc., as majority holder of the Class C Certificates,
            of a successor swap administrator acceptable to the NIMS Insurer, if
            any. Any
            successor swap administrator shall execute such documents or instruments
            necessary or appropriate to vest in and confirm to such successor swap
            administrator all such rights and powers conferred by this
            Agreement.

           

          The
            Swap
            Administrator may resign at any time by giving written notice thereof
            to the
            other parties hereto with a copy to the NIMS Insurer, if any. If a successor
            swap administrator shall not have accepted the appointment hereunder
            within 30
            days after the giving by the resigning Swap Administrator of such notice
            of
            resignation, the resigning Swap Administrator may petition any court
            of
            competent jurisdiction for the appointment of a successor swap administrator
            acceptable to the NIMS Insurer, if any.

           

          In
            the
            event of a resignation or removal of the Swap Administrator, Greenwich
            Capital
            Markets, Inc., as majority holder of the Class C Certificates, shall
            promptly
            appoint a successor Swap Administrator acceptable to the NIMS Insurer,
            if any.
            If no such appointment has been made within 10 days of the resignation
            or
            removal, the NIMS Insurer, if any, may appoint a successor Swap
            Administrator.

          

            7. Trustee
              Obligations.

             

          

          Whenever
            the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
            has
            the option or is requested in such capacity, whether such request is
            by the
            counterparty to such agreement, to take any action or to give any consent,
            approval or waiver that it is on behalf of the Trust entitled to take
            or give in
            such capacity, including, without limitation, in connection with an amendment
            of
            such agreement or the occurrence of a default or termination event thereunder,
            the Supplemental Interest Trust Trustee shall promptly notify the parties
            hereto
            and the NIMS Insurer, if any, of such request in such detail as is available
            to
            it and, shall, on behalf of the parties hereto and the NIMS Insurer,
            if any,
            take such action in connection with the exercise and/or enforcement of
            any
            rights and/or remedies available to it in such capacity with respect
            to such
            request as Greenwich Capital Markets, Inc., as majority holder of the
            Class C
            Certificates, or the NIMS Insurer, if any, shall direct in writing; provided
            that if no such direction is received prior to the date that is established
            for
            taking such action or giving such consent, approval or waiver (notice
            of which
            date shall be given by the Supplemental Interest Trust Trustee to the
            parties
            hereto and the NIMS Insurer, if any), the Supplemental Interest Trust
            Trustee
            may abstain from taking such action or giving such consent, approval
            or
            waiver.

           

          The
            Trustee shall forward to the parties hereto and the NIMS Insurer, if
            any, on the
            Payment Date following its receipt thereof copies of any and all notices,
            statements, reports and/or other material communications and information
            (collectively, the “Swap Reports”) that it receives in connection with the Swap
            Agreement or from the counterparty thereto.

           

          
            8. Miscellaneous.

             

          

          (a) This
            Agreement shall be governed by and construed in accordance with the laws
            of the
            State of New York.

           

          (b) Any
            action or proceeding against any of the parties hereto relating in any
            way to
            this Agreement may be brought and enforced in the courts of the State
            of New
            York sitting in the borough of Manhattan or of the United States District
            Court
            for the Southern District of New York and the Swap Administrator irrevocably
            submits to the jurisdiction of each such court in respect of any such
            action or
            proceeding. The Swap Administrator waives, to the fullest extent permitted
            by
            law, any right to remove any such action or proceeding by reason of improper
            venue or inconvenient forum.

           

          (c) This
            Agreement may be amended, supplemented or modified in writing by the
            parties
            hereto, but only with the consent of the NIMS Insurer, if any.

           

          (d) This
            Agreement may not be assigned or transferred without the prior written
            consent
            of the NIMS Insurer, if any; provided, however, the parties hereto acknowledge
            and agree to the assignment of the rights of Greenwich Capital Markets,
            Inc., as
            majority holder of the Class C Certificates, as provided under this Agreement
            pursuant to the Sale Agreement, the Trust Agreement and the
            Indenture.

           

          (e) This
            Agreement may be executed by one or more of the parties to this Agreement
            on any
            number of separate counterparts (including by facsimile transmission),
            and all
            such counterparts taken together shall be deemed to constitute one and
            the same
            instrument.

           

          (f) Any
            provision of this Agreement which is prohibited or unenforceable in any
            jurisdiction shall, as to such jurisdiction, 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.

           

          (g) The
            representations and warranties made by the parties to this Agreement
            shall
            survive the execution and delivery of this Agreement. No act or omission
            on the
            part of any party hereto shall constitute a waiver of any such representation
            or
            warranty.

           

          (h) The
            article and section headings herein are for convenience of reference
            only, and
            shall not limit or otherwise affect the meaning hereof.

           

          (i) The
            representations and warranties made by the parties to this Agreement
            shall
            survive the execution and delivery of this Agreement. No act or omission
            on the
            part of any party hereto shall constitute a waiver of any such representation
            or
            warranty.

           

          9. Third-Party
            Beneficiary.
            Each of
            the Note Insurer, the Backup Note Insurer and the Indenture Trustee,
            if any,
            shall be deemed a third-party beneficiary of this Agreement to the same
            extent
            as if it were a party hereto, and shall have the right to enforce the
            provisions
            of this Agreement.

           

          10. Swap
            Administrator and Trustee Rights.
            The
            Swap Administrator shall be entitled to the same rights, protections
            and
            indemnities afforded to the Trustee under the Pooling and Servicing Agreement,
            and the Indenture Trustee under the Indenture, in each case as if specifically
            set forth herein with respect to the Swap Administrator.

           

          The
            Trustee shall be entitled to the same rights, protections and indemnities
            afforded to the Trustee under the Pooling and Servicing Agreement as
            if
            specifically set forth herein with respect to the Swap
            Administrator.

           

          11. Limited
            Recourse.
            It is
            expressly understood and agreed by the parties hereto that this Agreement
            is
            executed and delivered by the Trustee, not in its individual capacity
            but solely
            as Trustee under the Pooling and Servicing Agreement. Notwithstanding
            any other
            provisions of this Agreement, the obligations of the Trustee under this
            Agreement are non-recourse to the Trustee, its assets and its property,
and
            shall be payable solely from the assets of the Trust Fund, and following
            realization of such assets, any claims of any party hereto shall be extinguished
            and shall not thereafter be reinstated. No recourse shall be had against
            any
            principal, director, officer, employee, beneficiary, shareholder, partner,
            member, Trustee, agent or affiliate of the Trustee or any person owning,
            directly or indirectly, any legal or beneficial interest in the Trustee,
            or any
            successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
            payment of any amount payable under this Agreement. The parties hereto
            shall not
            enforce the liability and obligations of the Trustee to perform and observe
            the
            obligations contained in this Agreement by any action or proceeding wherein
            a
            money judgment establishing any personal liability shall be sought against
            the
            Trustee, subject to the following sentence, or the Exculpated Parties.
            The
            agreements in this paragraph shall survive termination of this Agreement
            and the
            performance of all obligations hereunder.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
            and
            delivered as of the day and year first above written.

           

          

          
            	 	 	 	 	 	 	 	
                    DEUTSCHE
                      BANK NATIONAL TRUST

                    COMPANY

                    as
                      Swap Administrator

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    DEUTSCHE
                      BANK NATIONAL TRUST

                    COMPANY

                    not
                      in its individual capacity but solely as Trustee under the
                      Pooling and
                      Servicing Agreement

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    GREENWICH
                      CAPITAL MARKETS, INC.,

                    as
                      majority holder of the Class C Certificates

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          EXHIBIT
            A

           

          SWAP
            AGREEMENT

           

          SEE
            EXHIBIT Q TO THE POOLING AND SERVICING AGREEMENT

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          ANNEX
            I

           

          The
            amounts paid under clause 2(a)(ii) of the Swap Administration Agreement
            shall be
            calculated as follows:

          

          
            	
                    Floating
                      Amount:

                  	 
	 	 
	
                    Floating
                      Rate Payer:

                  	
                    Deutsche
                      Bank National Trust Company

                  
	 	 
	
                    Cap
                      Rate:

                  	
                    15.00%

                  
	 	 
	
                    Floating
                      Amount

                  	
                    To
                      be determined in accordance with the following formula:

                    The
                      product of: (i) 250; (ii) the Cap Rate, (iii) the Notional
                      Amount; and
                      (iv) the Floating Rate Day Count Fraction;

                    provided,
                      however,
                      the Swap Administrator will only be obligated to pay the Floating
                      Amount
                      up to the amount remaining after payments are made under clause
                      2(a)(i) of
                      the Swap Administration Agreement.

                    The
                      Floating Amount shall be paid to the Indenture Trustee for
                      payment in
                      accordance with Section 2.09(e) of the Indenture.

                  
	 	 
	
                    Floating
                      Rate Day Count Fraction:

                  	
                    Actual/360.

                  
	 	 
	
                    Notional
                      Amount:

                  	
                    The
                      amount set forth for such period in the Amortization Schedule
                      A.

                  

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            A TO ANNEX I

           

          SEE
            ANNEX
            3 TO THE PROSPECTUS SUPPLEMENT

        

      

      
        
          
             

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        S

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Securities
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:        
        X
        - obligation

      [X]
        - under consideration for obligation

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Trustee

              
	 	
                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

              	
                X

              	
                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.

              	
                To
                  the extent applicable

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets 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

              	
                X

              	 
	 	
                Cash
                  Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                [X]

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                If
                  applicable

              	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	
                X

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	
                X

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	
                X

              	
                X

              

      

      

      

       

      

      EXHIBIT
        T

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trustee pursuant
        to Section 4.07(a)(iv). If the Trustee is indicated below as to any item,
        then
        the Trustee is primarily responsible for obtaining that information.

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trustee based on information received from the Master Servicer;
        and b) items marked “Form 10-D report” are required to be in the Form 10-D
        report but not the 4.02 statement, provided by the party indicated. Information
        under all other Items of Form 10-D is to be included in the Form 10-D
        report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.02
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.02
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.02
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.02
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.02
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.02
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average life, weighted average remaining term,
                  pool
                  factors and prepayment amounts.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.02
                  statement.

                 

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.02
                  statement

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                Form
                  10-D report; Servicer

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Servicer

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor

                 

                 

                 

                 

                Form
                  10-D report: Depositor

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Seller

                Depositor

                Trustee

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                 

                 

                 

                Seller

                Depositor

                Trustee

                Trustee

                Depositor

                Master
                  Servicer

                Originator

                Custodian

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                 

                 

                 

                Depositor

              
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                 

                 

                N/A

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                N/A

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                [TBD]

                [TBD]

                 

                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.

              	 
	
                8

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	 
	
                Distribution
                  report

              	
                Trustee

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                Examples:
                  servicing agreement, custodial agreement.

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                Depositor

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                Examples:
                  servicing agreement, custodial agreement.

              	
                Depositor

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Depositor, Servicer or Trustee, with respect to any of the following:
                  

                Sponsor
                  (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provicer,
                  Custodian

              	
                Depositor/Servicer/Trustee

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.02 statement

              	
                N/A

              
	
                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

              	
                Party
                  requesting material modification

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master Servicer or Trustee

              	 
	
                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, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee
                  or Master Servicer

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trustee

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	
                8.01

              	
                Other
                  Events

              	
                 

              
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	
                 

              
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

              
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                 

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                [TBD]

                [TBD]

                Depositor

              
	
                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                 

                 

                 

                 

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian
                  

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 

                 

                Seller

                Depositor

                Trustee
                  (only
                  with respect to affiliations and relationships with the sponsor,
                  depositor
                  or issuing entity)

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian
                  

                Depositor

                Depositor

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Master
                  Servicer

              

      

      

       

      
        
          
             

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        I

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      Available
        Upon Request

      

      

      
        
          
             

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        II

      

      

      
        	
                Distribution
                  Date

              	
                Base
                  Calculation
Amount ($)

              	 	
                Distribution
                  Date

              	
                Base
                  Calculation Amount ($)

              
	
                April
                  25, 2006

              	
                             
                  0.00

              	 	
                August
                  25, 2008

              	
                939,608.65

              
	
                May
                  25, 2006

              	
                4,147,841.12

              	 	
                September
                  25, 2008

              	
                894,033.49

              
	
                June
                  25, 2006

              	
                4,095,285.74

              	 	
                October
                  25, 2008

              	
                850,874.51

              
	
                July
                  25, 2006

              	
                4,029,376.60

              	 	
                November
                  25, 2008

              	
                809,994.53

              
	
                August
                  25, 2006

              	
                3,950,171.95

              	 	
                December
                  25, 2008

              	
                771,265.78

              
	
                September
                  25, 2006

              	
                3,857,853.69

              	 	
                January
                  25, 2009

              	
                734,567.93

              
	
                October
                  25, 2006

              	
                3,752,732.76

              	 	
                February
                  25, 2009

              	
                699,787.63

              
	
                November
                  25, 2006

              	
                3,635,252.58

              	 	
                March
                  25, 2009

              	
                666,819.06

              
	
                December
                  25, 2006

              	
                3,505,991.66

              	 	
                April
                  25, 2009

              	
                635,562.12

              
	
                January
                  25, 2007

              	
                3,365,669.28

              	 	
                May
                  25, 2009

              	
                605,920.17

              
	
                February
                  25, 2007

              	
                3,215,996.18

              	 	
                June
                  25, 2009

              	
                577,803.88

              
	
                March
                  25, 2007

              	
                3,070,529.18

              	 	
                July
                  25, 2009

              	
                551,129.10

              
	
                April
                  25, 2007

              	
                2,931,818.02

              	 	
                August
                  25, 2009

              	
                525,816.48

              
	
                May
                  25, 2007

              	
                2,799,543.20

              	 	
                September
                  25, 2009

              	
                501,791.29

              
	
                June
                  25, 2007

              	
                2,673,400.54

              	 	
                October
                  25, 2009

              	
                478,983.07

              
	
                July
                  25, 2007

              	
                2,553,100.51

              	 	
                November
                  25, 2009

              	
                457,325.32

              
	
                August
                  25, 2007

              	
                2,438,367.20

              	 	
                December
                  25, 2009

              	
                436,755.39

              
	
                September
                  25, 2007

              	
                2,328,937.99

              	 	 	 
	
                October
                  25, 2007

              	
                2,224,562.82

              	 	 	 
	
                November
                  25, 2007

              	
                2,125,003.56

              	 	 	 
	
                December
                  25, 2007

              	
                2,029,942.12

              	 	 	 
	
                January
                  25, 2008

              	
                1,931,952.27

              	 	 	 
	
                February
                  25, 2008

              	
                1,694,324.01

              	 	 	 
	
                March
                  25, 2008

              	
                1,462,053.09

              	 	 	 
	
                April
                  25, 2008

              	
                1,268,545.15

              	 	 	 
	
                May
                  25, 2008

              	
                1,110,089.72

              	 	 	 
	
                June
                  25, 2008

              	
                1,038,590.99

              	 	 	 
	
                July
                  25, 2008

              	
                  
                  987,743.85

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]