Document:

EXHIBIT 10.1 INTEGRA SP STOCK PURCHASE AGREEMENT.
-------------------------------------------------

================================================================================

                            STOCK PURCHASE AGREEMENT

                                 BY AND BETWEEN

                             TIGER TELEMATICS, INC.

                           INTEGRA SP HOLDINGS LIMITED

                                       AND

                           INTEGRA SP NOMINEE LIMITED

                          Dated as of October 29, 2004

================================================================================

<PAGE>

                                TABLE OF CONTENTS
                                                                            Page

Article I PURCHASE AND SALE OF SHARES.........................................1
         1.1      TRANSFER OF SHARES..........................................1
         1.2      PURCHASE PRICE..............................................1
         1.3      PAYMENT AT CLOSING..........................................4
         1.4      DELIVERY OF SHARES..........................................4
         1.5      AFFILIATE-OWNED ASSETS......................................4
         1.6      ASSET TRANSFER AND FURTHER ASSURANCES.......................4

Article II THE CLOSING........................................................4

Article III REPRESENTATIONS AND WARRANTIES of THE STOCKHOLDER.................5
         3.1      TITLE TO THE SHARES.........................................5
         3.2      ORGANIZATION AND POWER......................................5
         3.3      AUTHORITY; AUTHORIZATION, EXECUTION AND DELIVERY;
                  ENFORCEABILITY; NO CONFLICT.................................5
         3.4      CONSENTS....................................................6
         3.5      BROKERS.....................................................6
         3.6      INVESTMENT REPRESENTATIONS..................................7

Article IV REPRESENTATIONS AND WARRANTIES of the seller group.................8
         4.1      ORGANIZATION, POWER, AUTHORITY AND GOOD STANDING............8
         4.2      AUTHORITY; AUTHORIZATION, EXECUTION AND DELIVERY;
                  ENFORCEABILITY; NO CONFLICT.................................8
         4.3      CONSENTS....................................................9
         4.4      CAPITALIZATION..............................................9
         4.5      SUBSIDIARIES; INVESTMENTS..................................10
         4.6      FINANCIAL INFORMATION......................................10
         4.7      ABSENCE OF UNDISCLOSED LIABILITIES.........................11
         4.8      ABSENCE OF CHANGES.........................................11
         4.9      TAX MATTERS................................................12
         4.10     TITLE TO ASSETS, PROPERTIES AND RIGHTS AND
                  RELATED MATTERS............................................14
         4.11     REAL PROPERTY - OWNED OR LEASED............................15
         4.12     INTELLECTUAL PROPERTY......................................15
         4.13     AGREEMENTS, NO DEFAULTS, ETC...............................17
         4.14     LITIGATION, ETC............................................19
         4.15     COMPLIANCE WITH LAWS.......................................19
         4.16     INSURANCE..................................................19
         4.17     LABOR RELATIONS; EMPLOYEES.................................20
         4.18     ERISA COMPLIANCE...........................................22
         4.19     ENVIRONMENTAL MATTERS......................................22
         4.20     BROKERS....................................................23
         4.21     RELATED PARTY TRANSACTIONS.................................23
         4.22     ACCOUNTS AND NOTES RECEIVABLE..............................24
         4.23     BANK ACCOUNTS; POWERS OF ATTORNEY..........................24
         4.24     SUPPLIERS AND VENDORS......................................24
         4.25     CUSTOMERS..................................................24
         4.26     CONFLICTS OF INTEREST......................................25
         4.27     DISCLOSURE.................................................25

                                                                          Page i
<PAGE>

Article V REPRESENTATIONS AND WARRANTIES OF THE PURCHASER....................25
         5.1      ORGANIZATION; CORPORATE AUTHORITY..........................25
         5.2      AUTHORITY; AUTHORIZATION; EXECUTION AND DELIVERY;
                  ENFORCEABILITY; NO CONFLICT................................25
         5.3      CONSENTS...................................................26
         5.4      BROKERS....................................................26
         5.5      LITIGATION.................................................26
         5.6      TIGR SHARES................................................27
         5.7      CAPITALIZATION.............................................27
         5.8      WARN ACT...................................................27
         5.9      SEC DOCUMENTS..............................................27
         5.10     INVESTMENT INTENT..........................................27

Article VI COVENANTS AND AGREEMENTS..........................................28
         6.1      ACCESS TO RECORDS AND PROPERTIES...........................28
         6.2      CONDUCT OF THE BUSINESS....................................28
         6.3      EFFORTS TO CONSUMMATE......................................29
         6.4      NEGOTIATION WITH OTHERS....................................30
         6.5      NOTICE OF PROSPECTIVE BREACH...............................30
         6.6      PUBLIC ANNOUNCEMENTS.......................................30
         6.7      EXCHANGE PROCEEDS..........................................31
         6.8      NON-COMPETITION COVENANT...................................31
         6.9      DISCLOSURE OF INFORMATION..................................32
         6.10     USE OF PROPRIETARY NAME....................................34
         6.11     SUPPLEMENTS TO SCHEDULES...................................34
         6.12     CERTAIN EMPLOYEE MATTERS...................................34
         6.13     NO-HIRE OF EMPLOYEES.......................................35
         6.14     NASDAQ LISTING.............................................35
         6.15     FINANCIAL STATEMENTS.......................................35
         6.16     PAYMENT TO KBC.............................................35

Article VII CLOSING OBLIGATIONS..............................................36
         7.1      CONDITIONS TO EACH PARTY'S OBLIGATIONS.....................36
         7.2      CONDITIONS TO OBLIGATIONS OF THE PURCHASER.................36
         7.3      CONDITIONS TO OBLIGATIONS OF THE SELLER GROUP..............38

Article VIII INDEMNIFICATION.................................................39
         8.1      GENERALLY..................................................39
         8.2      ASSERTION OF CLAIMS........................................40
         8.3      NOTICE AND DEFENSE OF THIRD PARTY CLAIMS...................40
         8.4      SURVIVAL OF REPRESENTATIONS AND WARRANTIES.................41
         8.5      LIMITATIONS ON INDEMNIFICATION.............................42
         8.6      EXCLUSION OF CERTAIN CLAIMS................................43
         8.7      MITIGATION.................................................43
         8.8      PARTIES TO CLAIM...........................................43

Article IX TERMINATION; EFFECT OF TERMINATION................................44
         9.1      TERMINATION................................................44
         9.2      EFFECT OF TERMINATION......................................45

                                                                         Page ii
<PAGE>

Article X MISCELLANEOUS PROVISIONS...........................................45
         10.1     AMENDMENT..................................................45
         10.2     ENTIRE AGREEMENT...........................................45
         10.3     SEVERABILITY...............................................46
         10.4     BENEFITS OF AGREEMENT......................................46
         10.5     EXPENSES; SALES AND TRANSFER TAXES.........................46
         10.6     REMEDIES...................................................46
         10.7     NOTICES....................................................47
         10.8     COUNTERPARTS AND FACSIMILE EXECUTION.......................48
         10.9     GOVERNING  LAW.............................................48
         10.10    JURISDICTION AND VENUE.....................................49
         10.11    MUTUAL CONTRIBUTION........................................49
         10.12    NO THIRD PARTY BENEFICIARIES...............................49
         10.13    INDEPENDENCE OF COVENANTS AND REPRESENTATIONS AND
                  WARRANTIES.................................................49
         10.14    INTERPRETATION; CONSTRUCTION...............................50

                                                                        Page iii
<PAGE>

                         ANNEXES, SCHEDULES AND EXHIBITS

Annexes
-------

Annex I                Stockholder
Annex II               Certain Definitions

Schedules
---------

Schedule 3.4       -    Stockholder Consents
Schedule 4.1       -    Foreign Qualifications for the Company and Its
                         Subsidiaries
Schedule 4.3       -    Company Consents
Schedule 4.4(a)    -    Capitalization of the Company and Its Subsidiaries
Schedule 4.4(b)    -    Options, Warrants, Voting Agreements, etc.
Schedule 4.5       -    Subsidiaries and Investments
Schedule 4.6(a)    -    Financial Statements
Schedule 4.6(c)    -    Accounts Payable and Accounts Receivable
Schedule 4.7       -    Undisclosed Liabilities
Schedule 4.8       -    Absence of Changes
Schedule 4.9(a)    -    Tax Matters
Schedule 4.9(c)    -    Taxing Authority Notifications
Schedule 4.10(a)   -    Encumbrances
Schedule 4.10(b)   -    Tangible Personal Property
Schedule 4.11(a)   -    Real Property
Schedule 4.11(b)   -    Real Property Proceedings, Notices and Exceptions
Schedule 4.12(a)   -    Intellectual Property Rights
Schedule 4.12(b)   -    Actions to Protect Intellectual Property Rights
Schedule 4.13(a)   -    Material Contracts
Schedule 4.13(c)   -    Funded Indebtedness
Schedule 4.14(a)   -    Litigation, Etc.
Schedule 4.14(b)   -    Resolved Litigation
Schedule 4.15      -    Compliance with Laws
Schedule 4.16(a)   -    Insurance Policies
Schedule 4.16(b)   -    Insurance Claims, Etc.
Schedule 4.17(a)   -    Directors, Officers and Key Employees
Schedule 4.17(b)   -    Number of Employees, Independent Contractors, etc.
Schedule 4.17(c)   -    Labor Relations
Schedule 4.17(e)   -    Labor Proceedings
Schedule 4.17(f)   -    Joint Employer Matters
Schedule 4.17(g)   -    Independent Contractor Agreements
Schedule 4.19(a)   -    Environmental Laws - Violations
Schedule 4.19(b)   -    Environmental Compliance - Previously Owned Properties
Schedule 4.21(a)   -    Related Party Transactions
Schedule 4.21(b)   -    Distributions
Schedule 4.22      -    Accounts and Notes Receivable
Schedule 4.23      -    Bank Accounts; Powers of Attorney
Schedule 4.24      -    Suppliers and Vendors
Schedule 4.25      -    Customers

                                                                         Page iv
<PAGE>

Schedule 5.1       -    Foreign Qualifications for the Purchaser
Schedule 5.3       -    Purchaser Consents

Exhibits
--------

Exhibit A          -    Form of Escrow Agreement

                                                                          Page v
<PAGE>

                             Index of Defined Terms

                  The  following  capitalized  terms,  which may be used in more
than one  Section  or other  location  of this  Agreement,  are  defined  in the
following Sections or other locations:

                                                                Section or
     Term                                                     other Location
     ----                                                     --------------

     Acquisition Proposal                                         Annex II
     Affiliate                                                    Annex II
     Affiliate-Owned Asset                                             1.5
     Agreement                                                       10.14
     Annual Balance Sheet                                        4.6(a)(i)
     Annual Balance Sheet Date                                   4.6(a)(i)
     Annual Financial Statements                                 4.6(a)(i)
     Arbitrating Accountants                                      Annex II
     Knowledge                                                       10.14
     Business                                                     Preamble
     Business Day                                                 Annex II
     Capital Lease                                                Annex II
     Charter Documents                                            Annex II
     Closing                                                    Article II
     Closing Date                                               Article II
     Code                                                           4.9(a)
     Commission                                                   Annex II
     Company                                                       Caption
     Competing Business                                             6.8(b)
     Confidential Information                                       6.9(a)
     Contract                                                     Annex II
     Control                                                      Annex II
     Covered Properties                                            4.19(b)
     Employee Benefit Plan                                        Annex II
     Encumbrances                                                 Annex II
     Environmental, Health and Safety Laws                        Annex II
     Escrow Account                                                    1.2
     Exchange Proceeds                                                 6.7
     Exchange Rate                                                Annex II
     Exclusivity Period                                             6.4(a)
     ERISA                                                        Annex II
     Excluded Seller Representations                                8.5(a)
     Financial Statements                                      4.6(a)(iii)
     Funded Indebtedness                                          Annex II
     GAAP                                                         Annex II
     Governmental Entity                                          Annex II
     Guaranty                                                     Annex II
     Hired Employees                                                  6.12
     HSR Act                                                           6.3

                                                                         Page vi
<PAGE>

                                                                Section or
     Term                                                     other Location
     ----                                                     --------------

     Income Taxes                                                 Annex II
     Indemnified Persons                                          Annex II
     Indemnifying Persons                                         Annex II
     Initial TIGR Shares Portion                                       1.2
     Intellectual Property Rights                                 Annex II
     Interim Balance Sheets                                      4.6(a)(i)
     Interim Financial Statements                                4.6(a)(i)
     Latest Balance Sheet                                      4.6(a)(iii)
     Latest Balance Sheet Date                                 4.6(a)(iii)
     Latest Financial Statements                               4.6(a)(iii)
     Law                                                          Annex II
     Leased Property                                               4.11(a)
     Letter of Intent                                                 10.2
     Liability                                                    Annex II
     Licensed Requisite Rights                                  4.12(a)(i)
     Litigation Expense                                           Annex II
     Losses                                                       Annex II
     Management Stockholder                                       Annex II
     Market Price                                                 Annex II
     Material Adverse Change                                        4.8(i)
     Material Contracts                                                  0
     Options                                                      Annex II
     Orders                                                       Annex II
     Owned Requisite Rights                                     4.12(a)(i)
     Permits                                                      Annex II
     Permitted Encumbrances                                       Annex II
     Person                                                       Annex II
     Possible Transaction                                              6.4
     Proceeding                                                   Annex II
     Purchase Price                                                    1.2
     Purchaser                                                     Caption
     Purchaser Indemnified Persons                                Annex II
     Purchaser Indemnifying Persons                               Annex II
     Purchaser Losses                                             Annex II
     Purchaser's Accountants                                      Annex II
     Representatives                                                6.9(a)
     Requisite Rights                                           4.12(a)(i)
     Restrictive Period                                             6.8(a)
     Securities                                                   Annex II
     Securities Act                                               Annex II
     Seller Group                                                  Caption
     Seller Indemnified Persons                                   Annex II
     Seller Indemnifying Persons                                  Annex II
     Seller Losses                                                Annex II
     Shares                                                       Preamble

                                                                        Page vii
<PAGE>

                                                                Section or
     Term                                                     other Location
     ----                                                     --------------
     Stock                                                        Preamble
     Stockholder                                                   Caption
     Subsidiary                                                   Annex II
     Survival Date                                                  8.4(a)
     Tax Return                                                   Annex II
     Taxes                                                        Annex II
     TIGR Shares                                                  Annex II
     Third Party                                                   4.17(f)
     Third Party Claim                                                 8.3
     Twelve Month Target Net Profit                                 1.2(c)
     Twelve Month Target Net Sales                                 1.2(c)
     Twenty-Four Month Target Net Profit                            1.2(e)
     Twenty-Four Month Target Net Sales                             1.2(e)

                                                                       Page viii
<PAGE>

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE  AGREEMENT  dated as of October 29, 2004, is by and
among TIGER TELEMATICS, INC., a Delaware corporation (the "Purchaser"),  INTEGRA
SP HOLDINGS  LTD., an English  limited  company  incorporated  under the laws of
England (the "Company"), and INTEGRA SP NOMINEE LTD., an English limited company
incorporated  under the laws of England and the sole  stockholder of the Company
(the  "Stockholder";  and the  Stockholder  and  the  Company  are  collectively
referred  to as the  "Seller  Group").  Certain  capitalized  terms used in this
Agreement are defined on Annex II attached to this Agreement.

                                    PREAMBLE

         The Company, together with its Subsidiaries, is engaged in the business
(collectively,  the "Business") of (i) providing software for the visualization,
interaction and integration of real-time enterprise systems in a browser through
its award winning AltioLive(TM)  product, (ii) developing software products, and
(iii) providing  software support services to customers,  partners and end users
within the finance, public and commercial sectors.

         The Stockholder will be on Closing the sole stockholder of the Company,
with the Stockholder  being the legal owner of all of the outstanding  shares of
the common stock,  .01 Pence par value per share,  of the Company (the "Stock").
The shares of Stock owned by the Stockholder are collectively referred to as the
"Shares." The  Stockholder  desire to sell to the  Purchaser,  and the Purchaser
desires to purchase from the  Stockholder,  all of the Shares,  on the terms and
subject to the conditions contained in this Agreement.

         ACCORDINGLY,   in   consideration   of  the   mutual   representations,
warranties,  covenants and agreements contained in this Agreement, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

                                   ARTICLE I
                           PURCHASE AND SALE OF SHARES

1.1      Transfer of Shares.

         On the terms and subject to the conditions contained in this Agreement,
at the Closing, the Stockholder shall sell,  transfer,  convey and assign to the
Purchaser,  and the Purchaser  shall purchase and acquire from the  Stockholder,
all of the Shares, free and clear of all Encumbrances.

1.2      Purchase Price.

         The  aggregate  consideration  to be  paid  by  the  Purchaser  to  the
Stockholder  for the Shares shall consist of the sum of the following  (such sum
being called the "Purchase Price"):

         (a)      At Closing,  625,250 (the "Initial TIGR Shares Portion") newly
issued TIGR Shares;

         (b)      Twelve (12) months  following  the  Closing,  Purchaser  shall
release  from the  Escrow  Account  that  number of TIGR  Shares  determined  as
follows:

                                       1
<PAGE>

                  (i)      if the Market Price of TIGR Shares immediately before
         the first anniversary of Closing is less than $8.75 then 1,253,349 TIGR
         Shares; or

                  (ii)     if the Market Price of TIGR Shares immediately before
         the first  anniversary of Closing is greater than or equal to $8.75 and
         less  than or equal to  $13.75,  the  number  of TIGR  Shares  found by
         dividing the Market Price  immediately  before the first anniversary of
         Closing by the sum of Sterling GBP 6 million converted to United States
         dollars at the Exchange Rate; or

                  (iii)    if the Market Price of TIGR Shares immediately before
         the first anniversary of Closing is greater than $13.75,  the number of
         TIGR Shares found by dividing the Market Price  immediately  before the
         first  anniversary  of  Closing  by the sum of  Sterling  GBP 6 million
         converted to United  States  dollars at the Exchange Rate together with
         twenty-five  percent  (25%) of the  amount by which the  number of TIGR
         Shares  calculated  under this clause 1.2(b) (iii) is less than 797,586
         TIGR Shares.

         (c)      Fifteen (15) months  following  the Closing,  Purchaser  shall
release  from the  Escrow  Account  that  number of TIGR  Shares  with a maximum
aggregate  value of up to Sterling GBP  2,000,000,  based on the Market Price of
TIGR Shares  immediately  before the fifteen (15) month  anniversary of Closing;
provided, however, the payment described in this Section 1.2(c) shall be subject
to an earn-out  adjustment  described below based on the achievement of targeted
net sales of the Business of GBP 3,560,000 ("Twelve Month Target Net Sales") and
targeted  net profit of the  Business of GBP 330,314  ("Twelve  Month Target Net
Profit"), in each case for the twelve (12) month period beginning with the first
full month following the Closing:

                  (i)      Sterling GBP  1,000,000  of the payment  described in
         this Section 1.2(c) will be multiplied by that percentage that is equal
         to the ratio  (expressed as a percentage) (A) the numerator of which is
         the actual net sales of the  Business  for the twelve (12) month period
         beginning with the first full month  following the Closing,  determined
         by the  Purchaser on a basis  consistent  with the  preparation  of the
         Company's  Latest Financial  Statements  provided to Purchaser prior to
         Closing,  and (B) the  denominator  of which is the Twelve Month Target
         Net Sales  (provided  that the amount of such  adjustment  shall not be
         less than zero or more than Sterling GBP 1,000,000); and

                  (ii)     Sterling GBP  1,000,000  of the payment  described in
         this Section 1.2(c) will be multiplied by that percentage that is equal
         to the ratio  (expressed as a percentage) (A) the numerator of which is
         the actual net profit of the  Business for the twelve (12) month period
         beginning with the first full month  following the Closing,  determined
         by the  Purchaser on a basis  consistent  with the  preparation  of the
         Company's  Latest Financial  Statements  provided to Purchaser prior to
         Closing and (B) the denominator of which is the Twelve Month Target Net
         Profit  (provided that the amount of such adjustment  shall not be less
         than zero or more than Sterling GBP 1,000,000);

         (d)      Twenty-Four (24) months following the Closing, Purchaser shall
release  from the  Escrow  Account  that  number of TIGR  Shares  determined  as
follows:

                                       2
<PAGE>

                  (i)      if the Market Price of TIGR Shares immediately before
         the second  anniversary of Closing is less than $8.75 then 731,120 TIGR
         Shares; or

                  (ii)     if the Market Price of TIGR Shares immediately before
         the second anniversary of Closing is greater than or equal to $8.75 and
         less  than or equal to  $13.75,  the  number  of TIGR  Shares  found by
         dividing the Market Price immediately  before the second anniversary of
         Closing by the sum of  Sterling  GBP 3.5  million  converted  to United
         States dollars at the Exchange Rate; or

                  (iii)    if the Market Price of TIGR Shares immediately before
         the second anniversary of Closing is greater than $13.75, the number of
         TIGR Shares found by dividing the Market Price  immediately  before the
         second  anniversary  of Closing by the sum of Sterling  GBP 3.5 million
         converted to United  States  dollars at the Exchange Rate together with
         twenty-five  percent  (25%) of the  amount by which the  number of TIGR
         Shares  calculated  under this clause 1.2(d) (iii) is less than 465,258
         TIGR Shares; and

         (e)      Twenty-Seven  (27) months  following  the  Closing,  Purchaser
shall  release  from the Escrow  Account that number of newly issued TIGR Shares
with a maximum  aggregate  value of up to Sterling GBP  2,000,000,  based on the
Market  Price of TIGR  Shares  immediately  before the  twenty-seven  (27) month
anniversary of Closing; provided, however, the payment described in this Section
1.2(e) shall be subject to an earn-out  adjustment  described below based on the
achievement of targeted net sales of the Business of GBP 7,336,000 ("Twenty-Four
Month  Target  Net  Sales")  and  targeted  net  profit of the  Business  of GBP
2,253,890  ("Twenty-Four  Month  Target  Net  Profit"),  in  each  case  for the
twenty-four  (24) month period beginning with the first full month following the
Closing:

                  (i)      Sterling GBP  1,000,000  of the payment  described in
         this Section 1.2(e) will be multiplied by that percentage that is equal
         to the ratio  (expressed as a percentage) (A) the numerator of which is
         the actual net sales of the  Business  for the  twenty-four  (24) month
         period  beginning  with the first full  month  following  the  Closing,
         determined by the Purchaser on a basis  consistent with the preparation
         of the  Company's  Latest  Financial  Statements  provided to Purchaser
         prior to Closing,  and (B) the  denominator of which is the Twenty-Four
         Month  Target Net Sales  (provided  that the amount of such  adjustment
         shall not be less than zero or more than Sterling GBP 1,000,000); and

                  (ii)     Sterling GBP  1,000,000  of the payment  described in
         this Section 1.2(e) will be multiplied by that percentage that is equal
         to the ratio  (expressed as a percentage) (A) the numerator of which is
         the actual net profit of the  Business for the  twenty-four  (24) month
         period  beginning  with the first full  month  following  the  Closing,
         determined by the Purchaser on a basis  consistent with the preparation
         of the  Company's  Latest  Financial  Statements  provided to Purchaser
         prior to Closing,  and (B) the  denominator of which is the Twenty-Four
         Month Target Net Profit  (provided  that the amount of such  adjustment
         shall not be less than zero or more than Sterling GBP 1,000,000);

                                       3
<PAGE>

At Closing,  Purchaser  shall place in escrow pursuant to the terms of an Escrow
Agreement  substantially  in the form of Exhibit A (the "Escrow  Account"),  and
provide Stockholder  evidence of such deposit, a total of 2,794,785 TIGR Shares,
which shall be used to satisfy  Purchaser's  obligation  to issue TIGR Shares to
the Stockholder pursuant to Sections 1.2(b),  1.2(c),  1.2(d) and 1.2(e) of this
Agreement. Following the payment to the Stockholder pursuant to Sections 1.2(b),
1.2(c), 1.2(d) and 1.2(e) of this Agreement,  the remaining TIGR Shares, if any,
shall be released and returned to Purchaser.  Notwithstanding anything herein to
the contrary, the maximum aggregate consideration to be paid by the Purchaser to
the Stockholder (i) pursuant to Sections 1.2(b) and 1.2(d) shall be limited to a
maximum  aggregate  amount of  1,984,469  TIGR  Shares  and (ii) for the  Shares
pursuant  to this  Section  1.2 or  otherwise  shall be limited to an  aggregate
amount of 3,420,035 TIGR Shares.

1.3      Payment at Closing.

         At the Closing,  the  Purchaser  shall  deliver the Initial TIGR Shares
Portion  of  the  Purchase  Price  to the  Stockholder,  in the  form  of  stock
certificates,  duly  executed  and  issued by the  Purchaser,  representing  the
Initial TIGR Shares Portion.

1.4      Delivery of Shares.

         At the Closing,  in  consideration  of the Purchaser's  delivery of the
Initial TIGR Shares  Portion of the Purchase  Price  pursuant to Section 1.3 and
the  establishment of the Escrow Account,  (a) the Stockholder  shall deliver to
the Company the certificate or certificates representing the Shares, accompanied
by duly executed stock transfer forms  transferring the Shares to the Purchaser,
in each case  sufficient in form and  substance to convey to the Purchaser  good
title to all of the  Shares,  free and  clear of all  Encumbrances,  and (b) the
Company shall  deliver to the Purchaser a certificate  registered in the name of
the Purchaser representing the Shares.

1.5      Affiliate-Owned Assets.

         To the extent that any asset,  property,  interest in property or right
relating  to, or used or held for use by the Company or any of its  Subsidiaries
in the conduct of the Business is owned by the Company or a  Stockholder  or any
of his, her or its  Affiliates  or by any other  Affiliate of the Company or its
Subsidiaries,  such  asset,  property,  interest  in  property or right shall be
deemed to be an "Affiliate-Owned Asset" for purposes of this Agreement.

1.6      Asset Transfer and Further Assurances.

         The  Stockholder  shall,  at Closing and at any time after the Closing,
upon the request of the Purchaser,  do, execute,  acknowledge  and deliver,  and
cause to be done, executed,  acknowledged and delivered,  all such further acts,
deeds,  assignments,  transfers,  conveyances,  powers  of  attorney  and  other
assurances as may be required to transfer, convey, grant and confirm to and vest
in the  Purchaser  good title to (i) the  Shares,  and (ii) the  Affiliate-Owned
Assets,  in each case  free and clear of all  Encumbrances.  Any  conversion  of
currency  required  in  connection  with  this  Agreement  shall be based on the
Exchange Rate at the time of such required conversion.

                                   ARTICLE II
                                   THE CLOSING

         On the terms and subject to the conditions contained in this Agreement,
the closing (the "Closing") of the  transactions  contemplated by this Agreement
shall  take  place at the  offices  of Smith  Hulsey  & Busey,  counsel  for the
Company,  at the address set forth in Section 10.7, as soon as possible,  but in
no event  later than seven (7)  business  days after all of the  conditions  set
forth in Article VII have been satisfied or waived (other than those  conditions
which by their terms are intended to be satisfied at the Closing,  or such other
place or later date as shall be mutually  agreed upon by the  parties,  provided
that all of the  conditions  set forth in  Article  VII have been  satisfied  or
waived  (other than those  conditions  which by their  terms are  intended to be
satisfied  at the  Closing).  The  date on which  the  Closing  occurs  shall be
referred to as the "Closing Date."

                                       4
<PAGE>

                                  ARTICLE III
                REPRESENTATIONS AND WARRANTIES of THE STOCKHOLDER

         The Stockholder  hereby  represents and warrants to the Purchaser as of
the date hereof as follows:

3.1      Title to the Shares.

         The Stockholder (i) is the lawful owner, of record and beneficially, of
all of the Shares,  and (ii) has good and marketable title to such Shares,  free
and clear of any and all Encumbrances  whatsoever and with no restriction on the
voting rights and other incidents of record and beneficial  ownership pertaining
to the Shares. The Stockholder is not the subject of any bankruptcy, insolvency,
fraudulent   conveyance,   reorganization,   moratorium  or  similar  Proceeding
affecting  creditors' rights and remedies generally.  Except for this Agreement,
there are no  Contracts  or other  understandings  or  arrangements  between the
Stockholder  and any other Person  (including any of the Company,  or any of the
Company's Subsidiaries) with respect to the acquisition,  disposition, transfer,
registration  or voting  of,  or any  other  matters  in any way  pertaining  or
relating  to,  any of the  capital  stock or  other  securities  of the  Company
(including the Shares owned by the Stockholder). The Stockholder do not have any
right whatsoever to receive or acquire any additional shares of capital stock or
other securities of the Company or any of its Subsidiaries.

3.2      Organization and Power.

         The Stockholder is an English limited company duly organized or formed,
validly existing, and in good standing under the Laws of the jurisdiction of its
incorporation or formation and has all requisite power and authority (corporate,
partnership  or otherwise) to own,  lease and operate its assets and  properties
and to carry on its  business as presently  conducted.  The  Purchaser  has been
furnished with true,  correct and complete copies of the  Stockholder's  Charter
Documents,  in each  case as  amended  and in  effect on and as of the date this
representation is being made and is deemed made hereunder.

3.3      Authority;  Authorization,  Execution and Delivery;  Enforceability; No
         Conflict.

         (a)      The  Stockholder  has  the  full  and  absolute  legal  right,
capacity,  power  and  authority  (if  applicable,   corporate,  partnership  or
otherwise) to execute,  deliver and perform its obligations under this Agreement
and each Related  Document to which it is or will be a party,  and to consummate
the transactions  contemplated hereby and thereby.  The Stockholder's  execution
and delivery of this Agreement and each Related  Document to which it is or will
be a party, and the performance by the Stockholder of its obligations  hereunder
and thereunder, have been duly and validly authorized by all requisite action on
the  part  of  such  Stockholder  (including  its  board  of  directors  and all
committees  thereof  and its  stockholders).  This  Agreement  and each  Related
Document to which the  Stockholder  is or will be a party has been,  or upon the
execution hereof and thereof will be, duly and validly executed and delivered by
the  Stockholder,  and this Agreement and each such Related Document is, or upon
the  execution  hereof  and  thereof  will be,  duly and  validly  executed  and
delivered  by  the  Stockholder  and  constitutes,  or  upon  the  Stockholder's
execution and delivery hereof and thereof, will constitute,  a valid and binding
obligation of the Stockholder,  enforceable  against it in accordance with their
respective  terms,  subject to  applicable  bankruptcy,  insolvency,  fraudulent
conveyance,  reorganization,  moratorium and similar Laws  affecting  creditors'
rights and remedies generally, and, as to enforceability,  to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or
in equity).

                                       5
<PAGE>

         (b)      Neither the execution and delivery by the  Stockholder of, nor
the performance of its obligations  under, this Agreement,  nor the consummation
by the Stockholder of the transactions  contemplated  hereby, nor the compliance
by the Stockholder with any of the provisions hereof, will (i) conflict with, or
result in any violation of, or cause a default (with or without  notice or lapse
of  time  or  both)  under,  any  provision  of  the  Company's  or  any  of its
Subsidiaries' Charter Documents, or, such Stockholder's Charter Documents,  (ii)
conflict  with,  or result  in any  violation  of,  or cause a default  (with or
without  notice  or lapse of time or both)  under,  or give rise to any right of
termination,   amendment,   cancellation  or  acceleration  of  any  obligations
contained in, or the loss of any benefit under, any term, condition or provision
of any provision of any Contract to which the Stockholder, the Company or any of
the Company's Subsidiaries is a party or by which the Stockholder,  the Company,
any of the Company's Subsidiaries,  or any of its, or their assets or properties
are or may be bound,  (iii) violate any Law applicable to the  Stockholder,  the
Company, or any of the Company's Subsidiaries,  or (iv) result in an Encumbrance
on or against any assets, rights or properties of the Stockholder,  the Company,
or any of the  Company's  Subsidiaries,  or on or against any  capital  stock or
other securities of the Company or any of its Subsidiaries,  or give rise to any
claim against the Company, any of the Company's Subsidiaries or the Purchaser.

3.4      Consents.

         Except as set forth on Schedule 3.4, no Permit, authorization,  consent
or  approval  of or by,  or any  notification  of or  filing  with,  any  Person
(governmental or private) is required for, as a result of, or in connection with
the execution,  delivery and performance by the Stockholder of this Agreement or
the consummation of the transactions contemplated hereby.

3.5      Brokers.

         The  Stockholder  has not employed any broker or finder or incurred any
Liability  for any  brokerage  fees,  commissions  or  finders'  fees or similar
compensation or transaction  based payments in connection with the  transactions
contemplated by this Agreement.

3.6      Investment Representations.

         (a)      The  Stockholder  acknowledges  and  agrees  that (i) the TIGR
Shares issued to the Stockholder  are to be held by the  Stockholder  solely for
its own account for  investment  purposes only and not for resale,  subdivision,
transfer, assignment, pledge or other disposition. The Stockholder does not have
any present plan or intention to sell,  subdivide,  transfer,  assign, pledge or
otherwise dispose of any part of the TIGR Shares issued to the Stockholder or to
enter  into any  Contract  or other  undertaking  or  arrangement  with  respect
thereto.

                                       6
<PAGE>

         (b)      The Stockholder has such knowledge and experience in financial
and business  matters that the  Stockholder  is capable of evaluating the merits
and risks of an investment in the TIGR Shares and the  Stockholder  can bear the
economic risk of such investment.  The Stockholder  acknowledges and agrees that
the Purchaser has made available to the  Stockholder and its attorneys and other
representatives   all  agreements,   documents,   records  and  books  that  the
Stockholder  has requested  relating to its  investment in the TIGR Shares.  The
Stockholder  further  acknowledges  and agrees that it has had an opportunity to
ask questions of, and to receive answers from,  individuals  acting on behalf of
the  Purchaser  concerning  the  Purchaser  and the terms and  conditions of the
Stockholder's  investment  in the TIGR Shares  hereunder,  and answers have been
provided to all of such questions to the full satisfaction of the Stockholder.

         (c)      The  Stockholder  has relied only upon such advice as may have
been  received  from  tax,  accounting,   legal  and  financial  advisors.   The
Stockholder has not received any assurances or  representations  from any Person
associated  with the Purchaser or its  Affiliates as to the benefits,  economic,
tax or otherwise, likely to result from its investment in the TIGR Shares.

         (d)      The  Stockholder   understands   that  there  are  substantial
restrictions on the  transferability  of the TIGR Shares,  that there will be no
public market for the TIGR Shares, and,  accordingly,  the Stockholder will need
to bear the economic risk of its investment for an indefinite period of time and
will not be readily able to liquidate its investment in case of emergency.

         (e)      The   Stockholder   understands   that  the  TIGR  Shares  are
restricted  securities under the Securities Act and that they may not be resold,
subdivided,  transferred, assigned, pledged or otherwise disposed of unless they
are first  registered  under the federal  securities Laws or unless an exemption
from such registration is available. The TIGR Shares are subject to registration
rights pursuant to which the Purchaser agrees to register the TIGR Shares issued
to  the  Stockholder  upon  the  Purchaser's   filing  with  the  Commission  of
aregistration  statement  pursuant to which such TIGR  Shares may be  registered
with the Commission in a secondary offering at anytime following the date of the
execution of this  Agreement.  The Purchaser  also agrees and covenants to treat
all TIGR Shares used as payment  for this  Agreement,  in the same manner as all
other TIGR Shares with respect to share  splits,  reverse  splits,  pre-emption,
rights  issues  and any other  share  event  which may  effect  the TIGR  Shares
generally.

         (f)      Except as set forth in Section 3.6(e) above,  the  Stockholder
understands  that the  Purchaser  has no obligation or intention to register the
TIGR Shares.

         (g)      The  Stockholder  is not a Person  that is, or would cause the
Purchaser  to be,  disqualified  pursuant  to Rule  262  promulgated  under  the
Securities Act.

         (h)      The Stockholder  understands  that the Purchaser is relying on
the  representations and warranties set forth in this Section 3.6 in issuing the
TIGR Shares to the Stockholder.

                                       7
<PAGE>

                                   ARTICLE IV
               REPRESENTATIONS AND WARRANTIES of the seller group

         Each member of the Seller Group hereby jointly and severally represents
and warrants to the Purchaser as of the date hereof as follows:

4.1      Organization, Power, Authority and Good Standing.

         The  Company  and  each  of  its  Subsidiaries  are  corporations  duly
organized,  validly  existing and in good standing under the respective  Laws of
the  jurisdiction  of  their  incorporation  and have all  requisite  power  and
authority  (corporate or otherwise) to own,  lease and operate their  respective
assets and properties and to carry on their respective  businesses (all of which
collectively comprise the Business) as presently conducted. The Company and each
of its Subsidiaries are duly qualified and in good standing to transact business
as a foreign  Person in those  jurisdictions  set forth on Schedule  4.1,  which
jurisdictions  constitute all of the jurisdictions in which the character of the
property  owned,  leased or operated by the Company or such  Subsidiaries or the
nature  of  the  business  or  activities  conducted  by  the  Company  or  such
Subsidiaries  makes  such  qualification   necessary.  The  Purchaser  has  been
furnished with true, correct and complete copies of the Charter Documents of the
Company and each of its  Subsidiaries,  in each case as amended and in effect on
and as of the  date  this  representation  is  being  made  and is  deemed  made
hereunder.  Except as set forth on Schedule 4.1,  neither the Company nor any of
its  Subsidiaries  has (i) engaged in any  business  or activity  other than the
Business, or (ii) used any trade name or assumed name or other corporate name at
any time.

4.2      Authority;  Authorization,  Execution and Delivery;  Enforceability; No
         Conflict.

         (a)      The Company has all requisite  power and authority  (corporate
or  otherwise)  to  execute,  deliver and  perform  its  obligations  under this
Agreement  and each Related  Document to which it is or will be a party,  and to
consummate  the  transactions  contemplated  hereby and thereby.  The  Company's
execution and delivery of this  Agreement and each Related  Document to which it
is or will be a party,  and the  performance  by the Company of its  obligations
hereunder and thereunder, have been duly and validly authorized by all requisite
action on the part of the  Company  (including  its board of  directors  and all
committees  thereof  and its  stockholders).  This  Agreement  and each  Related
Document  to which  the  Company  is or will be a party  has  been,  or upon the
Company's  execution  hereof and thereof will be, duly and validly  executed and
delivered by the Company and  constitutes,  or upon the Company's  execution and
delivery hereof and thereof will constitute,  a valid and binding  obligation of
the Company, enforceable against the Company in accordance with their respective
terms,  subject to applicable  bankruptcy,  insolvency,  fraudulent  conveyance,
reorganization,  moratorium  and similar Laws  affecting  creditors'  rights and
remedies generally,  and, as to enforceability,  to general principles of equity
(regardless  of  whether  enforcement  is  sought in a  proceeding  at law or in
equity).

         (b)      Neither  the  execution  and  delivery  by the Company and the
Stockholder of, nor the performance of their respective  obligations under, this
Agreement,  nor the  consummation  by the  Company  and the  Stockholder  of the
transactions  contemplated  hereby,  nor the  compliance  by the Company and the
Stockholder with any of the provisions hereof, will (i) conflict with, or result
in any violation of, or cause a default (with or without notice or lapse of time
or both)  under,  any  provision of the  Company's  or any of its  Subsidiaries'
Charter Documents, (ii) conflict with, or result in any violation of, or cause a
default (with or without notice or lapse of time or both) under, or give rise to

                                       8
<PAGE>

any  right  of  termination,  amendment,  cancellation  or  acceleration  of any
obligations  contained in, or the loss of any benefit under, any term, condition
or provision of any provision of any Contract to which the Company or any of its
Subsidiaries is a party,  or by which the Company or any of its  Subsidiaries or
any of their respective assets or properties are or may be bound,  (iii) violate
any Law applicable to the Company or any of its Subsidiaries,  or (iv) result in
an Encumbrance on or against any assets,  rights or properties of the Company or
any of its Subsidiaries,  or on or against any capital stock or other securities
of the Company or any of its Subsidiaries, or give rise to any claim against the
Company, any of the Company's Subsidiaries or the Purchaser.

4.3      Consents.

         Except as set forth on Schedule 4.3, no Permit, authorization,  consent
or  approval  of  or  by,  or   notification  of  or  filing  with,  any  Person
(governmental  or  otherwise)  is required for, as a result of, or in connection
with the execution, delivery and performance by the Company of this Agreement or
the consummation of the transactions contemplated hereby.

4.4      Capitalization.

         (a)      The  authorized  capital  stock of the Company and each of its
Subsidiaries is set forth on Schedule 4.4(a), which schedule also sets forth the
total number of outstanding  shares of the Company and each of its Subsidiaries.
All such  outstanding  shares  disclosed on Schedule 4.4(a) are duly and validly
issued  and  outstanding,  fully  paid  and  non-assessable,  with  no  personal
Liability  attached  to the  ownership  thereof,  and  are  held of  record  and
beneficially  by the  Persons,  and in the  respective  amounts,  set  forth  on
Schedule 4.4(a), without Encumbrance except as noted in Section 4.4(b).

         (b)      Except  as  set  forth  on  Schedule  4.4(b),   there  are  no
outstanding securities that are convertible into,  exchangeable for, or carrying
the  right to  acquire,  any  equity  securities  of the  Company  or any of its
Subsidiaries,  or subscriptions,  warrants,  options,  calls, puts,  convertible
securities, registration or other rights, arrangements or commitments obligating
the Company or any of its  Subsidiaries to issue,  sell,  register,  purchase or
redeem any of its  respective  securities  or any  ownership  interest or rights
therein.  Except  as set  forth on  Schedule  4.4(b),  there  are no  Contracts,
commitments,   arrangements,   understandings   or  restrictions  to  which  the
Stockholder,  or any other Person is bound  relating in any way to any shares of
capital  stock or other  securities  of the Company or any of its  Subsidiaries,
including  voting trusts or other  similar  agreements  or  understandings  with
respect to the voting of the Company's or any of its Subsidiaries' capital stock
or other  securities.  There are no stock  appreciation  rights,  phantom  stock
rights,  or  similar  rights or  arrangements  outstanding  with  respect to the
Company or any of its Subsidiaries.

         (c)      All   securities   issued  by  the   Company  or  any  of  its
Subsidiaries have been issued in transactions exempt from registration under all
applicable federal and state securities Laws, and neither the Company nor any of
its Subsidiaries has violated any applicable federal or state securities Laws in
connection with the issuance of any such securities.

4.5      Subsidiaries; Investments.

         Except as set forth on Schedule 4.5, neither the Company nor any of its
Subsidiaries  owns or holds,  directly or indirectly,  any equity interest in or
debt obligation of (excluding accounts receivable arising in the ordinary course
of business, consistent with past practice) any other Person.

                                       9
<PAGE>

4.6      Financial Information.

         (a)      Schedule 4.6(a) contains true,  correct and complete copies of
the following:

                  (i)      the  audited   consolidated  balance  sheets  of  the
         Company and its  Subsidiaries  as of June 30, 2004 (the "Annual Balance
         Sheet";  and such date being  referred to as the "Annual  Balance Sheet
         Date"),  June 30,  2003,  and June 30,  2002,  and the related  audited
         consolidated statements of income,  stockholders' equity and cash flows
         of the Company and its  Subsidiaries  for the fiscal  years then ended,
         including any footnotes  and schedules  thereto (all of the  foregoing,
         including the Annual  Balance Sheet being  collectively  referred to as
         the "Annual Financial Statements");

                  (ii)     the  unaudited  consolidated  balance  sheets  of the
         Company and its Subsidiaries as of August 31, 2004, and each subsequent
         month then ended through the Closing Date  (collectively,  the "Interim
         Balance Sheets"), and the unaudited consolidated  statements of income,
         stockholders' equity and cash flows of the Company and its Subsidiaries
         for the period  then ended,  and each  subsequent  monthly  period then
         ended  through the Closing  Date,  including  any and all footnotes and
         schedules thereto (all of the foregoing,  including the Interim Balance
         Sheets,  being  collectively  referred  to as  the  "Interim  Financial
         Statements"); and

                  (iii)    the  unaudited  consolidated  balance  sheet  of  the
         Company and its Subsidiaries as of August 31, 2004 (the "Latest Balance
         Sheet";  and such date being  referred to as the "Latest  Balance Sheet
         Date"),   and  the   unaudited   consolidated   statements  of  income,
         stockholders' equity and cash flows of the Company and its Subsidiaries
         for  the  period  then  ended,  including  any and  all  footnotes  and
         schedules  thereto (all of the foregoing,  including the Latest Balance
         Sheet,  being  collectively   referred  to  as  the  "Latest  Financial
         Statements"; and the Annual Financial Statements, the Interim Financial
         Statements  and the  Latest  Financial  Statements  being  collectively
         referred to as the "Financial Statements").

         (b)      The Financial  Statements (i) are true,  correct and complete,
(ii) fairly present in all material respects the consolidated financial position
of the Company and each of its  Subsidiaries  as of the dates  indicated and the
consolidated  results of operations of the Company and each of its  Subsidiaries
for the periods indicated,  (iii) have been prepared in accordance with GAAP (to
the extent GAAP has been correctly applied)  consistently applied throughout the
periods covered thereby  (subject to the absence of footnotes and schedules that
may be  required by GAAP and,  in the case of the Latest  Financial  Statements,
normal  year-end  adjustments  that  are  not  material  individually  or in the
aggregate), and (iv) are in accordance with the books and records of the Company
and each of its  Subsidiaries,  which books and  records  are true,  correct and
complete  and have  been  maintained  in a  manner  consistent  with  historical
practice.

         (c)      Schedule 4.6(c) contains a true,  correct and complete summary
of all accounts payable, accrued expenses and accounts receivable of the Company
and each of its Subsidiaries as of the most recent practicable date prior to the
date hereof,  which  schedule sets forth the name of the account  debtor (in the
case of  accounts  receivable)  or  account  creditor  (in the case of  accounts
payable)  and the amount owed by such  account  debtor or owing to such  account
creditor  (identifying  the portion of such amount that is current,  thirty (30)
days past due,  sixty (60) days past due,  ninety  (90) days past due,  and more
than ninety (90) days past due).

                                       10
<PAGE>

4.7      Absence of Undisclosed Liabilities.

         Except as set forth on Schedule 4.7, neither the Company nor any of its
Subsidiaries has any Liability  except (i) to the extent expressly  reflected or
reserved against on the Latest Balance Sheet,  (ii) Liabilities  under Contracts
(other  than any  Liability  arising  from any  breach or  violation  thereof or
default  thereunder),  and (iii) Liabilities  incurred in the ordinary course of
business,  consistent  with past  practice,  since the Latest Balance Sheet Date
(other  than any such  Liability  arising  from any breach or  violation  of, or
default  under,  any  Contract,  or arising from any breach of  warranty,  tort,
infringement,  or  violation  of any Law or any  Proceeding).  There are no loss
contingencies  (as  such  term is  used in  Statement  of  Financial  Accounting
Standards  No. 5 issued by the  Financial  Accounting  Standards  Board in March
1975)  of or  affecting  the  Company  or any of its  Subsidiaries  that are not
adequately  provided  for or  disclosed  on the Latest  Balance  Sheet or in the
footnotes or schedules thereto.  Neither the Company nor any of its Subsidiaries
has,  either  expressly  or by  operation  of Law,  assumed  or  undertaken  any
Liability of any other  Person,  including  any  obligation  for  corrective  or
remedial action relating to Environmental, Health and Safety Laws.

4.8      Absence of Changes.

         Since the Latest  Balance  Sheet Date,  except as set forth on Schedule
4.8, the Company and each of its Subsidiaries have been operated in the ordinary
course of business, consistent with past practice, and there has not been:

                  (i)      any event or condition  that has resulted in or could
         reasonably be expected to result in an adverse  change in the business,
         operations,  assets,  condition  (financial  or  otherwise),  operating
         results, liabilities, relations with employees, customers, suppliers or
         prospects  of the Company or any of its  Subsidiaries,  or any casualty
         loss or damage to the assets or properties of the Company or any of its
         Subsidiaries,  whether or not covered by insurance (a "Material Adverse
         Change");

                  (ii)     any  declaration,  setting  aside or  payment  of any
         dividend or other  distribution  with  respect to any shares of capital
         stock or other securities of the Company or any of its Subsidiaries, or
         any direct or indirect redemption, purchase or other acquisition of any
         capital  stock  or  other  securities  of  the  Company  or  any of its
         Subsidiaries,   or  any  other  payments  of  any  nature  directly  or
         indirectly to or for the benefit of the Stockholder or any Affiliate of
         the Company (whether or not on or with respect to any shares of capital
         stock or other  securities  of the  Company or any of its  Subsidiaries
         owned  by the  Stockholder  or  Affiliate),  other  than  salaries  and
         benefits paid in the ordinary course of business,  consistent with past
         practice;

                  (iii)    any general uniform  increase in the  compensation of
         employees  (including  any  increase  pursuant  to any bonus,  pension,
         profit-sharing  or other plan or  commitment)  of the Company or any of
         its  Subsidiaries,  or  any  increase  in or  prepayment  of  any  such
         compensation  payable to or to become payable to any director,  officer
         or key employee;

                                       11
<PAGE>

                  (iv)     any   acquisition   or   disposition   of  assets  or
         properties owned by the Company or any of its Subsidiaries,  other than
         in the ordinary course of business, consistent with past practice;

                  (v)      any  agreement  or  commitment  on  the  part  of the
         Company or any of its Subsidiaries to merge,  amalgamate or consolidate
         with or into,  or  otherwise  acquire,  any other  Person  or  division
         thereof;

                  (vi)     any change in depreciation  or amortization  policies
         or  rates  previously   adopted,   any  change  in  income  or  expense
         recognition  or bad debt  reserve,  write-down  or  write-off  policies
         previously adopted, any material write-up or write-down of inventory or
         other  assets  or  any  other  change  in  other  accounting  or in Tax
         reporting or methods or practices followed by the Company or any of its
         Subsidiaries;

                  (vii)    any  change  in  the  manner  in  which  products  or
         services  of  the  Company  or any of  its  Subsidiaries  are  marketed
         (including any change in prices), any change in the manner in which the
         Company  or any of its  Subsidiaries  extends  discounts  or  credit to
         customers, or any change in the manner or terms by which the Company or
         any of its Subsidiaries  collects  accounts  receivable,  except in the
         ordinary course of business and which would not have a Material Adverse
         Effect;

                  (viii)   any failure by the Company or any of its Subsidiaries
         to make scheduled capital  expenditures or investments,  or any failure
         to pay trade accounts  payable or any other Liability of the Company or
         any of its Subsidiaries when due; or

                  (ix)     any Contract or other  understanding  or  arrangement
         (other than this Agreement),  whether in writing or otherwise,  to take
         any of the  actions  specified  in the  foregoing  clauses  (i) through
         (viii).

4.9      Tax Matters.

         (a)      Except as set forth on Schedule 4.9(a),  the Company,  each of
its Subsidiaries, and each other Person included in any consolidated or combined
Tax Return and part of an affiliated  group,  within the meaning of Section 1504
of the Internal  Revenue Code of 1986,  as amended  (the  "Code"),  of which the
Company or any of its Subsidiaries is or has been a member:

                  (i)      has  timely  paid  or  caused  to be paid  all  Taxes
         required to be paid by it through the date hereof and as of the Closing
         Date (including any Taxes shown due on any Tax Return);

                  (ii)     has  filed or  caused  to be  filed  in a timely  and
         proper manner (within any applicable extension periods) all Tax Returns
         required to be filed by it with the appropriate  Governmental  Entities
         in all  jurisdictions  in which such Tax  Returns  are  required  to be
         filed; and

                  (iii)    has not  requested  or  caused  to be  requested  any
         extension of time within which to file any Tax Return, which Tax Return
         has not since been filed.

         (b)      The Company has  previously  delivered to the Purchaser  true,
correct  and  complete  copies of all Tax  Returns  filed by or on behalf of the
Company and each of its  Subsidiaries for all completed Tax years of the Company
or such  Subsidiary  that remain open for audit or review by the relevant Taxing
authority. All such Tax Returns were true, correct and complete.

                                       12
<PAGE>

         (c)      Except as set forth in Schedule 4.9(c):

                  (i)      neither the Company nor any of its  Subsidiaries  has
         been  notified  by the  Internal  Revenue  Service or any other  Taxing
         authority  that any issues  have been  raised  (and no such  issues are
         currently  pending) by the Internal Revenue Service or any other Taxing
         authority  in  connection  with any Tax Return of the Company or any of
         its  Subsidiaries,  there are no pending Tax audits with respect to the
         Company  or any of its  Subsidiaries,  and no waivers  of  statutes  of
         limitations  related to Taxes have been given or requested with respect
         to the Company or any of its Subsidiaries;

                  (ii)     full and adequate  provision has been made (A) on the
         Latest  Balance  Sheet for all Taxes payable by the Company and each of
         its  Subsidiaries  for all  periods  ending  on or prior to the  Latest
         Balance Sheet Date, and (B) on the books and records of the Company and
         each of its  Subsidiaries for all Taxes payable by the Company and such
         Subsidiaries  for all periods  beginning on or after the Latest Balance
         Sheet Date;

                  (iii)    neither the Company nor any of its  Subsidiaries  has
         incurred any Tax Liability from and after the Latest Balance Sheet Date
         other  than  Taxes  incurred  in  the  ordinary   course  of  business,
         consistent with past practice;

                  (iv)     neither the Company nor any of its  Subsidiaries  (A)
         is,  or  has  made  an  election  to  be  treated  as,  a   "consenting
         corporation"  under Section 341(f) of the Code, or (B) is, or has been,
         a "personal  holding  company" within the meaning of Section 542 of the
         Code;

                  (v)      the  Company  and  each  of  its  Subsidiaries   have
         complied  in all  respects  with all  applicable  Laws  relating to the
         collection  or  withholding  of Taxes  (including  sales  Taxes and the
         withholding of Taxes from the wages of employees);

                  (vi)     neither the Company nor any of its  Subsidiaries  is,
         or has ever  been,  a party to any Tax  sharing,  indemnity  of similar
         agreement with any Person;

                  (vii)    neither the Company nor any of its  Subsidiaries  has
         incurred any Liability to make or possibly  make any  payments,  either
         alone or in conjunction with any other payments, that:

                           (A)      are not deductible under, or would otherwise
                  constitute  a  "parachute  payment"  within  the  meaning  of,
                  Section  280G of the Code (or any  corresponding  provision of
                  domestic or foreign income Tax Law); or

                           (B)      are or may be subject to the  imposition  of
                  an excise Tax under Section 4999 of the Code;

                  (viii)   neither the Company nor any of its  Subsidiaries  has
         agreed to, or is required to, make any  adjustments  or changes  either
         on,  before  or after  the  Closing  Date,  to its  accounting  methods
         pursuant to Section 481 of the Code, and the Internal  Revenue  Service
         has not  proposed  any such  adjustments  or changes in the  accounting
         methods of the Company or any such Subsidiary;

                                       13
<PAGE>

                  (ix)     to the  knowledge of the Seller  Group,  no claim has
         ever been made by any Taxing  authority in a jurisdiction  in which the
         Company or any of it  Subsidiaries  does not file Tax Returns  that the
         Company or any such  Subsidiary  is, or may be subject to,  taxation by
         that jurisdiction; and

                  (x)      neither the Company,  nor any of its Subsidiaries nor
         any  Stockholder  is a foreign  Person  within  the  meaning of Section
         1.1445-2(b) of the rules and regulations promulgated under Section 1445
         of the Code.

4.10     Title to Assets, Properties and Rights and Related Matters.

         (a)      The Company and each of its Subsidiaries,  as applicable, have
good and marketable title (or a valid leasehold  interest) to all of the assets,
properties and interests in properties,  real,  personal or mixed,  reflected on
the Latest Balance Sheet or acquired after the Latest Balance Sheet Date (except
for assets or properties sold or otherwise  disposed of since the Latest Balance
Sheet Date in the ordinary  course of business,  consistent  with past practice,
and accounts  receivable  and notes  receivable  paid in full  subsequent to the
Latest Balance Sheet Date in the ordinary  course of business,  consistent  with
past practice),  free and clear of all  Encumbrances,  of any kind or character,
except  for those  Encumbrances  set forth on  Schedule  4.10(a)  and  Permitted
Encumbrances.  Such assets are in good  operating  condition and repair  (normal
wear and tear  excepted),  are  sufficient  to operate the Business as presently
conducted and as presently  proposed to be conducted,  are suitable for the uses
for which they are used in the  Business,  and are not subject to any  condition
that materially  interferes with the economic value or use thereof. With respect
to any  leased  assets,  such  assets  are in such  condition  as to permit  the
surrender thereof to the lessors  thereunder on the date hereof without any cost
or expense for repair or restoration as if the related leases were terminated or
expired on the date hereof in the ordinary  course of business,  consistent with
past practice.

         (b)      Schedule  4.10(b)  contains a  materially  true,  correct  and
complete list of all tangible personal property owned by the Company and each of
its  Subsidiaries  as of the Closing Date.  Except for any inventory,  supplies,
equipment,  tractors, trailers and automobiles in transit in the ordinary course
of business,  consistent  with past  practice,  all tangible  personal  property
listed on  Schedule  4.10(b) is located on the  Company's  or its  Subsidiaries'
premises listed on Schedule 4.11(a).

4.11     Real Property - Owned or Leased.

         (a)      Schedule 4.11(a) contains a list and brief  description of all
of the real  property  owned,  leased,  subleased or  otherwise  occupied by the
Company  or any of its  Subsidiaries.  The  description  of each  parcel of real
property  subject to one or more leases (the  "Leased  Property")  includes  the
names of the  lessor  and the  lessee  and the  basic  terms  thereof.  The real
property  listed on  Schedule  4.11(a)  constitutes  all real  property  used or
occupied  by the  Company  or any of its  Subsidiaries  in  connection  with the
Business.

         (b)      With respect to the real property listed on Schedule  4.11(a),
except as set forth on Schedule 4.11(b):

                                       14
<PAGE>

                  (i)      no  portion  of the real  property  is subject to any
         pending condemnation or other Proceeding,  and, to the knowledge of the
         Seller Group,  there is no threatened  condemnation or other Proceeding
         with respect thereto;

                  (ii)     the  physical  condition  of  the  real  property  is
         sufficient to permit the continued conduct of the Business as presently
         conducted  and as presently  proposed to be  conducted,  subject to the
         provision of usual and customary  maintenance and repairs  performed in
         the ordinary course of business,  consistent  with past practice,  with
         respect to similar properties of like age and construction;

                  (iii)    the  Company  and its  Subsidiaries,  as  applicable,
         indicated on Schedule  4.11(b) are the fee owners of the real  property
         or the owners and holders of all the leasehold  estates purported to be
         granted  by  the  leases  associated  with  the  Leased  Property,   as
         applicable;

                  (iv)     there are no Contracts  to which the Company,  any of
         its  Subsidiaries,  or any of their  respective  Affiliates is a party,
         granting to any party or parties the right of use or  occupancy  of any
         portion of the real property;

                  (v)      there are no parties  (other than the Company and its
         Subsidiaries) in possession of any portion of the real property; and

                  (vi)     no notice of any increase in the  assessed  valuation
         of any portion of the real  property and no notice of any  contemplated
         special assessment with respect to any portion of the real property has
         been  received by the Company or any of its  Subsidiaries,  and, to the
         knowledge  of the Seller  Group,  there is no  threatened  increase  in
         assessed valuation or threatened  special assessment  pertaining to any
         portion of the real property.

4.12     Intellectual Property.

         (a)      Except as set forth on Schedule 4.12(a):

                  (i)      the  Company  and  each  of  its   Subsidiaries,   as
         applicable,  own, have the right to use, sell,  license and dispose of,
         and  have the  right to bring  actions  for the  infringement  of,  all
         Intellectual  Property  Rights used in,  necessary for, or required for
         the conduct of the  Business as  presently  conducted  and as presently
         proposed to be conducted (collectively,  the "Owned Requisite Rights"),
         other than those Intellectual  Property Rights for which the Company or
         any such  Subsidiary  has a valid  license,  all of which are listed on
         Schedule 4.12(a)  (collectively,  the "Licensed Requisite Rights";  and
         together with the Owned Requisite Rights, the "Requisite Rights"),  and
         such rights to use,  sell,  license,  dispose of and bring  actions are
         exclusive with respect to the Owned Requisite Rights;

                  (ii)     neither the Company nor any of its  Subsidiaries  has
         granted any Person the right to use any of the Owned Requisite Rights;

                                       15
<PAGE>

                  (iii)    there exists no material default,  or any event which
         upon the giving of notice or the passage of time,  or both,  would give
         rise to a  material  claim of a default  by the  Company  or any of its
         Subsidiaries  under the licenses granting the Company and/or any of its
         Subsidiaries the Licensed Requisite Rights;

                  (iv)     the Company and each of its  Subsidiaries  have taken
         all commercially reasonable and practicable steps designed to safeguard
         and maintain (A) the secrecy and  confidentiality  of the Company's and
         its  Subsidiaries'  Confidential  Information,  and (B) the proprietary
         rights  of the  Company  and  each  of its  Subsidiaries  in all of the
         Requisite Rights;

                  (v)      to the  knowledge  of the Seller  Group,  neither the
         Company nor any of its  Subsidiaries  has  interfered  with,  infringed
         upon,   misappropriated  or  otherwise  come  into  conflict  with  any
         Intellectual  Property  Rights of any Person or  committed  any acts of
         unfair  competition  or received from any Person in the past five years
         any notice, charge, complaint,  claim or assertion thereof, and no such
         charge,  complaint,  claim or assertion is impliedly  threatened  by an
         offer to license from another Person; and

                  (vi)     neither the Company nor any of its  Subsidiaries  has
         sent to any Person in the past five years, or otherwise communicated to
         any Person, any notice, charge, complaint,  claim or other assertion of
         any present,  impending or threatened  interference with,  infringement
         upon,  misappropriation  of, or other  conflict  with any  Intellectual
         Property Rights of the Company or any of its Subsidiaries by such other
         Person or any acts of unfair competition by such other Person,  nor, to
         the  knowledge  of  the  Seller  Group,   is  any  such   interference,
         infringement,  misappropriation,  conflict or act of unfair competition
         occurring or threatened.

         (b)      Schedule 4.12(b) contains a true, correct and complete list of
all applications, filings and other formal actions made or taken pursuant to any
Laws by the Company and/or any of its  Subsidiaries  to perfect or protect their
respective interests in their respective Intellectual Property Rights.

4.13     Agreements, No Defaults, Etc.

         (a)      Schedule  4.13(a)  contains a true,  correct and complete list
and a brief description of all material Contracts to which the Company or any of
its  Subsidiaries  is a party and (x) that were entered into or made outside the
ordinary  course of business,  consistent  with past practice,  or (y) that were
entered into or made in the ordinary  course of business,  consistent  with past
practice,  and are described in clauses (i) through  (xiii) of the next sentence
of this  Section  4.13.  Except as set forth on  Schedule  4.13(a),  neither the
Company nor any of its Subsidiaries is a party to any of the following  material
Contracts:

                  (i)      distributorship,  dealer, sales, advertising, agency,
         manufacturer's  representative,  or any other Contract  relating to the
         payment of a commission;

                  (ii)     any  Contract  relating  to  the  employment  of  any
         officer,  employee or consultant or any other type of Contract or other
         understanding or arrangement with any officer,  employee or consultant,
         including any Contract or other  understanding or arrangement  relating
         to severance payments;

                                       16
<PAGE>

                  (iii)    any  indenture,   mortgage,   promissory  note,  loan
         agreement,  pledge  agreement,  guaranty or  conditional  sale or other
         Contract  relating  to the  borrowing  of money,  a line of credit or a
         Capital Lease;

                  (iv)     any Contract for charitable  contributions  in excess
         of $5,000 individually or $10,000 in the aggregate;

                  (v)      any  Contract for capital  expenditures  in excess of
         $10,000 individually or $50,000 in the aggregate;

                  (vi)     any Contract  for the sale of any assets,  properties
         or rights  other than the sale of services or products in the  ordinary
         course of business, consistent with past practice;

                  (vii)    any Contract  pursuant to which the Company or any of
         its  Subsidiaries  is a lessee of or holds or operates  any  machinery,
         equipment,  motor  vehicles,  office  furniture,   fixtures,  products,
         merchandise  or other  personal  property  owned by any other Person in
         excess of $10,000 individually or $50,000 in the aggregate;

                  (viii)   any Contract  relating to the lending or investing of
         funds;

                  (ix)     any  Contract  relating  to any  form  of  intangible
         property, including any Intellectual Property Rights;

                  (x)      any Contract that restricts the Company or any of its
         Subsidiaries  from  engaging in any aspect of the Business or any other
         business anywhere in the world;

                  (xi)     any Contract or group of related  Contracts  with the
         same Person or group of Affiliated Persons  (excluding  purchase orders
         entered into in the ordinary  course of business,  consistent with past
         practice, that are to be completed within three months of entering into
         such purchase  orders) for the purchase or sale of products or services
         under which the  undelivered or unperformed  balance or portion thereof
         (including the aggregate  undelivered or unperformed balance or portion
         under any such Contracts between the same Person and the Company or any
         of its Subsidiaries) has a selling price in excess of $50,000;

                  (xii)    any Contract for the  acquisition or disposition of a
         Person or a division of a Person made within the  preceding  five years
         (whether or not such acquisition or disposition was consummated); or

                  (xiii)   any other material Contract material to the Business.

         The Contracts  disclosed on Schedule 4.4(b),  the leases (and any other
Contracts) disclosed on Schedule 4.11(a), the licenses (and any other Contracts)
disclosed on Schedule 4.12(a),  the insurance policies (and any other Contracts)
disclosed on Schedule  4.16(a),  , and the Contracts  disclosed on Schedule 4.21
are  incorporated  by reference onto Schedule  4.13. The Contracts  disclosed on
Schedule  4.13,  together  with the  Contracts  incorporated  by reference  onto
Schedule 4.13, are collectively referred to as the "Material Contracts."

                                       17
<PAGE>

         (b)      All Material Contracts (i) are in full force and effect,  (ii)
constitute  legal,  valid and  binding  obligations  of the  Company  and/or its
Subsidiaries that are parties thereto and, to the knowledge of the Seller Group,
the other parties  thereto,  and (iii) are  enforceable in accordance with their
terms against the Company and/or its Subsidiaries  that are parties thereto and,
the other  parties  thereto,  in each case  subject  to  applicable  bankruptcy,
insolvency, fraudulent conveyance,  reorganization,  moratorium and similar Laws
affecting  creditors'  rights  and  remedies  generally,   and  subject,  as  to
enforceability,   to  general   principles  of  equity  (regardless  of  whether
enforcement is sought in a proceeding at law or in equity). The Company and each
of its Subsidiaries have performed all of the respective obligations required to
be  performed by them to date  pursuant to the terms of the Material  Contracts,
and there exists no default, or any event which upon the giving of notice or the
passage  of time,  or both,  would  give  rise to a claim  of a  default  in the
performance  by the Company or any of its  Subsidiaries  or, to the knowledge of
the Seller  Group,  any other party to any of the  Material  Contracts  of their
respective obligations  thereunder.  The Purchaser has been furnished with true,
correct and  complete  copies of all written  Material  Contracts  and  Schedule
4.13(a) (including  Contracts  incorporated by reference thereon) contains true,
correct  and  complete  descriptions  of all oral  Contracts  listed on Schedule
4.13(a) (including Contracts incorporated by reference thereon).

         (c)      Schedule 4.13(c) contains a true, correct and complete list of
all Funded  Indebtedness  of the Company and each of its  Subsidiaries,  in each
case showing the aggregate principal amount thereof (and the aggregate amount of
any undrawn  commitments with respect thereto),  the name of the lender, and the
name of the respective borrower and any other Person that directly or indirectly
guaranteed such Funded Indebtedness.

4.14     Litigation, Etc.

         (a)      Except as  disclosed  on  Schedule  4.14(a),  there are no (i)
Proceedings pending or, to the knowledge of the Seller Group, threatened against
the Company or any of its  Subsidiaries,  whether at law or in equity,  civil or
criminal in nature, or before or by any Governmental Entity or arbitrator,  nor,
to the knowledge of the Seller Group,  does there exist any basis  therefor,  or
(ii) Orders of any Governmental  Entity or arbitrator with respect to, involving
or against the Company or any of its  Subsidiaries.  The Company and each of its
Subsidiaries  have  delivered  to  the  Purchaser  all  material  documents  and
correspondence relating to the matters disclosed on Schedule 4.14(a).

         (b)      Schedule  4.14(b)  lists  each  matter  described  in  Section
4.14(a) that (i) resulted in any criminal  sanctions  against the Company or any
of its  Subsidiaries,  or (ii) was in  existence  within the last five years and
resulted  in  payments  in  excess  of  $10,000  by  the  Company  or any of its
Subsidiaries  (whether as a result of a  judgment,  civil  fine,  settlement  or
otherwise).

4.15     Compliance with Laws.

         The  Company  and each of its  Subsidiaries  (a) have  complied  in all
material respects with, and are in compliance with, all Laws, Orders and Permits
applicable to them and the Business,  and (b) have all Permits used or necessary
in the conduct of the Business.  All of the material  Permits referred to in the
preceding sentence are listed on Schedule 4.15 and are in full force and effect.
No  violations  with respect to any of the material  Permits  listed on Schedule
4.15 have  occurred or are or have been  recorded,  and no Proceeding is pending
or, to the knowledge of the Seller Group, threatened to revoke or limit any such
Permits.  No investigation or review by any Governmental  Entity with respect to

                                       18
<PAGE>

the Company or any of its  Subsidiaries  is pending or, to the  knowledge of the
Seller Group,  threatened,  nor has any Governmental Entity notified the Company
or any of its  Subsidiaries  of its  intention to conduct the same.  Neither the
Company nor any of its  Subsidiaries  has received any opinion or  memorandum or
legal advice from legal  counsel to the effect that it is exposed,  from a legal
standpoint,  to any  Liability  or  disadvantage  that  may be  material  to its
business, financial condition, operations, property or affairs. No member of the
Seller Group is aware of any proposed Law that would  materially  and  adversely
affect the Company or any of its Subsidiaries in, conducting the Business in any
jurisdiction in which the Company or any such Subsidiary is presently conducting
business.

4.16     Insurance.

         (a)      Schedule 4.16(a) contains a true, correct and complete list of
all policies of liability,  theft,  fidelity,  life,  fire,  product  liability,
cargo, workers' compensation,  health and other forms of insurance held by or on
behalf of the Company or any of its Subsidiaries (specifying the insurer, amount
of coverage,  basis of coverage (i.e.,  "occurrence" or "claims made"),  type of
insurance, policy number and any pending claims thereunder).  All such coverages
have been  maintained  at all times  during the course of the  operation  of the
Business.  The Company and each of its Subsidiaries is insured against all risks
usually insured against by Persons  conducting  similar businesses and operating
similar  properties  in the  localities  where the Business is conducted and the
properties of the Company and its  Subsidiaries  are located,  under policies of
such types and in such amounts as are customarily carried by such Persons.

         (b)      Except as set forth on Schedule 4.16(b),  with respect to each
policy of insurance  listed on Schedule  4.16(a):  (i) all premiums with respect
thereto are  currently  paid and to the knowledge of the Company are not subject
to  adjustment,  (ii)  neither  the Company  nor any of its  Subsidiaries  is in
default in any respect with  respect to its  respective  obligations  under such
policy,  (iii) to the knowledge of the Seller Group,  no basis exists that would
give any  insurer  under any such  policy  the  right to cancel or  unilaterally
reduce or limit the stated coverages contained in such policy, (iv) there are no
outstanding claims currently pending under such policy that could be expected to
cause  an  increase  in  the  insurance  rates  of  the  Company  or  any of its
Subsidiaries,  and no facts or  circumstances  exist that might be  expected  to
relieve the insurer under such policy of its  obligations to satisfy in full any
claim  thereunder,  and (v) neither the Company nor any of its  Subsidiaries has
received  any  notice  that any such  policy  has been or shall be  canceled  or
terminated or will not be renewed on substantially  the same terms as are now in
effect or that the  premium on such  policy  shall be  increased  on the renewal
thereof.

4.17     Labor Relations; Employees.

         (a)      Schedule 4.17(a) sets forth a list of all directors,  officers
and key  employees  of the Company and each of its  Subsidiaries  as of the date
hereof, together with their respective titles (if any) and positions held, their
current compensation (including salary, wages, bonuses and commissions), and the
respective  dates on which  they  commenced  employment.  To the extent any such
employee is on a leave of absence, Schedule 4.17(a) indicates the nature of such
leave of  absence  and such  employee's  anticipated  date of  return  to active
employment.  No officer or key employee listed on Schedule 4.17(a) has given the
Company or any of its Subsidiaries  notice,  and, to the knowledge of the Seller
Group,  no officer or key employee  listed on Schedule  4.17(a) has any plans or
intends to terminate his or her employment with the Company or such  Subsidiary.
No former  officer or key employee has left the service of the Company or any of
its Subsidiaries within the last six months.

                                       19
<PAGE>

         (b)      Schedule 4.17(b) sets forth the aggregate number of employees,
other  non-supervisory  personnel,  independent  contractors and owner/operators
that work for the Company or any of its Subsidiaries,  specifying in the case of
the  Company and each such  Subsidiary  the number that belong to a union or are
otherwise  covered  by  an  employment  agreement  or  a  collective  bargaining
agreement, identified by terminal location or facility.

         (c)      Except as set forth on Schedule 4.17(c), (i) there is no labor
strike, dispute or grievance,  or work slowdown or stoppage actually pending or,
to the  knowledge  of the Seller  Group,  threatened  against or  involving  the
Company or any of its Subsidiaries,  and (ii) neither the Company nor any of its
Subsidiaries  is a party  to or bound by any  collective  bargaining  agreement,
union Contract or similar agreement,  no such Contract or agreement is currently
being negotiated by the Company or any of its  Subsidiaries,  no labor union has
taken any action with respect to organizing  the employees of the Company or any
of its Subsidiaries,  and no representation  question exists with respect to any
such employees.

         (d)      The Company,  and each of its  Subsidiaries,  have complied in
all material  respects with all Laws relating to the hiring and retention of all
employees,  leased  employees  and  independent  contractors  relating to wages,
hours,  Company  Employee  Plans,  workers'  compensation,  unemployment,  equal
opportunity, collective bargaining, and the payment of social security and other
Taxes.

         (e)      Schedule 4.17(e) sets forth a true,  correct and complete list
of any and all unfair  labor  practice  charges or other  Proceedings,  charges,
employment discrimination lawsuits,  wrongful discharge lawsuits,  citations and
litigation,  wage  and hour  charges  and  litigation,  and  employment  related
litigation that are presently pending,  or to the knowledge of the Seller Group,
threatened  at  law  or  in  equity,   involving  the  Company  or  any  of  its
Subsidiaries. Schedule 4.17(e) also sets forth a true, correct and complete list
of those charges, lawsuits, citations, litigation and Proceedings falling within
the above categories that have been settled or otherwise  disposed of within the
previous two years.

         (f)      Except as set forth in Schedule  4.17(f),  neither the Company
nor any of its  Subsidiaries is a joint employer or alter ego, with or of any of
its  suppliers,  distributors,  customers or other Persons with which it has any
Contract or other  understanding  or arrangement,  including any  owner/operator
with  whom  the  Company  or any of its  Subsidiaries  has a  Contract  or other
understanding or arrangement,  or any other Person with which the Company or any
of its Subsidiaries has a leasing arrangement  (collectively referred to for the
purposes of this Section 4.17(f) as "Third  Parties"),  and no Third Parties are
alter egos of the  Company or any of its  Subsidiaries.  Neither the Company nor
any of its  Subsidiaries  (i) exercises  management  power or authority over the
operations or personnel of any Third Party, (ii) supervises the employees of any
Third Party,  or (iii) is  responsible  for, or has the  authority to establish,
implement or effectively recommend the labor relations or employment policies or
actions,  including wages, hours, working conditions or any terms of employment,
for any employee of any Third Party.  There is no interchange  of personnel,  no
common boards of directors and no common officers, managers or employees between
the Company or any of its Subsidiaries and any Third Party.  Neither the Company
or any of its Subsidiaries  provides any  administrative  services for any Third
Party  that are not  required  by Law or that are not  provided  in a bona fide,
arms-length  transaction  at fair  market  value.  Any  administrative  services
provided by the Company or any of its Subsidiaries for any Third Party have been
detailed on Schedule 4.17(f).

                                       20
<PAGE>

         (g)      Except as set forth on Schedule  4.17(g),  the  Company's  and
each   of  its   Subsidiaries'   Contracts   and   other   understandings   with
owner/operators  and independent  contractors  establish a bona fide arrangement
where such individuals are independent contractors to, and are not employees of,
the Company or any of its Subsidiaries,  and there are not any disputes, claims,
charges  or  allegations  pending  or, to the  knowledge  of the  Seller  Group,
threatened at law or in equity before any  Governmental  Entity that  challenges
the independent  contractor  nature of such Contract or other  understanding  or
arrangement.

4.18     ERISA Compliance.

The Company does not have any Employee  Benefit Plans as defined in ERISA or any
similar plan or benefit governed by applicable Law.

4.19     Environmental Matters.

         (a)      Except as set forth on Schedule 4.19(a),  neither the Company,
any of its Subsidiaries,  or any of their respective Affiliates has received any
written or oral notice,  report or other information (i) regarding any actual or
alleged  violation  of  any  Environmental,  Health  and  Safety  Laws,  or  any
Liabilities,  including any investigatory,  remedial or corrective  obligations,
relating to (A) the Company,  any of its  Subsidiaries,  any of their respective
Affiliates,  or any of their respective  predecessors,  (B) the Business, or (C)
any of the Company's or any of its Subsidiaries'  currently or formerly owned or
leased  properties  or  operations,  or  (ii)  that  the  Company  or any of its
Subsidiaries  is potentially  responsible  under any  Environmental,  Health and
Safety Laws for response costs,  corrective  action or natural resource damages,
as those terms are defined under the  Environmental,  Health and Safety Laws, at
any location.

         (b)      Schedule 4.19(b) sets forth a true,  correct and complete list
of all  properties and facilities  previously  owned,  leased or operated by the
Company, any of its Subsidiaries, or any of their respective predecessors at any
time (together with the Leased Properties, the "Covered Properties").  There has
been no release,  discharge,  spill or disposal of any  substance  at any of the
Covered  Properties so as to give rise to any Liability of the Company or any of
its Subsidiaries under any Environmental,  Health and Safety Laws. Except as set
forth on  Schedule  4.19(b),  there is not now,  nor has there  ever  been,  any
asbestos-containing material in any form or condition, underground storage tank,
above-ground storage tank, landfill,  waste pile, surface impoundment,  disposal
area, or article or equipment containing  polychlorinated biphenyls on or at any
of the Covered Properties.

         (c)      Neither the  Company,  any of its  Subsidiaries,  any of their
respective  Affiliates,  nor any of their  respective  predecessors has treated,
stored,  disposed of,  arranged for or permitted  the disposal of,  transported,
handled or released any substance, or owned or operated any property or facility
(and no such property or facility is  contaminated  by any such  substance) in a
manner  that  has  given  or  would  give  rise  to  Liability  pursuant  to any
Environmental,  Health and Safety Laws,  including  any  Liability  for response
costs,  corrective  action costs,  personal  injury,  property  damage,  natural
resources damage or attorney fees, or any investigative,  corrective or remedial
obligations pursuant to any Environmental, Health and Safety Laws.

                                       21
<PAGE>

         (d)      To the  knowledge  of the Seller  Group,  no facts,  events or
conditions relating to the past or present operations of the Company, any of its
Subsidiaries,  any of  their  respective  Affiliates,  any of  their  respective
predecessors,  or any of the Covered  Properties  will prevent,  hinder or limit
continued  compliance  by  the  Company  or any of  its  Subsidiaries  with  any
Environmental,  Health  and  Safety  Laws,  or give  rise to any  investigative,
corrective or remedial  obligations  pursuant to any  Environmental,  Health and
Safety Laws, or give rise to any other Liability  pursuant to any Environmental,
Health and Safety Laws,  including any relating to on-site or off-site  releases
or threatened  releases of materials,  substances  or wastes,  personal  injury,
property damage or natural resources damage.

         (e)      Neither   this   Agreement   nor  the   consummation   of  the
transactions  contemplated  by this Agreement will result in any obligations for
site investigation or cleanup, or notification to or consent of any Governmental
Entity   or   other   third   party,   pursuant   to  any   of   the   so-called
"transaction-triggered" or "responsible property transfer" Environmental, Health
and Safety Laws.

         (f)      The Company and each of its  Subsidiaries  have  provided  the
Purchaser  with true,  correct  and  complete  copies of all reports and studies
within the  possession  or  control of the  Company  and its  Subsidiaries  with
respect to past and  present  environmental  conditions  or events at any of the
Covered  Properties (all of which are listed on Schedule  4.19(b)),  and, to the
knowledge  of the  Seller  Group,  there are no other  environmental  reports or
studies with respect thereto.

4.20     Brokers.

         Neither the Company nor any of its Subsidiaries has employed any broker
or finder or incurred any  Liability  for any  brokerage  fees,  commissions  or
finders'  fees  or  similar   compensation  or  transaction  based  payments  in
connection with the transactions contemplated by this Agreement.

4.21     Related Party Transactions.

         (a)      Except  as set  forth on  Schedule  4.21(a),  and  except  for
compensation  to bona fide  employees of the Company or any of its  Subsidiaries
for services  rendered in the ordinary course of business,  consistent with past
practice,  no  current  or  former  Affiliate  of  the  Company  or  any  of its
Subsidiaries or any "Associate" (as defined in the rules  promulgated  under the
Securities  Exchange  Act) of any  thereof,  is now, or has been during the last
five fiscal years,  (i) party to any transaction or Contract with the Company or
any of its  Subsidiaries  (including  any  Contract  or other  understanding  or
arrangement  providing for the  furnishing of services by, or the rental of real
or  personal  property  from,  or  otherwise  requiring  payments  to,  any such
Affiliate or Associate),  or (ii) the direct or indirect owner of an interest in
any Person that is a present or  potential  competitor,  supplier or customer of
the Company or any of its Subsidiaries  (other than  non-affiliated  holdings in
publicly held companies).  Except as set forth on Schedule 4.21(a),  neither the
Company nor any of its  Subsidiaries is a guarantor or otherwise  liable for any
actual or potential  Liability of its Affiliates or their Associates.  Except as
set forth on Schedule  4.21(a),  neither the Company nor any of its Subsidiaries
(x)  owns or  operates  any  vehicles,  boats,  aircraft,  apartments  or  other
residential   or   recreational   properties   or  facilities   for   executive,
administrative  or  sales  purposes,  or (y) owns or pays  for any  social  club
memberships,  whether  or  not  for  the  benefit  of  the  Company,  any of its
Subsidiaries, and/or any of their respective executives.

                                       22
<PAGE>

         (b)      Schedule 4.21(b), sets forth a true, correct and complete list
of all distributions,  dividends, redemptions or repurchases, of or with respect
to the capital stock of the Company (as set forth on Schedule 4.21(b)),  made by
the Company during the Company's current fiscal year.

4.22     Accounts and Notes Receivable.

         Except as set forth on Schedule  4.22,  and except for  allowances  for
doubtful accounts reflected on the Latest Balance Sheet, all accounts receivable
and notes  receivable  owing to the Company or any of its Subsidiaries as of the
date  hereof  constitute,  and as of the  Closing  shall  constitute,  valid and
enforceable claims arising from bona fide transactions in the ordinary course of
business, subject to applicable bankruptcy,  insolvency,  fraudulent conveyance,
reorganization,  moratorium  and similar Laws  affecting  creditors'  rights and
remedies generally, and subject, as to enforceability,  to general principles of
equity (regardless of whether enforcement is sought in a proceeding at law or in
equity),  and,  to the  knowledge  of the Seller  Group,  there are no  asserted
claims,  refusals to pay or other rights of set-off against any thereof.  Except
as set forth on Schedule 4.22 (including  those items  categorized as "legal" on
such Schedule), there is (i) no account debtor or note debtor that is delinquent
by more than thirty (30) days for payments due from such account  debtor or note
debtor in excess of $10,000  in the  aggregate,  (ii) no account  debtor or note
debtor that has refused, or, to the knowledge of the Seller Group, threatened to
refuse, to pay its obligations to the Company or its  Subsidiaries,  as the case
may be,  for any  reason,  or has  otherwise  made a claim of set-off or similar
claim (other than in amounts not in excess of $5,000 per account  debtor or note
debtor,  or $10,000 in the aggregate),  and (iii) to the knowledge of the Seller
Group,  no account  debtor or note  debtor  that owes the  Company or any of its
Subsidiaries  amounts in excess of  $10,000 in the  aggregate  is  insolvent  or
bankrupt.

4.23     Bank Accounts; Powers of Attorney.

         Schedule  4.23  sets  forth a true  and  complete  list of (i) all bank
accounts and safe deposit boxes of the Company and each of its  Subsidiaries and
all Persons who are signatories  thereunder or who have access thereto, and (ii)
the names of all Persons  holding general or special powers of attorney from the
Company or any of its Subsidiaries and a summary of the terms thereof (excluding
ministerial  powers of attorney granted to representatives of the Company or any
of its Subsidiaries that are terminable at will).

4.24     Suppliers and Vendors.

         Except as set forth on Schedule 4.24, no material supplier or vendor to
the Company or any of its Subsidiaries has canceled or otherwise terminated, or,
to the  knowledge  of the  Seller  Group,  threatened  to  cancel  or  otherwise
terminate,  its relationship  with the Company or any of its Subsidiaries or has
decreased,  limited or otherwise  modified,  or, to the  knowledge of the Seller
Group, threatened to decrease, limit or otherwise modify, the services, supplies
or materials it provides to the Company or any of its Subsidiaries.

                                       23
<PAGE>

4.25     Customers.

         Except as set forth on Schedule 4.25, no customer of the Company or any
of its Subsidiaries to which more than $50,000 of annual sales were attributable
during any of the  preceding  three fiscal years has notified the Company or any
of its Subsidiaries  that it intends,  or, to the knowledge of the Seller Group,
has threatened, to terminate or materially curtail its relationship and dealings
with the Company or any of its Subsidiaries.

4.26     Conflicts of Interest.

         To the knowledge of the Seller Group,  neither the Company,  any of its
Subsidiaries,  any Stockholder, nor any officer, employee, agent or other Person
acting on their behalf has, directly or indirectly, given or agreed to give, any
money,  gift or similar benefit (other than legal price concessions to customers
in the  ordinary  course of  business,  consistent  with past  practice)  to any
customer,  supplier, employee or agent of a customer or supplier, or official or
employee of any Governmental  Entity or other Person who was, is, or may be in a
position to help or hinder the Business (or assist in connection with any actual
or  proposed  transaction)  that (i) might  subject  the  Company  or any of its
Subsidiaries  to any damage or penalty in any  Proceeding,  (ii) if not given in
the past,  would have  resulted in a Material  Adverse  Change,  or (iii) if not
continued  in the future,  reasonably  could be expected to result in a Material
Adverse  Change.  There is not now, and there has never been,  any employment by
the  Company  or any of its  Subsidiaries  of, or  beneficial  ownership  in the
Company or any of its Subsidiaries by, any governmental or political official in
any  jurisdiction in which the Company or any of its Subsidiaries has conducted,
presently is conducting, or presently is proposing to conduct business.

4.27     Disclosure.

         Neither this Agreement,  including the Schedules,  Annexes, attachments
and Exhibits hereto, contains any untrue statement of a material fact or omits a
material  fact  necessary to make the  statements  contained  herein or therein,
taken as a whole,  in light of the  circumstances  in which they were made,  not
misleading.

                                   ARTICLE V
                 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

         The Purchaser represents and warrants to the Stockholder as of the date
hereof as follows:

5.1      Organization; Corporate Authority.

         The Purchaser is a corporation duly organized,  validly existing and in
good standing under the Laws of the  jurisdiction of its  incorporation  and has
all  requisite  power and authority  (corporate or otherwise) to own,  lease and
operate its assets and  properties  and to carry on its  business  as  presently
conducted  and as  presently  proposed to be  conducted.  The  Purchaser is duly
qualified and in good standing to transact business as a foreign Person in those
jurisdictions   set  forth  on  Schedule  5.1,  which   constitute  all  of  the
jurisdictions  in which the character of the property owned,  leased or operated
by the  Purchaser or the nature of the business or  activities  conducted by the
Purchaser  makes  such  qualification  necessary.  The  Seller  Group  has  been
furnished  with true,  correct and complete  copies of the  Purchaser's  Charter
Documents, in each case as amended and in effect on the date this representation
is being made and is deemed made hereunder.

                                       24
<PAGE>

5.2      Authority;  Authorization;  Execution and Delivery;  Enforceability; No
         Conflict.

         (a)      The Purchaser has all requisite power and authority (corporate
and  otherwise)  to execute,  deliver and  perform  its  obligations  under this
Agreement  and each  Related  Document  to which it is or will be a party and to
consummate the  transactions  contemplated  hereby and thereby.  The Purchaser's
execution and delivery of this  Agreement and each Related  Document to which it
is or will be a party,  and the  performance by the Purchaser of its obligations
hereunder and thereunder, have been duly and validly authorized by all requisite
action on the part of the  Purchaser  (including  its board of directors and all
committees  thereof  and its  stockholders).  This  Agreement  and each  Related
Document  to which the  Purchaser  is or will be a party  has been,  or upon the
Purchaser's  execution hereof and thereof will be, duly and validly executed and
delivered by the Purchaser and  constitutes,  or upon the Purchaser's  execution
and delivery hereof and thereof will constitute,  a valid and binding obligation
of the  Purchaser,  enforceable  against the Purchaser in accordance  with their
respective  terms,  subject to  applicable  bankruptcy,  insolvency,  fraudulent
conveyance,  reorganization,  moratorium and similar Laws  affecting  creditors'
rights and remedies generally, and, as to enforceability,  to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or
in equity).

         (b)      Neither the  execution  and delivery by the  Purchaser of, and
performance of its obligations  under,  this Agreement,  nor the consummation by
the Purchaser of the transactions contemplated hereby, nor the compliance by the
Purchaser with any of the provisions  hereof,  will (i) conflict with, or result
in any violation of, or cause a default (with or without notice or lapse of time
or both)  under,  any  provision  of the  Purchaser's  Charter  Documents,  (ii)
conflict  with,  or result  in any  violation  of,  or cause a default  (with or
without  notice  or lapse of time or both)  under,  or give rise to any right of
termination,   amendment,   cancellation  or  acceleration  of  any  obligations
contained in, or the loss of any benefit under, any term, condition or provision
of any provision of any Contract to which the Purchaser is a party,  or by which
the  Purchaser  or any of its  assets or  properties  is or may be bound,  (iii)
violate any Law applicable to the Purchaser, or (iv) result in an Encumbrance on
or against any assets,  rights or properties of the Purchaser,  or on or against
any capital  stock or other  securities  of the  Purchaser,  or give rise to any
claim against the Company, any of the Company's Subsidiaries, or the Purchaser.

5.3      Consents.

         Except as set forth on Schedule 5.3, no Permit, authorization,  consent
or  approval  of  or  by,  or   notification  of  or  filing  with,  any  Person
(governmental  or  otherwise)  is required for, as a result of, or in connection
with the execution,  delivery and performance by the Purchaser of this Agreement
or the consummation of the transactions contemplated hereby.

5.4      Brokers.

         The  Purchaser  has not  employed  any broker or finder or incurred any
Liability  for any  brokerage  fees,  commissions  or  finders'  fees or similar
compensation or transaction  based payments in connection with the  transactions
contemplated by this Agreement.

5.5      Litigation.

         Except as disclosed on Schedule 5.5 or the  Purchaser's  reports  filed
pursuant to the Securities  Exchange Act, there are no (i)  Proceedings  pending
or, to the knowledge of the Purchaser,  threatened  against the Purchaser or any
of its Subsidiaries,  whether at law or in equity,  civil or criminal in nature,
or before or by any  Governmental  Entity or  arbitrator,  or (ii) Orders of any
Governmental  Entity or  arbitrator  with  respect to,  involving or against the
Purchaser or any of its Subsidiaries.

                                       25
<PAGE>

5.6      TIGR Shares.

         The TIGR Shares that will be issued to the Stockholder pursuant to this
Agreement when issued in accordance with this Agreement will be duly authorized,
validly  issued,  fully paid and  non-assessable.  Except as  described  in this
Agreement,  there are no  outstanding  reservations  of  shares,  subscriptions,
warrants,  puts, calls,  unsatisfied preemptive rights or options of any kind or
any  nature  with  respect  to the  TIGR  Shares  that  will  be  issued  to the
Stockholder pursuant to this Agreement.

5.7      Capitalization.

         The aggregate  number of shares and type of all authorized,  issued and
outstanding  classes of capital  stock of the  Company is set forth in  Schedule
5.7.

5.8      WARN Act.

         Purchaser  does not  intend to  implement  a "plant  closing"  or "mass
layoff" as those terms are defined in the WARN Act with respect to the Company's
business within ninety (90) days after the Closing. The Purchaser hereby assumes
responsibility  for giving any and all  notices  required by the WARN Act or any
similar  state law or  regulation  and assumes  liability for any and all claims
asserted  under the WARN Act or any similar state law or  regulation  because of
any action taken by Purchaser with respect to the Company's  business  occurring
on or after the Closing Date. The parties  hereby  designate the Closing Date as
the "effective date" for purposes of the WARN Act.

5.9      SEC DOCUMENTS

         As of their respective filing dates, each statement,  report, effective
registration statement,  definitive proxy statement and other filings filed with
the  Commission by Purchaser  since and including the date of the Form 10-K most
recently  filed  by  Purchaser  prior  to the  date  hereof  (collectively,  the
"Purchaser SEC Documents") complied in all material respects with the applicable
requirements  of the Securities  Exchange Act and the Securities Act and none of
the Purchaser SEC Documents  contained any untrue  statement of material fact or
omitted to state a material fact  required to be stated  therein or necessary to
make the  statements  made therein in light of the  circumstances  in which they
were made not misleading in any material respect, except to the extent corrected
by a subsequently filed Purchaser SEC Document.

5.10     INVESTMENT INTENT.

         Purchaser  has the ability to evaluate the merits and risks  associated
with  the  transactions  contemplated  by this  Agreement  on the  basis  of its
knowledge and experience in financial and business matters.

                                       26
<PAGE>

                                   ARTICLE VI
                            COVENANTS AND AGREEMENTS

6.1      Access to Records and Properties.

         From and after the date  hereof  until the  earlier  of the  Closing or
termination  of  this  Agreement  pursuant  to  Article  IX and  subject  to the
confidentiality provisions of Section 6.9 of this Agreement, the Company and the
Stockholder will, and the Company will cause its management employees to, afford
the  Purchaser  and  its  attorneys,  consultants,  accountants  and  authorized
representatives full access, upon reasonable notice during normal business hours
and at other reasonable times, to all properties, books, contracts, commitments,
records,  personnel,  lenders and advisors of the Company in order to permit the
Purchaser to conduct a due  diligence  investigation  of the  Company,  provided
that,  notwithstanding  any other provision of this paragraph,  in no event will
the foregoing be undertaken in such a manner as would  reasonably be expected to
interfere  with,  impair or impede  in any  material  respect  the  business  or
operations of the Company. Such investigation will include,  among other things,
reviewing  relevant  financial   information,   reviewing  relevant  contractual
obligations of the Company, conducting discussions with the Company's management
and, with the Company's prior written consent,  other employees and customers of
the Company,  conducting an environmental review of the Company's facilities and
operational practices, reviewing and evaluating all pension, health, retiree and
other  ERISA-related  plans  and  liabilities  of the  Company,  and such  other
investigations  and  evaluations  as may be deemed  reasonably  necessary by the
Purchaser.

6.2      Conduct of the Business.

         Except as set forth on  Schedule  6.2,  from and after the date  hereof
until the earlier of the Closing or the  termination of this Agreement  pursuant
to  Article  IX,  the  Company  and  each  of its  Subsidiaries  shall,  and the
Stockholder shall cause the Company and each of its Subsidiaries to:

                  (i)      conduct  its  business   substantially  as  presently
         conducted and only in the ordinary course of business,  consistent with
         past practice;

                  (ii)     not  undertake  (or enter into any  Contract or other
         understanding  or  arrangement  to undertake)  any action,  and use its
         commercially  reasonable efforts to avoid and prevent the occurrence of
         any event, described in Section 4.8;

                  (iii)    not  enter  into any  transaction  other  than in the
         ordinary course of business, consistent with past practice, that is not
         at arms-length with Persons that are not Affiliates, or any transaction
         with any Person that is an Affiliate;

                  (iv)     not  acquire or  dispose of any assets  other than in
         the ordinary course of business, consistent with past practice;

                  (v)      use commercially  reasonable  efforts to (A) maintain
         its business, assets, relations with present employees,  relations with
         customers and suppliers, licenses and operations as an ongoing business
         and preserve its  goodwill,  in  accordance  with past custom,  and (B)
         satisfy each of the closing conditions set forth in Article VII;

                                       27
<PAGE>

                  (vi)     not issue or sell any  shares of its  capital  stock,
         not  issue or sell any  securities  convertible  into,  exercisable  or
         exchangeable  for,  or options or  warrants  to  purchase  or rights to
         subscribe for, any shares of its capital stock,  and not enter into any
         Contract  or  other  understanding  or  arrangement  to do  any  of the
         foregoing,  other than those  issues  relating  to  disclosed  options,
         convertible  loans,  and  pre-allotted  share issues,  all of which are
         incorporated in the full  consideration paid by the Purchaser and which
         do  not  add  to  the  consideration  for  the  whole  purchase  of the
         Stockholder equity;

                  (vii)    not declare or pay any dividend or distribution on or
         with respect to its capital stock,  not change the number of authorized
         shares of its capital stock or reclassify,  combine,  split, subdivide,
         or redeem or otherwise  repurchase  any of shares of its capital stock,
         not issue,  deliver,  pledge or encumber any  additional  shares of its
         capital stock or other  securities  equivalent to or  exchangeable  for
         shares of its capital  stock,  and not enter into any Contract or other
         understanding or arrangement to do any of the foregoing;

                  (viii)   not take or omit to take any action that would result
         in the representations and warranties contained in this Agreement being
         untrue on the Closing Date; and

                  (ix)     not delay or postpone the payment of accounts payable
         and other  obligations  and liabilities or accelerate the collection of
         accounts receivable.

6.3      Efforts to Consummate.

         Subject to the terms and conditions of this Agreement, each party shall
use commercially reasonable efforts to take or cause to be taken all actions and
do or cause to be done all things required under all applicable Laws, Orders and
Contracts in order to consummate the transactions contemplated hereby, including
(i) all  commercially  reasonable  efforts  to  obtain  or make from or with all
Persons all such consents, approvals, authorizations, waivers, notifications and
filings as are  required  to be  obtained or made by such party under such Laws,
Orders and  Contracts  for the  consummation  of the  transactions  contemplated
hereby  (including  the filing of all  notification  and reports forms and other
information required under the Hart-Scott-Rodino  Antitrust  Improvements Act of
1976, as amended (the "HSR Act")), and (ii) in the case of the Seller Group, all
commercially  reasonable  efforts  to assist  the  Purchaser  in  replacing  the
Company's  performance  bonds and guarantees;  provided,  however,  that nothing
contained herein shall require the Purchaser to undertake any action,  including
the divestiture of any assets or properties,  that may be required to obtain the
consent or  approval  of the  United  States  Federal  Trade  Commission  or the
Department  of Justice for the  consummation  of the  transactions  contemplated
hereby.  The Company and each of its  Subsidiaries  shall take all  commercially
reasonably  actions  and do all  things,  and the  Stockholder  shall  cause the
Company  and each of its  Subsidiaries  to take all  actions  and do all things,
required to extinguish at or prior to the Closing all Funded Indebtedness and to
release any and all  Encumbrances on or affecting any of the Company's or any of
the  its   Subsidiaries'   assets  or  properties,   other  than  the  Permitted
Encumbrances.  The Company and the Stockholder shall use commercially reasonable
efforts to  procure  that legal  title to all the Shares is  transferred  to the
Stockholder  to  hold  them  as  nominee  for the  Shareholders  until  Closing,
including, without limitation,  complying with all requirements of the Financial
Services and Markets Act 2000 and all  regulations  made  thereunder.  Purchaser
shall use commercially  reasonably efforts to assist the Company and Stockholder
in complying  with all  requirements  of the Financial  Services and Markets Act
2000 and all regulations made thereunder.

                                       28
<PAGE>

6.4      Negotiation with Others.

         (a)      During the period (the  "Exclusivity  Period")  commencing  on
October  29,  2004,  and  ending  on the  first to occur  of (a) the  180th  day
following  October 29, 2004, and (b) the termination of this Agreement  pursuant
to Section 9.1(i),  the Company and the Stockholder will not, either directly or
indirectly through their respective representatives,  submit, solicit, initiate,
or discuss any proposal or offer from or to any person other than the Purchaser,
or engage in any discussions that could lead to any proposal or offer from or to
any person other than the Purchaser,  regarding any possible sale,  acquisition,
reorganization,  recapitalization,  or other similar  transaction  involving the
Company or any of its subsidiaries (whether by way of stock sale, sale of all or
any material  portion of assets,  merger,  consolidation  or otherwise),  or any
stock sale or issuance or debt and/or equity financing  involving the Company or
any of its subsidiaries (each, a "Possible Transaction"), unless consented to in
writing  by  the  Purchaser.  If,  during  the  Exclusivity  Period,  any of the
Stockholder or the Company is contacted by any other person or receives from any
other  person  any  written  offer or  proposal  in  connection  with a Possible
Transaction,  the Company will promptly notify the Purchaser thereof,  including
any details and the identity of the person making any such offer or proposal and
a copy  thereof.  During the  Exclusivity  Period,  the  Company  will,  and the
Stockholder  will cause the Company to,  continue to operate its business in the
ordinary course, unless otherwise consented to by the Purchaser.

         (b)      The parties  recognize and  acknowledge  that a breach of this
Section  6.4  will  cause  irreparable  and  material  loss  and  damage  to the
non-breaching party as to which it will not have an adequate remedy at law or in
equity. Accordingly,  each party acknowledges and agrees that the issuance of an
injunction  or other  equitable  remedy is an  appropriate  remedy  for any such
breach.

6.5      Notice of Prospective Breach.

         Each party shall promptly  notify the other parties in writing upon the
occurrence,  or the failure to occur, of any event,  which occurrence or failure
to occur would be reasonably likely to cause (i) any  representation or warranty
of such party that is contained in this Agreement or any Related  Document to be
untrue or inaccurate in any respect at any time from the date of this  Agreement
to the Closing as if such representation and warranty were made at such time, or
(ii) any failure of any party  hereto to comply with or satisfy any  covenant or
agreement to be complied  with or  satisfied  by it under this  Agreement or any
Related Document.

6.6      Public Announcements.

         From and after the date hereof  until the earlier of the Closing or the
termination of this Agreement  pursuant to Article IX, each member of the Seller
Group, each of the Company's Subsidiaries,  and the Purchaser agree that, except
(i) as  otherwise  required  by Law,  (ii)  for  disclosure  to his,  her or its
respective  directors,   officers,  employees,   financial  advisors,  financing
sources,  legal  counsel,  independent  certified  public  accountants  or other
agents,  advisors or  representatives on a need-to-know basis and with whom such
party has a confidential  relationship,  and (iii) in the case of the Purchaser,
in connection with its compliance with the disclosure requirements under federal
and state securities Laws, he, she or it will not issue any reports,  statements
or releases,  in each case pertaining to this Agreement or any Related  Document
to which he,  she or it is a party or the  transactions  contemplated  hereby or
thereby,  without the prior  written  consent of the Company and the  Purchaser,
which consent shall not unreasonably be withheld or delayed.

                                       29
<PAGE>

6.7      Exchange Proceeds.

         If, between the date hereof and the Closing,  the Company or any of its
Subsidiaries  receives any proceeds in consideration  for the exchange of any of
its assets,  whether from the sale of any such assets,  from insurance  proceeds
payable on account of any loss or casualty to such assets, any proceeds from the
taking of such  assets  pursuant  to the power of eminent  domain,  or any other
proceeds from whatever  source  relating to the  disposition of such assets (the
"Exchange  Proceeds"),  the  Company  and/or  its  Subsidiaries  shall,  and the
Stockholder  shall cause the Company and/or such  Subsidiary to, promptly notify
the Purchaser of such receipt of such  Exchange  Proceeds and shall consult with
the Purchaser with respect to the application of any such Exchange Proceeds.

6.8      Non-Competition Covenant.

         (a)      Each Management Stockholder  acknowledges and agrees that as a
condition to the respective obligations of the Purchaser and Seller Group at the
Closing, and as a material inducement to the Purchaser to enter into and perform
its  obligations  hereunder  and in  consideration  of the  payments  and  other
consideration  to be  received by the  Stockholder  under this  Agreement,  such
Management  Stockholder  shall not,  without  the prior  written  consent of the
Purchaser,  at any time  during the period  beginning  on the  Closing  Date and
ending on the third anniversary thereof (the "Restrictive Period"), (i) directly
or  indirectly  engage in,  represent  in any way,  or be  connected  with,  any
Competing  Business (as defined below),  whether such  engagement  shall be as a
director,  an officer,  an owner, an employee,  a partner, an Affiliate or other
participant  in such Competing  Business,  (ii) assist others in engaging in any
Competing Business in the manner described in clause (i) above, (iii) induce any
employees of the Purchaser or any of its  Subsidiaries or other  Affiliates,  or
any employees of the Company or any of its Subsidiaries,  at any time during the
Restrictive  Period to terminate  their  employment with the Purchaser or any of
its Subsidiaries or other Affiliates,  or to terminate their employment with the
Company or any of its Subsidiaries,  or to engage in any Competing Business,  or
(iv)  induce any  customer,  vendor or agent or any other  Person with which the
Purchaser  or any or its  Subsidiaries  or other  Affiliates,  or with which the
Company or any of its Subsidiaries, has a business relationship,  contractual or
otherwise,  at any time during the Restrictive Period to terminate or alter such
business  relationship.  This  covenant is  considered  an integral part of this
Agreement.  The  foregoing  restriction  shall  not  apply to the  ownership  of
publicly  traded  Securities  that  represent less than five percent (5%) of the
ownership interests of the issuer.

         (b)      As used  herein,  the  term  "Competing  Business"  means  any
business  conducted  in (A) any  county in the State of  Florida,  and (B) every
other state,  province,  or other  political  subdivision  of the United States,
Canada,  Mexico,  Japan,  China,  South America or Europe that is engaged in the
business of (x)  providing  software  for the  visualization,  interaction,  and
integration  of  real-time  enterprise  systems  in a  browser,  (y)  developing
software  products and (z) providing  software  support  services,  and, in each
case,  such  business or the  services  or  products  provided or sold by it are
competitive,  directly or indirectly,  with the Business.  Anything contained in
the immediately preceding sentence to the contrary  notwithstanding,  any entity
that has separate  divisions or business units, one or more of which are engaged
in a business  described  above,  will not be deemed a Competing  Business  with
respect to those  portions  of such  entity  that are not  engaged in a business

                                       30
<PAGE>

described above so long as such Stockholder's association with any such separate
divisions or business units (fully taking into account his, her or its functions
and the nature of his, her or its work at such  division or business  unit) does
not involve  existing  customers  of the Company or any of its  Subsidiaries  or
relate in any material respect to that portion of such business which would be a
Competing Business hereunder.

         (c)      If, at the time of  enforcement  of this  Section 6.8, a court
holds  that  the  restrictions   stated  herein  are   unreasonable   under  the
circumstances then existing, the parties agree that the maximum period, scope or
geographical area reasonable under such  circumstances  shall be substituted for
the stated period,  scope or geographical  area. If any one of such covenants is
declared  invalid  for any  reason,  such  determination  shall not  affect  the
validity of the  remainder of the covenants or any covenant  covering  territory
other than the State of Florida. The other covenants set forth in Section 6.8(a)
shall remain in effect as if the provision had been executed without the invalid
covenants. The parties hereto hereby declare that they intend that the remaining
covenants of the provision  continue to be effective  without any covenants that
have been declared  invalid.  The parties hereto  acknowledge that money damages
would be an inadequate remedy for any breach of this Section 6.8. Therefore,  in
the event of a breach or  threatened  breach of this Section 6.8, the  Purchaser
and/or its  successors  or assigns may, in addition to other rights and remedies
existing in its or their favor, apply to any court of competent jurisdiction for
specific performance and/or injunctive relief in order to enforce or prevent any
violations  of the  provisions  of this Section 6.8  (without  posting a bond or
other security).

6.9      Disclosure of Information.

         (a)      As used in this Agreement, the term "Confidential Information"
means,  with respect to any Person,  all information  (whether  written or oral)
furnished  (whether  before  or after  the date  hereof)  by such  Person or its
owners,  members,  partners,   directors,   officers,   employees,   Affiliates,
representatives (including its financial advisors, attorneys and accountants) or
agents   (collectively,   "Representatives")   to  any   other   Person  or  its
Representatives,  and all analyses,  compilations,  forecasts,  studies or other
documents  prepared by such other Person or its  Representatives  in  connection
with the transactions contemplated by this Agreement that contain or reflect any
such information;  provided,  however, that the term "Confidential  Information"
shall not include  information that (i) is or becomes  publicly  available other
than as a  result  of a  disclosure  by any  Person  or its  Representatives  in
violation  of this  Agreement,  or (ii) is or  becomes  available  to such other
Person on a  non-confidential  basis from a source that is not  prohibited  from
disclosing such information by any legal,  contractual or fiduciary  obligation;
provided further, however, that for purposes of this Section 6.9, from and after
the Closing,  Confidential Information of the Company or any of its Subsidiaries
shall be deemed Confidential  Information of the Purchaser and shall, as of such
time,  no longer be  deemed  Confidential  Information  of the  Company  or such
Subsidiaries, as applicable.

         (b)      The Purchaser  will keep all  Confidential  Information of the
Company  and each of its  Subsidiaries  confidential  and will  not  (except  as
required by applicable  Law,  regulation or legal  process,  and then only after
compliance  with the last  sentence of this  Section  6.9(b))  without the prior
written consent of the Company or such Subsidiary,  as applicable,  disclose any
of  such  Confidential  Information  in  any  manner  whatsoever,   directly  or
indirectly,  and will not use any Confidential Information of the Company or any
of its  Subsidiaries  except for the purposes  contemplated  by this  Agreement;
provided, however, that the Purchaser may reveal Confidential Information of the
Company or any of its Subsidiaries to its  Representatives  (i) who need to know
such Confidential  Information for the purposes  contemplated by this Agreement,

                                       31
<PAGE>

(ii)  who are  informed  by the  Purchaser  of the  confidential  nature  of the
Confidential  Information,  and (iii) who  agree to act in  accordance  with the
terms of this Section 6.9(b).  The Purchaser will cause its  Representatives  to
observe the terms of this Section 6.9(b), and will be responsible for any breach
hereof by any of its Representatives.  In the event that the Purchaser or any of
its  Representatives  is requested  pursuant to, or required by, applicable Law,
regulation  or legal  process to disclose any  Confidential  Information  of the
Company or any of its  Subsidiaries,  the  Purchaser  will notify the Company or
such Subsidiary, as applicable,  promptly so that it may seek a protective order
or other  appropriate  remedy  or, in its sole and  absolute  discretion,  waive
compliance  with the terms of this Section 6.9(b).  In any event,  the Purchaser
will furnish only that portion of the  Confidential  Information  of the Company
any its Subsidiaries  that it is advised by counsel is legally required and will
exercise all commercially  reasonable efforts to obtain reliable  assurance,  to
the extent it is possible to obtain the same, that  confidential  treatment will
be afforded to such Confidential Information.

         (c)      The Company  and the  Stockholder  will keep all  Confidential
Information  of the Purchaser  confidential  and will not (except as required by
applicable Law, regulation or legal process, and then only after compliance with
the last sentence of this Section 6.9(c)),  without the prior written consent of
the  Purchaser,  disclose  any of such  Confidential  Information  in any manner
whatsoever,   directly  or  indirectly,   and  will  not  use  any  Confidential
Information  of the  Purchaser  except  for the  purposes  contemplated  by this
Agreement;  provided,  however,  that the Company and the Stockholder may reveal
Confidential Information of the Purchaser to his, her or its Representatives (i)
who need to know such Confidential  Information for the purposes contemplated by
this Agreement,  (ii) who are informed by the Company or such Stockholder of the
confidential nature of the Confidential Information,  and (iii) who agree to act
in  accordance  with the terms of this  Section  6.9(c).  The  Company  and each
Stockholder will cause his, her or its  Representatives  to observe the terms of
this Section  6.9(c),  and will be  responsible  for any breach hereof by any of
his, her or its Representatives.  In the event that the Company, any Stockholder
or any of their respective Representatives is requested pursuant to, or required
by,  applicable  Law,  regulation or legal process to disclose any  Confidential
Information of the Purchaser,  the Company or such  Stockholder  will notify the
Purchaser  promptly so that it may seek a protective order or other  appropriate
remedy or, in its sole and absolute discretion,  waive compliance with the terms
of this  Section  6.9(c).  In any event,  the Company or such  Stockholder  will
furnish only that portion of the Confidential  Information of the Purchaser that
he, she or it is advised by counsel is legally  required  and will  exercise all
commercially  reasonable efforts to obtain reliable assurance,  to the extent it
is possible to obtain the same, that confidential  treatment will be afforded to
such Confidential Information.

         (d)      Each of the parties hereto  recognizes and acknowledges that a
breach of his, her or its covenants in Section 6.9(b) or Section 6.9(c),  as the
case may be, will cause  irreparable  and material  loss and damage to the other
parties,  the amount of which cannot be determined  readily and as to which such
other  parties  will  not  have  an  adequate  remedy  at  law  or  in  damages.
Accordingly, in addition to any remedy such other parties may have in damages by
an action at law,  such other  parties  shall be entitled to the  issuance of an
injunction  restraining any such breach or threatened breach or any other remedy
at law or in equity for any such breach.

                                       32
<PAGE>

6.10     Use of Proprietary Name.

         From and  after the  Closing,  the  Stockholder  shall not use the name
"Integra" or "AltioLive" or any derivation thereof for any purpose.

6.11     Supplements to Schedules.

         Prior to the Closing,  the Company and the  Stockholder  shall promptly
supplement  or amend any Schedule  with respect to any matter  arising after the
date of this  Agreement  that,  if  existing  or  occurring  on the date of this
Agreement,  would  have  been  required  to be set  forth or  described  in such
Schedule. No supplement or amendment of a Schedule made pursuant to this Section
6.11 shall be deemed to constitute a cure of any breach of any representation or
warranty  made by the Company or such  Stockholder  pursuant  to this  Agreement
unless  consented to in writing by the Purchaser,  which consent may be withheld
by the  Purchaser  in its sole  and  absolute  discretion  for any  reason.  For
purposes  of the rights  and  obligations  of the  parties  hereunder,  upon the
occurrence of the Closing, any such supplemental or amended disclosure consented
to in  writing  by the  Purchaser  as  aforesaid  shall be  deemed  to have been
disclosed as of the date of this Agreement.

6.12     Certain Employee Matters.

         On the  Closing  Date  the  employees  of the  Company  and each of its
Subsidiaries  that are actively  employed by the Company or such Subsidiaries in
the Business on the Closing Date shall  continue  their  employment on terms and
conditions  similar to those provided by the Company or such Subsidiaries  prior
to the Closing Date (any such  employees  who continue  their  employment  being
referred to herein as the "Hired Employees"),  and the Purchaser shall initially
provide benefits to the Hired Employees,  effective as to group health insurance
benefits on the Closing Date and effective as to other employee benefits as soon
as  practicable  after  the  Closing  Date,  in each  case  that are  reasonably
comparable on an overall  basis to the benefits  provided by the Company or such
Subsidiaries  prior to the Closing Date to such employees.  Nothing contained in
this  Agreement  shall confer upon any Hired  Employee any rights or remedies of
any nature or kind whatsoever  under or by reason of this  Agreement,  including
any right to employment  or continued  employment or to any benefits that may be
provided,  directly or indirectly,  under any employee  benefit plan,  policy or
arrangement  of the Purchaser,  nor shall  anything  contained in this Agreement
constitute a limitation on or restriction  against the right of the Purchaser to
amend,  modify or terminate any such plan, policy or arrangement at any time and
from time to time.

6.13     No-Hire of Employees.

         From and after the date  hereof  until the  earlier  of the  Closing or
October 29, 2007:

         (a)      the Purchaser shall not, and shall cause its  subsidiaries and
affiliates  not to, hire any employee of the Company or any of its  subsidiaries
or  affiliates  without  first  obtaining  the  written  consent of the  Company
(provided,  however,  that this clause  shall not be deemed to be breached by an
affiliate  that is not controlled by the Purchaser and that hires an employee of
the Company, or any of its subsidiaries or affiliates,  if such affiliate of the
Purchaser  did not learn of the identity of such  employee or acquire  access to
such employee or to any confidential  information of the Company related to such
employee  from or through the  Purchaser or any of its  attorneys,  consultants,
accounts or authorized representatives, whether directly or indirectly); and

                                       33
<PAGE>

         (b)      the Company  shall not, and shall cause its  subsidiaries  and
affiliates not to, hire any employee of the Purchaser or any of its subsidiaries
or affiliates without first obtaining the written consent of the Purchaser.

6.14     NASDAQ Listing.

         After the Closing,  Purchaser shall use commercially reasonable efforts
to cause the shares of common stock of Purchaser to be listed on NASDAQ.

6.15     Financial Statements.

         Prior to the  Closing,  the Company  shall  deliver to the  Purchaser a
true, correct and complete copy of all of the Financial  Statements  required to
be delivered pursuant to Section 4.6 of this Agreement.

6.16     Payment to KBC.

         In  satisfaction  of all  amounts  owed  from the  Company  and/or  its
Subsidiaries  to KBC Peel Hunt,  Purchaser shall pay to KBC Peel Hunt, an amount
equal to (i) on the Closing Date (x) GBP 50,000 and (y)  restricted  TIGR Shares
with an  aggregate  Market  Price equal to GBP 100,000 and (ii) on December  17,
2004, GBP 50,000.  Prior to Purchaser  making such payment,  KBC Peel Hunt shall
acknowledge and agree that this payment satisfies all amounts owed or claimed to
be owed by the Company and its  Subsidiaries  to KBC Peel Hunt and shall furnish
to the Purchaser such investment  representations  and undertakings as Purchaser
may reasonably request.

                                  ARTICLE VII
                               CLOSING OBLIGATIONS

7.1      Conditions to Each Party's Obligations.

         The   respective   obligations   of  the  parties  to  consummate   the
transactions  contemplated  hereby are subject to the satisfaction  prior to the
Closing  Date of the  following  conditions,  unless  waived (to the extent such
conditions can be waived) by the Company or the Purchaser, as applicable:

         (a)      Approvals. All authorizations,  consents,  Orders or approvals
of, or  declarations  or filings with, or expiration of waiting  periods imposed
by, any  Governmental  Entity  (including those under the HSR Act) necessary for
the  consummation  of the  transactions  contemplated  hereby  shall  have  been
obtained or made.

         (b)      No Injunctions or Restraints.  No temporary restraining order,
preliminary  or  permanent  injunction,  or other  Order  issued by any court or
Governmental  Entity of  competent  jurisdiction,  nor other legal  restraint or
prohibition preventing the consummation of the transactions contemplated hereby,
shall be in effect.

                                       34
<PAGE>

         (c)      Actions and Statutes. No action, suit or proceeding shall have
been taken or threatened,  and no statute,  rule, regulation or Order shall have
been  enacted,  promulgated,  issued or deemed  applicable  to the  transactions
contemplated  by this Agreement by any  Governmental  Entity that would (i) make
the consummation of the transactions  contemplated  hereby or thereby illegal or
substantially  delay the consummation of any material aspect of the transactions
contemplated  hereby or thereby,  or (ii) render any party unable to  consummate
the transactions contemplated hereby or thereby.

         (d)      U.S. Securities Laws.  Purchaser shall be current with respect
to all reports required to be filed by the Purchaser  pursuant to the Securities
Exchange Act and such reports shall not reflect a material adverse change in the
Purchaser from information previously furnished to Stockholder.

         (e)      Shareholder Loans. All amounts  outstanding in connection with
any loan or other obligation for Funded  Indebtedness owed by the Company and/or
its Subsidiaries to any Affiliate shall be paid or satisfied in full.

7.2      Conditions to Obligations of the Purchaser.

         The  obligations  of  the  Purchaser  to  consummate  the  transactions
contemplated by this Agreement are subject to the  satisfaction of the following
conditions,  unless waived (to the extent such  conditions can be waived) by the
Purchaser:

         (a)      Accuracy    of    Representations    and    Warranties.    All
representations  and warranties  made by the Company and the Stockholder and the
Company in this Agreement shall be true and correct in all material  respects at
and as of the Closing Date with the same effect as if such  representations  and
warranties had been made at and as of the Closing Date (provided,  however, that
to the extent a  representation  is already limited to matters  characterized as
"material," it shall be correct in all respects),  and the Purchaser  shall have
received a certificate to that effect signed by a principal executive officer of
the Company and the Stockholder.

         (b)      Performance of Obligations of the Company and the Stockholder.
The Company and the  Stockholder  shall have performed in all material  respects
all  obligations  and  covenants  required to be performed by each of them under
this Agreement  prior to or as of the Closing Date, and the Purchaser shall have
received a certificate to that effect signed by a principal executive officer of
the Company and Stockholder.

         (c)      Authorization.   All  action   necessary  to   authorize   the
execution,  delivery and  performance  of this  Agreement by the Company and the
Stockholder and the  consummation of the  transactions  contemplated  hereby and
thereby, including the requisite shareholder approvals, shall have been duly and
validly  taken by the  Company  and the  Stockholder,  and the  Company  and the
Stockholder  shall have the full power and right to consummate the  transactions
contemplated hereby and thereby on the terms provided herein and therein.

         (d)      Financial  Statements.  The  Purchaser  shall have  received a
true, correct and complete copy of all of the Financial  Statements  required to
be delivered pursuant to Section 4.6 of this Agreement,  up to the Closing Date,
and such Financial  Statements shall not be materially  different from drafts of
such Financial Statements previously furnished to Purchaser.

         (e)      Consents and Approvals.  The Seller Group shall deliver to the
Purchaser duly executed copies of all consents and approvals  required for or in
connection with (i) the execution and delivery by the Company and Stockholder of
this  Agreement to which each of them is a party,  and the  consummation  of the
transactions  contemplated hereby and thereby, in form and substance  reasonably
satisfactory to the Purchaser and its counsel, and (ii) the continued conduct of
the  Business as  previously  conducted  (including  any consent  identified  on
Schedule 4.3), in form and substance  reasonably  satisfactory  to the Purchaser
and its counsel.

                                       35
<PAGE>

         (f)      Absence of Material  Adverse Change.  Since the Latest Balance
Sheet Date, there shall have been no Material Adverse Change in the Business.

         (g)      Delivery of the Shares.  The Purchaser shall have received all
of the Shares in accordance with Section 1.4.

         (h)      Seller Certificates.  The Seller Group shall cause each of the
following  certificates to be executed and/or delivered,  as the case may be, by
the Person who or which is the subject thereof:

                  (i)      a certificate of the secretary of the Company,  dated
         as of the Closing Date,  certifying (A) that true, correct and complete
         copies of the Company's  Charter  Documents as in effect on the Closing
         Date are attached thereto,  (B) as to the incumbency and genuineness of
         the signatures of each officer of the Company  executing this Agreement
         on behalf of the Company;  and (C) the  genuineness of the  resolutions
         (attached  thereto) of the board of directors or similar governing body
         of the Company and the Stockholder authorizing the execution,  delivery
         and  performance  of  this  Agreement  and  the   consummation  of  the
         transactions contemplated hereby and thereby;

                  (ii)     a  certificate  of  the  secretary  of  each  of  the
         Company's  Subsidiaries,  dated as of the Closing Date, certifying that
         true and complete copies of such  Subsidiary's  Charter Documents as in
         effect on the Closing Date are attached thereto; and

                  (iii)    certificates  dated  within  ten  (10)  days  of  the
         Closing  Date of the  secretaries  of state of the  states in which the
         Company and each of its  Subsidiaries  is organized and qualified to do
         business,  certifying  as to the good standing and  non-delinquent  Tax
         status of such Person.

         (i)      Seller Group  Approvals.  The Seller Group shall have provided
assurances  reasonable  satisfactory  to the  Purchaser and its counsel that all
requisite  corporate,  shareholder  and other  consents  have been  obtained  to
approve and authorize the consummation of the transactions  contemplated by this
Agreement.  The Purchaser  shall have approved in its reasonable  discretion all
information  provided to the  Company's  shareholders  in  connection  with this
Agreement, including information concerning the Purchaser.

         (j)      U.S.  Securities  Laws.  The  Purchaser  shall  have  received
assurances  reasonably  satisfactory to it and its counsel that the issuances of
all TIGR Shares pursuant to this Agreement and the distribution of any such TIGR
Shares to the holders of shares,  options or other  equity or debt  interests in
Stockholder shall be exempt from the registration requirements of the Securities
Act,   qualification  under  any  applicable  U.S.  state  securities  laws  and
registration, approval or consent under any other applicable Laws.

         (k)      Non-Competition  Covenant.  Each Management  Stockholder shall
have  acknowledged and agreed to be bound by the terms and conditions of Section
6.8 of this Agreement.

                                       36
<PAGE>

7.3      Conditions to Obligations of the Seller Group.

         The  obligations  of the Seller Group to  consummate  the  transactions
contemplated by this Agreement are subject to the  satisfaction of the following
conditions,  unless waived (to the extent such  conditions can be waived) by the
Seller Group:

         (a)      Accuracy    of    Representations    and    Warranties.    All
representations  and warranties made by the Purchaser in this Agreement shall be
true and correct in all material respects at and as of the Closing Date with the
same effect as if such representations and warranties had been made at and as of
the Closing Date  (provided,  however,  that to the extent a  representation  is
already limited to matters  characterized  as "material," it shall be correct in
all  respects),  and the Seller Group shall have received a certificate  to that
effect signed by a principal executive officer of the Purchaser.

         (b)      Performance of  Obligations  of the  Purchaser.  The Purchaser
shall have  performed in all material  respects all  obligations  and  covenants
required  to be  performed  by it  under  this  Agreement  prior to or as of the
Closing Date,  and the Seller Group shall have  received a  certificate  to that
effect signed by a principal executive officer of the Purchaser.

         (c)      Authorization.   All  action   necessary  to   authorize   the
execution,  delivery and  performance of this Agreement by the Purchaser and the
consummation of the transactions contemplated hereby and thereby,  including the
requisite shareholder  approvals,  shall have been duly and validly taken by the
Purchaser,  and the Purchaser  shall have the full power and right to consummate
the  transactions  contemplated  hereby and thereby on the terms provided herein
and therein.

         (d)      Consents and  Approvals.  The  Purchaser  shall deliver to the
Seller Group duly executed copies of all consents and approvals  required for or
in connection with the execution and delivery by the Purchaser of this Agreement
to which it is a party, and the  consummation of the  transactions  contemplated
hereby and thereby, in form and substance reasonably  satisfactory to the Seller
Group.

         (e)      Purchaser Certificates.  The Purchaser shall cause each of the
following  certificates to be executed and/or delivered,  as the case may be, by
the Person who or which is the subject thereof:

                  (i)      a  certificate  of the  secretary  of the  Purchaser,
         dated as of the Closing  Date,  certifying  (A) that true,  correct and
         complete  copies of the Purchaser's  Charter  Documents as in effect on
         the Closing Date are attached  thereto,  (B) as to the  incumbency  and
         genuineness  of  the  signatures  of  each  officer  of  the  Purchaser
         executing  this  Agreement  on  behalf  of the  Purchaser;  and (C) the
         genuineness  of the  resolutions  (attached  thereto)  of the  board of
         directors or similar  governing body of the Purchaser  authorizing  the
         execution,   delivery  and   performance  of  this  Agreement  and  the
         consummation of the transactions contemplated hereby and thereby; and

                  (ii)     certificates  dated  within  ten  (10)  days  of  the
         Closing  Date of the  secretaries  of state of the  states in which the
         Purchaser  is  organized,  certifying  as  to  the  good  standing  and
         non-delinquent Tax status of the Purchaser.

                                       37
<PAGE>

                                  ARTICLE VIII
                                 INDEMNIFICATION

8.1      Generally.

         (a)      Subject to the further  provisions of this Article  VIII,  the
Seller  Indemnifying  Persons,  jointly  and  severally,   shall  indemnify  the
Purchaser  Indemnified  Persons  for,  and hold each of them  harmless  from and
against,  any and all Purchaser Losses arising from or in connection with any of
the following:

                  (i)      the   untruth,    inaccuracy   or   breach   of   any
         representation or warranty of the Company or the Stockholder  contained
         in  this  Agreement  or any  Related  Document  or in  any  certificate
         delivered  by the  Company,  the  Stockholder  or any of the  Company's
         Subsidiaries  in  connection  herewith  or  therewith  at or before the
         Closing (or any facts or  circumstances  constituting any such untruth,
         inaccuracy or breach); and

                  (ii)     the  breach  of  any  covenant  or  agreement  of the
         Company or the  Stockholder  contained in this Agreement or any Related
         Document.

         (b)      Subject  to the  further  terms  of  this  Article  VIII,  the
Purchaser shall indemnify the Seller  Indemnified  Persons for, and hold each of
them  harmless from and against,  any and all Seller  Losses  arising from or in
connection with any of the following:

                  (i)      the   untruth,    inaccuracy   or   breach   of   any
         representation or warranty of Purchaser  contained in this Agreement or
         any Related  Document or in any certificate  delivered by the Purchaser
         in  connection  herewith or  therewith at or before the Closing (or any
         facts or  circumstances  constituting  any such untruth,  inaccuracy or
         breach); and

                  (ii)     the  breach  of  any  covenant  or  agreement  of the
         Purchaser contained in this Agreement or any Related Document.

8.2      Assertion of Claims.

         No claim for  indemnification  shall be brought under Section 8.1 for a
breach of a representation or warranty unless the Indemnified Persons, or any of
them, at any time prior to the applicable  Survival Date, give the  Indemnifying
Persons (a) written  notice of the existence of any such claim,  specifying  the
nature and basis of such claim and the amount  thereof,  to the extent known, or
(b)  written  notice  pursuant  to Section  8.3 of any Third  Party  Claim,  the
existence of which might give rise to such a claim for indemnification. Upon the
giving of such written notice as aforesaid,  the Indemnified  Persons, or any of
them,  shall have the right to  commence  legal  proceedings  subsequent  to the
Survival Date for the enforcement of their rights under Section 8.1.

8.3      Notice and Defense of Third Party Claims.

         The obligations and liabilities of an Indemnifying  Person with respect
to Losses  resulting  from the assertion of liability by third parties  (each, a
"Third Party Claim") shall be subject to the following terms and conditions:

                                       38
<PAGE>

         (a)      The  Indemnified  Persons shall give prompt  written notice to
the  Indemnifying  Persons of any Third  Party Claim that might give rise to any
Loss by the  Indemnified  Persons,  stating  the  nature and basis of such Third
Party Claim, and the amount thereof to the extent known; provided, however, that
no delay on the part of the  Indemnified  Persons in notifying any  Indemnifying
Persons shall relieve the Indemnifying  Persons from any liability or obligation
hereunder  unless (and then solely to the extent that) the  Indemnifying  Person
thereby is prejudiced by the delay.  Such notice shall be  accompanied by copies
of all relevant  documentation with respect to such Third Party Claim, including
any summons,  complaint or other pleading that may have been served, any written
demand or any other document or instrument.

         (b)      If the Indemnifying Persons acknowledge in a writing delivered
to the  Indemnified  Persons that such Third Party Claim is properly  subject to
their  indemnification  obligations  hereunder,  and  the  Indemnifying  Persons
demonstrate  to  the  Indemnified  Persons'  reasonable  satisfaction  that  the
Indemnifying  Persons have the financial resources to meet such  indemnification
obligations,  then the  Indemnifying  Persons shall have the right to assume the
defense of any Third Party Claim at their own expense and by their own  counsel,
which counsel  shall be  reasonably  satisfactory  to the  Indemnified  Persons;
provided,  however,  that the  Indemnifying  Persons shall not have the right to
assume the defense of any Third Party Claim,  notwithstanding the giving of such
written  acknowledgment,  if (i) the  Indemnified  Persons  have been advised by
counsel that there are one or more legal or equitable defenses available to them
that are different  from or in addition to those  available to the  Indemnifying
Persons, and, in the reasonable opinion of the Indemnified Persons,  counsel for
the  Indemnifying  Persons could not  adequately  represent the interests of the
Indemnified  Persons  because such interests  could be in conflict with those of
the Indemnifying Persons, (ii) such action or proceeding involves, or could have
a  material  effect  on,  any  matter  beyond  the scope of the  indemnification
obligation of the Indemnifying  Persons, or (iii) the Indemnifying  Persons have
not assumed the defense of the Third Party Claim in a timely fashion.

         (c)      If the  Indemnifying  Persons  assume  the  defense of a Third
Party Claim (under  circumstances  in which the proviso to Section 8.3(b) is not
applicable),  the Indemnifying Persons shall not be responsible for any legal or
other  defense  costs  subsequently  incurred  by  the  Indemnified  Persons  in
connection with the defense thereof. If the Indemnifying Persons do not exercise
their  right to assume the  defense of a Third Party Claim by giving the written
acknowledgment  referred to in Section 8.3(b), or are otherwise  restricted from
so  assuming  by  the  proviso  to  Section  8.3(b),  the  Indemnifying  Persons
nevertheless  shall be entitled to  participate  in such  defense with their own
counsel  and at their own  expense.  If the  defense of a Third  Party  Claim is
assumed by the Indemnified  Persons pursuant to clause (i) or clause (ii) of the
proviso to Section  8.3(b),  the  Indemnified  Persons  shall not be entitled to
settle  such  Third  Party  Claim  without  the  prior  written  consent  of the
Indemnifying  Persons,  which  consent  shall not be  unreasonably  withheld  or
delayed.

         (d)      If the Indemnifying Persons exercise their right to assume the
defense of a Third Party Claim, (i) the Indemnified Persons shall be entitled to
participate  in such defense  with their own counsel at their own  expense,  and
(ii) the  Indemnifying  Persons  shall  not make any  settlement  of any  claims
without the prior  written  consent of the  Indemnified  Persons,  which consent
shall not be unreasonably withheld or delayed.

                                       39
<PAGE>

8.4      Survival of Representations and Warranties.

         (a)      Subject to the further  provisions  of this  Section  8.4, the
representations and warranties of the Seller Group contained in Article IV or in
any  certificate  or other writing  delivered in connection  with this Agreement
shall survive the Closing, and shall expire and be of no further force or effect
on  the  third  anniversary  of  the  Closing;   provided,   however,  that  the
representations  and warranties  contained in Article III,  Section 4.1, Section
4.2,  Section 4.3, Section 4.4, Section 4.5, Section 4.10 and Section 4.20 shall
survive  the  Closing   indefinitely  and  the  representations  and  warranties
contained in Section 4.9 and Section 4.18 shall survive the Closing until ninety
(90) days after the  expiration of the applicable  statutes of  limitations  for
claims  applicable  to the  matters  covered  thereby.  Subject  to the  further
provisions  of this Section  8.4,  the  representations  and  warranties  of the
Stockholder  contained  in Article III or in any  certificate  or other  writing
delivered  in  connection  with  this  Agreement  and  the  representations  and
warranties  of the  Purchaser  contained in Article V or in any  certificate  or
other writing  delivered in  connection  with this  Agreement  shall survive the
Closing indefinitely. The covenants and other agreements of the Seller Group and
the Purchaser  contained in this Agreement  shall survive the Closing until they
are performed in full or otherwise  expire or are terminated by their terms. For
convenience  of reference,  the date upon which any  representation  or warranty
contained herein shall terminate, if any, is referred to as the "Survival Date."

         (b)      From and after the Closing, the Stockholder shall not have any
recourse  against the Company  for any breach of any  representation,  warranty,
covenant  or  agreement  of the Company  set forth in this  Agreement  or in any
certificate  or other writing  delivered by the Company in connection  with this
Agreement.

8.5      Limitations on Indemnification.

         (a)      Indemnity  Basket  for the  Stockholder.  From and  after  the
Closing,  the Purchaser  Indemnified  Persons (or any member  thereof) shall not
have the right to be indemnified  pursuant to Section 8.1(a)(i) unless and until
the Purchaser Indemnified Persons (or any member thereof) shall have incurred on
a cumulative basis aggregate Losses in an amount exceeding GBP 37,500, whereupon
the Purchaser  Indemnified  Persons (or any member thereof) shall be entitled to
indemnification for all Losses incurred by the Purchaser Indemnified Persons (or
any member thereof);  provided,  however, that in no event shall the limitations
set forth in this Section 8.5(a) apply with respect to (i) any breaches of those
representations  and warranties set forth in Article III,  Section 4.1,  Section
4.2,  Section 4.3,  Section  4.4,  Section 4.5,  Section  4.10,  or Section 4.20
(collectively,  the "Excluded Seller  Representations"),  or (ii) any willful or
knowing   breach  or  any   fraudulent  or   intentional   acts  or  intentional
misrepresentations of any member of the Seller Group.

         (b)      Indemnity Limitations for the Stockholder.  From and after the
Closing, the sum of all Losses incurred by the Purchaser Indemnified Persons (or
any  member  thereof)  pursuant  to  which  indemnification  is  payable  by the
Stockholder  pursuant  to Section  8.1(a)(i)  shall not  exceed GBP  10,000,000;
provided,  however,  that in no event  shall the  limitations  set forth in this
Section 8.5(b) apply with respect to (i) the Excluded Seller Representations, or
(ii) any willful or knowing breach of such  representations or warranties or any
fraudulent or intentional acts or intentional  misrepresentations  of any member
of the Seller Group.

                                       40
<PAGE>

         (c)      Indemnity  Baskets  for the  Purchaser.  From  and  after  the
Closing,  the  Seller  Indemnified  Persons  shall  not  have  the  right  to be
indemnified   pursuant  to  Section   8.1(b)(i)  unless  and  until  the  Seller
Indemnified  Persons (or any member thereof) shall have incurred on a cumulative
basis aggregate Losses in an amount  exceeding GBP 37,500,  whereupon the Seller
Indemnified Persons (or any member thereof) shall be entitled to indemnification
for all  Losses  incurred  by the  Seller  Indemnified  Persons  (or any  member
thereof); provided, however, that in no event shall the limitations set forth in
this Section  8.5(c) apply with respect to any willful or knowing breach of such
representations   or  warranties  or  any  fraudulent  or  intentional  acts  or
intentional misrepresentations of the Purchaser.

         (d)      Indemnity  Limitations  for the Purchaser.  From and after the
Closing,  the sum of all Losses pursuant to which  indemnification is payable by
the Purchaser  pursuant to Section  8.1(b)(i)  shall not exceed GBP  10,000,000;
provided,  however,  that in no event  shall the  limitations  set forth in this
Section  8.5(d)  apply  with  respect to any  willful or knowing  breach of such
representations   or  warranties  or  any  fraudulent  or  intentional  acts  or
intentional misrepresentations of the Purchaser.

         (e)      Indemnity Limitation on Shares. From and after Closing the sum
of all Losses  incurred  by the  Purchaser  Indemnified  Persons  (or any member
thereof)  pursuant  to  which  indemnification  is  payable  by the  Stockholder
pursuant to Section  8.1(a)(i)  shall be satisfied  and any recovery may be made
only  against any shares in the Escrow  Account and not against any of the other
assets or property of the Stockholder; provided, however, that in no event shall
the  limitations  set forth in this Section 8.5(e) apply with respect to (i) the
Excluded Seller  Representations,  or (ii) any willful or knowing breach of such
representations   or  warranties  or  any  fraudulent  or  intentional  acts  or
intentional misrepresentations of any member of the Seller Group. From and after
Closing the  Purchaser  and/or the Purchaser  Indemnified  Persons shall have no
claim or right of action  against the  shareholders  of the  Company  absent any
fraudulent or  intentional  acts or intentional  misrepresentations  of any such
shareholder of the Company.

8.6      Exclusion of certain claims.

         (a)      No  claim  shall  be  made  by  the   Purchaser   against  the
Stockholder and the  Stockholder  shall have no liability to the Purchaser under
this agreement, including the Warranties, in respect of any matter or liability,
which is fairly and  accurately  disclosed  in this  Agreement as of the date of
execution of this Agreement;

         (b)      To the extent that it arises or is increased as a result of or
is otherwise attributable to:

                  (i)      any change in or introduction of new law;

                  (ii)     any change in the rates of tax; or

                  (iii)    any  change or  withdrawal  by any  authority  of any
         published   administrative  practice;  in  each  case  announced  after
         Closing;

         (c)      To the extent that loss or  liability is  recoverable  under a
policy of insurance  or otherwise at no cost to the  Purchaser or the Company or
its subsidiaries.

                                       41
<PAGE>

8.7      Mitigation.

         Nothing  contained in this Agreement shall have the effect of relieving
the Purchaser from any duty to mitigate any loss or damage suffered by it.

8.8      Parties to claim.

         The Warranties and the undertakings, covenants and indemnities given by
the  Stockholder and the Purchaser under this Agreement shall be actionable only
by the original Purchaser and original  Stockholder and no person other than the
Purchaser or Stockholder may make any Claim or take any action against the other
party under this Agreement.

                                   ARTICLE IX
                       TERMINATION; EFFECT OF TERMINATION

9.1      Termination.

         This Agreement may be terminated at any time prior to the Closing by:

                  (i)      the mutual consent of the Purchaser and the Company;

                  (ii)     the  Purchaser,  if there  has  been a breach  by any
         member of the Seller Group of any representation, warranty, covenant or
         agreement set forth in this Agreement  that such breaching  party fails
         to cure within ten (10) Business Days after notice  thereof is given by
         the  Purchaser  (except no cure period  shall be provided  for any such
         breach that by its nature cannot be cured);

                  (iii)    the  Company,  if  there  has  been a  breach  by the
         Purchaser of any  representation,  warranty,  covenant or agreement set
         forth in this  Agreement  that the  Purchaser  fails to cure within ten
         (10) Business Days after notice thereof is given by the Company (except
         no cure period shall be provided for any such breach that by its nature
         cannot be cured);

                  (iv)     the Purchaser, if the conditions set forth in Section
         7.1 or Section 7.2 have not been  satisfied or waived by the  Purchaser
         by January 31, 2005;

                  (v)      the Company,  if the  conditions set forth in Section
         7.1 or Section 7.3 have not been  satisfied or waived by the Company by
         January 31, 2005; or

                  (vi)     the   Purchaser  or  the  Company  if  any  permanent
         injunction  or other Order of a court or other  competent  Governmental
         Entity  preventing  the Closing  shall have become  final,  binding and
         non-appealable;

provided,  however, that neither the Purchaser nor the Company shall be entitled
to  terminate  this  Agreement  pursuant  to clause  (iv) or clause  (v) of this
Section  9.1,  respectively,  if such party's  breach (or,  with respect to such
termination  by the Company,  the  Stockholder's  breach) of this  Agreement has
prevented the  satisfaction of any such condition.  Any termination  pursuant to
clause (i) of this Section 9.1 shall be effected by a written  instrument signed
by the Purchaser and the Company,  and any termination  pursuant to this Section
9.1 (other than a termination  pursuant to clause (i) of this Section 9.1) shall

                                       42
<PAGE>

be effected by written  notice from the party or parties so  terminating  to the
other parties  hereto,  which notice shall specify the Section of this Agreement
pursuant to which this Agreement is being  terminated.  If (i) this Agreement is
terminated by the Purchaser pursuant to Section 9.1(ii) or (ii) the Seller Group
fails to  consummate  the  transaction  contemplated  by this  Agreement  before
January 31,  2005,  even though all  conditions  to Seller  Group's  obligations
specified in Article VII hereof,  and all conditions to Purchaser's  obligations
specified in Article VII hereof,  shall have been  satisfied or waived,  in each
case on or before  January 31, 2005,  the Company will  promptly pay Purchaser a
fee equal to US  $75,000 in  immediately  available  funds.  Payment of the fees
described  in this Section 9.1 will be  Purchaser's  sole and  exclusive  remedy
against the Seller Group in the event of (i) a termination  of this Agreement by
the  Purchaser  pursuant to Section  9.1(ii) or (ii) Seller  Group's  failure to
consummate the  transaction  contemplated  by this Agreement  before January 31,
2005, if all conditions to Seller Group's  obligations  specified in Article VII
hereof, and all conditions to Purchaser's  obligations  specified in Article VII
hereof,  shall have been satisfied or waived,  in each case on or before January
31, 2005. If (i) this Agreement is terminated by the Company pursuant to Section
9.1(iii) or (ii) Purchaser fails to consummate the  transaction  contemplated by
this  Agreement   before  January  31,  2005,  even  though  all  conditions  to
Purchaser's  obligations  specified in Article VII hereof, and all conditions to
Seller  Group's  obligations  specified  in Article VII hereof,  shall have been
satisfied or waived, in each case on or before January 31, 2005,  Purchaser will
promptly pay Company a fee equal to US $75,000 in immediately  available  funds.
Payment of the fees  described in this  Section 9.1 will be Seller  Group's sole
and exclusive  remedy against the Purchaser in the event of (i) a termination of
this Agreement by the Company  pursuant to Section  9.1(iii) or (ii) Purchaser's
failure to consummate the  transaction  contemplated  by this  Agreement  before
January 31, 2005, if all  conditions  to  Purchaser's  obligations  specified in
Article VII hereof, and all conditions to Seller Group's  obligations  specified
in Article VII hereof,  shall have been satisfied or waived,  in each case on or
before January 31, 2005.

9.2      Effect of Termination.

         In the event of the  termination of this Agreement  pursuant to Section
9.1, this Agreement  shall be of no further force or effect,  except for Section
6.4,  Section 6.9,  Section 6.13,  this Section 9.2 and Article X, each of which
shall survive the termination of this  Agreement;  provided,  however,  that the
Liability  of any party for any  breach  by such  party of the  representations,
warranties,  covenants or agreements  of such party set forth in this  Agreement
occurring  prior  to  the  termination  of  this  Agreement  shall  survive  the
termination  of this  Agreement,  and,  in the event of any action for breach of
contract in the event of a termination of this Agreement,  the prevailing  party
shall be  reimbursed  by the other party to such action for all fees,  costs and
expenses relating to such action incurred by the prevailing party, including the
fees,  costs and  expenses  of  attorneys,  accountants  and other  professional
advisers,  and including those incurred in the  investigation of any such breach
and in enforcing the terms of this Section 9.2.

                                       43
<PAGE>

                                   ARTICLE X
                            MISCELLANEOUS PROVISIONS

10.1     Amendment.

         This Agreement may not be altered or otherwise  amended except pursuant
to an  instrument  in writing  signed by each  party,  except that any party may
waive any obligation owed to it by another party under this Agreement. No waiver
by any  party of any  default,  misrepresentation,  or  breach  of  warranty  or
covenant hereunder, whether intentional or not, shall be deemed to extend to any
prior or  subsequent  default,  misrepresentation,  or  breach  of  warranty  or
covenant  hereunder  or affect in any way any  rights  arising  by virtue of any
prior or subsequent such occurrence.

10.2     Entire Agreement.

         This Agreement and the other agreements and documents referenced herein
(including the Schedules, Annexes and Exhibits (in their executed form) attached
hereto) and any other document or agreement  contemporaneously entered into with
this  Agreement  contain all of the  agreements  among the  parties  hereto with
respect  to  the  transactions  contemplated  hereby  and  supersede  all  prior
agreements or understandings  among the parties with respect thereto  (including
the Letter of Intent  (the  "Letter of  Intent")  dated  July 30,  2004,  by and
between the Stockholder and the Purchaser).

10.3     Severability.

         It is the desire and intent of the parties that the  provisions of this
Agreement  be  enforced  to the fullest  extent  permissible  under the Laws and
public policies  applied in each  jurisdiction  in which  enforcement is sought.
Accordingly,  in the event that any provision of this Agreement would be held in
any jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction,  shall be ineffective,  without invalidating
the  remaining  provisions  of this  Agreement  or  affecting  the  validity  or
enforceability of such provision in any other jurisdiction.  Notwithstanding the
foregoing,  if such  provision  could  be more  narrowly  drawn  so as not to be
invalid, prohibited or unenforceable in such jurisdiction,  it shall, as to such
jurisdiction,   be  so  narrowly  drawn,   without  invalidating  the  remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

10.4     Benefits of Agreement.

         All of the terms and provisions of this Agreement shall be binding upon
and inure to the  benefit of the  parties and their  respective  successors  and
permitted assigns. Except as expressly provided herein, this Agreement shall not
confer any rights or remedies upon any Person other than the foregoing. Anything
contained herein to the contrary  notwithstanding,  (a) this Agreement shall not
be  assignable  by any member of the Seller  Group  without the express  written
consent of the Purchaser and (b) the Purchaser  may,  without the consent of any
other party hereto, (i) assign any or all of its rights and interests  hereunder
to one or more of its  Affiliates and designate one or more of its Affiliates to
perform its obligations hereunder,  and (ii) assign any or all of its rights and
interests  hereunder as security for any obligations  arising in connection with
the financing of the transactions  contemplated  hereby,  in any or all of which
cases the Purchaser  nonetheless shall remain responsible for the performance of
its obligations hereunder.

                                       44
<PAGE>

10.5     Expenses; Sales and Transfer Taxes.

         Except as otherwise  provided in this  Agreement,  the Purchaser on the
one hand and the  Seller  Group on the other  hand  shall  each  bear  their own
expenses  incurred  in  connection  with this  Agreement  (including  the legal,
accounting and due diligence  fees,  costs and expenses  incurred by such party)
and  shall  each pay their  own  sales,  use,  gains  and  excise  Taxes and all
registration or transfer taxes that may be payable in connection with or arising
as a  result  of  the  consummation  of the  transaction  contemplated  by  this
Agreement.

10.6     Remedies.

         The parties each shall have and retain all rights and remedies existing
in their favor under this Agreement,  at law or in equity,  including  rights to
bring actions for specific  performance,  injunctive and other equitable  relief
(including the remedy of rescission) to enforce or prevent a breach or violation
of any provision of this  Agreement,  and all such rights and remedies shall, to
the extent  permitted by applicable  Law, be cumulative and a party's pursuit of
any such  right or remedy  shall not  preclude  such party  from  exercising  or
pursuing any other available right or remedy.

10.7     Notices.

         All notices or other communications pursuant to this Agreement shall be
in  writing  and shall be  deemed  to be  sufficient  if  delivered  personally,
telecopied,  sent by  nationally-recognized,  overnight  courier  or  mailed  by
registered or certified mail (return receipt requested), postage prepaid, to the
parties at the  following  addresses  (or at such other  address  for a party as
shall be specified by like notice):

                  (i)      if to the Company or the Stockholder, to:

                           Integra SP Holdings LTD.

                           45 Tabernacle Street
                           London EC2A 4AA

                           Attention: Sven Thiele

                           Telephone No.: 44 (0) 20 7608 7220

                           Facsimile No.: 44 (0) 20 7608 7221

                           with a copy to:

                           Bircham Dyson Bell

                           50 Broadway
                           Westminster
                           London SW1H 0BL

                           Attention: Guy Vincent

                           Telephone No.: +44 (0)20 7227 7000

                           Facsimile No.: +44 (0)20 7222 3480

                                       45
<PAGE>

                  (ii)     if to the Purchaser, to:

                           Tiger Telematics, Inc.

                           10201 Centurion Parkway North

                           Suite 600

                           Jacksonville, Florida 32256

                           Attention:  Michael W. Carrender

                           Telephone No.:    (904) 279-9240

                           Facsimile No.:    (904) 279-9242

                           with a copy to:

                           Smith Hulsey & Busey

                           225 Water Street, Suite 1800

                           Jacksonville, Florida 32202

                           Attention:  John R. Smith, Jr.

                           Telephone No.:    (904) 359-7700

                           Facsimile No.:    (904) 359-7712

All such notices and other communications shall be deemed to have been given and
received  (i) in the case of personal  delivery,  on the date of such  delivery,
(ii) in the case of delivery by telecopy, on the date of such delivery, (iii) in
the  case  of  delivery  by  nationally-recognized,  overnight  courier,  on the
Business Day following  dispatch,  and (iv) in the case of mailing, on the third
Business Day following such mailing.

10.8     Counterparts and Facsimile Execution.

         This  Agreement may be executed in two or more  counterparts,  and each
such  counterpart  shall  be  deemed  to be an  original  instrument.  All  such
counterparts  shall be  considered  one and the same  agreement and shall become
effective when one or more  counterparts have been signed by each of the parties
and  delivered  (by  facsimile  or  otherwise)  to the other  parties,  it being
understood that all parties need not sign the same counterpart.  Any counterpart
or other  signature  hereupon  delivered  by  facsimile  shall be deemed for all
purposes as constituting good and valid execution and delivery of this Agreement
by such party.

                                       46
<PAGE>

10.9     Governing  Law.

         (a)      THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE DOMESTIC  LAWS OF THE STATE OF DELAWARE,  WITHOUT  GIVING EFFECT TO ANY
CHOICE  OF LAW OR  CONFLICTING  PROVISION  OR  RULE  (WHETHER  OF THE  STATE  OF
DELAWARE,  OR  ANY  OTHER  JURISDICTION)  THAT  WOULD  CAUSE  THE  LAWS  OF  ANY
JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED.

         (b)      BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX  FINANCIAL
TRANSACTIONS  ARE MOST QUICKLY AND  ECONOMICALLY  RESOLVED BY AN EXPERIENCED AND
EXPERT PERSON AND THE PARTIES WISH THAT APPLICABLE LAWS,  EVIDENTIARY  RULES AND
JUDICIAL PROCEDURES APPLY OR THAT APPLICABLE LAWS AND ARBITRATION RULES IN CASES
IN WHICH THE  PARTIES  HAVE  EXPRESSLY  AGREED TO SUBMIT  ANY SUCH  DISPUTES  TO
BINDING ARBITRATION APPLY, THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY
A  JUDGE  APPLYING  SUCH  APPLICABLE  LAWS,   EVIDENTIARY   RULES  AND  JUDICIAL
PROCEDURES,  OR BY AN ARBITRATOR  APPLYING APPLICABLE LAWS AND ARBITRATION RULES
IN  SUCH  CASES  WHERE  THEY  HAVE  EXPRESSLY  AGREED  TO  BINDING  ARBITRATION.
THEREFORE,  TO ACHIEVE THE BEST  COMBINATION  OF THE  BENEFITS  OF THE  JUDICIAL
SYSTEM AND OF  ARBITRATION,  THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY
IN ANY  ACTION,  SUIT OR  PROCEEDING  BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR
REMEDIES  UNDER THIS  AGREEMENT OR ANY  DOCUMENTS  RELATED  HERETO.  THE PARTIES
HERETO  AGREE THAT ALL  DISPUTES  AMONG THEM  ARISING  OUT OF,  CONNECTED  WITH,
RELATED  TO,  OR  INCIDENTAL  TO THE  RELATIONSHIP  ESTABLISHED  AMONG  THEM  IN
CONNECTION WITH THIS AGREEMENT SHALL BE RESOLVED EXCLUSIVELY BY STATE OR FEDERAL
COURTS LOCATED IN THE CITY OF  JACKSONVILLE,  FLORIDA,  AND ANY APPELLATE  COURT
FROM ANY THEREOF.

10.10    Jurisdiction and Venue.

         (a)      Each   of  the   parties   hereto   hereby   irrevocably   and
unconditionally  submits,  for  himself,  herself or itself and his,  her or its
property,  to the exclusive  jurisdiction  of any Florida state court or federal
court of the United States of America sitting in Jacksonville,  Florida, and any
appellate court from any thereof,  in any action or proceeding arising out of or
relating to this  Agreement or the  transactions  contemplated  hereunder or for
recognition  or enforcement of any judgment  relating  thereto,  and each of the
parties hereto hereby irrevocably and unconditionally  agrees that all claims in
respect of any such action or proceeding may be heard and determined in any such
Florida  state court or, to the extent  permitted  by law,  in any such  federal
court.  Each of the  parties  hereto  agrees  that a final  judgment in any such
action  or  proceeding  shall  be  conclusive  and  may  be  enforced  in  other
jurisdictions by suit on the judgment or in any other manner provided by law.

         (b)      Each   of  the   parties   hereto   hereby   irrevocably   and
unconditionally  waives,  to the  fullest  extent he, she or it may  legally and
effectively do so, any objection that he, she or it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating
to this  Agreement  or the  transactions  contemplated  hereunder in any Florida
state or federal court of the United States of America sitting in  Jacksonville,
Florida.  Each of the parties hereto hereby  irrevocably  waives, to the fullest
extent he,  she or it may  legally  and  effectively  do so,  the  defense of an
inconvenient  forum to the maintenance of such suit, action or proceeding in any
such court.

                                       47
<PAGE>

         (c)      Each of the parties  hereto  hereby  agree that the mailing by
certified or registered mail, return receipt requested,  of any process required
by any such court shall  constitute  valid and lawful service of process against
them, without the necessity for service by any other means provided by law.

10.11    Mutual Contribution.

         The  parties  to this  Agreement  and  their  respective  counsel  have
contributed  mutually  to the  drafting  of  this  Agreement.  Consequently,  no
provision of this Agreement  shall be construed  against any party on the ground
that a party drafted the provision or caused it to be drafted.

10.12    No Third Party Beneficiaries.

         Except as expressly  provided in this  Agreement,  this Agreement shall
not confer any rights or remedies upon any Person other than the parties  hereto
and their respective successors and permitted assigns.

10.13    Independence of Covenants and Representations and Warranties.

         All covenants  hereunder shall be given independent effect so that if a
certain action or condition constitutes a default under a certain covenant,  the
fact that such action or condition is  permitted by another  covenant  shall not
affect the  occurrence  of such default,  unless  expressly  permitted  under an
exception  to such  initial  covenant.  In  addition,  all  representations  and
warranties  hereunder shall be given independent  effect so that if a particular
representation or warranty proves to be incorrect or is breached,  the fact that
another representation or warranty concerning the same or similar subject matter
is correct or is not breached shall not affect the  incorrectness of or a breach
of a representation and warranty hereunder.

10.14    Interpretation; Construction.

         The term "Agreement"  means this Purchase  Agreement  together with all
Schedules,  Annexes and  Exhibits  hereto,  as the same may from time to time be
amended, modified, supplemented or restated in accordance with the terms hereof.
Certain  capitalized  terms used and not  otherwise  defined  elsewhere  in this
Agreement have the meanings given to them in Annex II attached  hereto.  In this
Agreement,  the term "knowledge" of any Person means (i) the actual knowledge of
such  Person,  and (ii) that  knowledge  that should have been  acquired by such
Person after making such  reasonable  inquiry and exercising such reasonable due
diligence  as a  prudent  businessperson  would  have made or  exercised  in the
management of his or her business affairs, including reasonable inquiry of those
directors,   officers,   key  employees  and  professional  advisors  (including
attorneys,  accountants and  consultants) of such Person who could reasonably be
expected to have actual  knowledge of the matters in  question.  For purposes of
the preceding  sentence,  the knowledge,  both actual and  constructive,  of the
Stockholder and each other director, officer and key employee of the Company and
its Subsidiaries shall be imputed to each member of the Seller Group. The use in
this Agreement of the word "including"  means "including,  without  limitation."
The words "herein," "hereof,"  "hereunder,"  "hereby," "hereto,"  "hereinafter,"

                                       48
<PAGE>

and other words of similar import refer to this Agreement as a whole,  including
the  Schedules,  Annexes  and  Exhibits,  as the same  may from  time to time be
amended, modified,  supplemented or restated, and not to any particular article,
section,  subsection,  paragraph,  subparagraph  or  clause  contained  in  this
Agreement.  All  references  to  articles,  sections,  subsections,  paragraphs,
subparagraphs,  clauses, Schedules, Annexes and Exhibits mean such provisions of
this  Agreement  and  the  Schedules,  Annexes  and  Exhibits  attached  to this
Agreement,  except where otherwise stated. The title of and the article, section
and paragraph  headings in this Agreement are for  convenience of reference only
and  shall  not  govern  or  affect  the  interpretation  of any of the terms or
provisions  of this  Agreement.  The use herein of the  masculine,  feminine  or
neuter forms also shall denote the other forms,  as in each case the context may
require.  Where  specific  language  is used to  clarify  by  example  a general
statement  contained  herein,  such  specific  language  shall  not be deemed to
modify,  limit  or  restrict  in any  manner  the  construction  of the  general
statement to which it relates.  The  language  used in this  Agreement  has been
chosen by the  parties to express  their  mutual  intent,  and no rule of strict
construction  shall be applied against any party.  Accounting terms used but not
otherwise  defined  herein  shall have the  meanings  given to them under  GAAP.
Unless  expressly  provided  otherwise,  the measure of a period of one month or
year for purposes of this Agreement shall be that date of the following month or
year corresponding to the starting date,  provided that if no corresponding date
exists,  the  measure  shall  be  that  date  of the  following  month  or  year
corresponding  to the next day following  the starting  date.  For example,  one
month following February 18 is March 18, and one month following March 31 is May
1.

                                    * * * * *

                                       49
<PAGE>

         IN WITNESS  WHEREOF,  the parties  hereto have  executed  this Purchase
Agreement as of the date first written above.

                                           Company:

                                           INTEGRA SP HOLDINGS LTD.

                                           By:________________________________
                                              Sven Thiele, CEO

                                           Stockholder:

                                           INTEGRA SP NOMINEE LTD.

                                           By:________________________________
                                              Sven Thiele, CEO

                                           Purchaser:

                                           TIGER TELEMATICS, INC.

                                           By:________________________________
                                              Michael W. Carrender, CEO

                                       50
<PAGE>

                                     ANNEX I

                                   Stockholder
                                   -----------

Name and Address                                            Number of Shares
----------------                                            ----------------

INTEGRA SP NOMINEE LTD.                                          [____]

                                       51
<PAGE>

                                    ANNEX II

                               Certain Definitions
                               -------------------

         "Acquisition  Proposal"  means any offer,  proposal  or  indication  of
interest  in (i)  the  direct  or  indirect  acquisition  or  sale of all or any
material part of the Company or any of its  Subsidiaries  (whether by stock sale
or  asset  sale),  (ii)  a  merger,  consolidation  or  other  similar  business
combination, or a reorganization, recapitalization or other similar transaction,
directly or indirectly  involving the Company or any of its Subsidiaries,  (iii)
the direct or indirect  acquisition of any capital stock or other  securities of
the  Company or any of its  Subsidiaries,  or (iv) any stock sale or issuance or
debt and/or equity financing directly or indirectly involving the Company or any
of its Subsidiaries.

         "Affiliate" means, with respect to any Person,  (i) a partner,  member,
owner, shareholder, trustee, director or officer of such Person or of any Person
identified in clause (iii) below, (ii) a spouse,  parent,  sibling or descendant
of such Person (or spouse, parent, sibling or descendant of any partner, member,
owner, shareholder, trustee, director or officer of such Person or of any Person
identified in clause (iii) below), and (iii) any other Person that,  directly or
indirectly through one or more intermediaries,  Controls, is Controlled by or is
under common Control with such Person.

         "Arbitrating   Accountants"  means  such  independent  "Big  5"  public
accounting  firm as shall be agreed upon by the Purchaser and the Stockholder in
writing or, if the Purchaser and the  Stockholder  cannot so agree,  by lot from
among  the  independent  "Big  5"  public   accounting  firms  (other  than  the
Purchaser's Accountants and PriceWaterhouseCoopers).

         "Business Day" means any day that is not a Saturday, Sunday or a day on
which banking  institutions  in New York, New York are authorized or required to
be closed.

         "Capital Lease" means any obligation to pay rent or other amounts under
any  lease of (or  other  arrangement  conveying  the  right to use)  assets  or
properties,  whether real,  personal or mixed, which obligations are required to
be classified  and  accounted  for as capital  leases on a balance sheet of such
Person as of such date computed in accordance with GAAP.

         "Charter  Documents"  means, (i) as to any  corporation,  the articles,
certificate or memorandum of incorporation  or association of such  corporation,
the by-laws of such  corporation,  and each other  instrument or other  document
governing  such  corporation's  existence and internal  affairs,  (ii) as to any
limited partnership, the certificate of limited partnership of such partnership,
the  agreement  of  limited  partnership  of such  partnership,  and each  other
instrument or other document governing such partnership's existence and internal
affairs, (iii) as to any limited liability company, the articles, certificate or
memorandum of  organization  of such limited  liability  company,  the operating
agreement of such limited liability company,  and each other instrument or other
document  governing  such limited  liability  company's  existence  and internal
affairs,  and (iv) as to any trust, the agreement or other  instrument  creating
such  trust  and any and  all  other  documents,  instruments  and  certificates
granting  (and  limiting)  the  powers  and  authorities  of such  trust and the
trustee(s) thereof and governing the activities and operations of such trust and
the  trustee(s)  thereof,  in each case in clauses  (i) through  (iv) above,  as
amended and restated and in effect at the time in question.

                                       52
<PAGE>

         "Commission"   means  the  United   States   Securities   and  Exchange
Commission, or any Governmental Entity succeeding to the functions thereof.

         "Contract" means any loan or credit  agreement,  note, bond,  mortgage,
indenture,  license, lease, sublease,  grant of easement, right of way, purchase
order,  sale order,  service order,  or other contract,  agreement,  commitment,
instrument, permit, concession, franchise or license, whether written or oral.

         "Control" means, with respect to any Person,  the possession,  directly
or  indirectly,  of the power to direct or cause the direction of the management
or policies of a Person, whether through the ownership of voting securities,  by
Contract or otherwise.

         "Employee  Benefit Plan" means any employee  benefit,  fringe  benefit,
compensation,  severance, incentive, bonus, profit-sharing,  stock option, stock
purchase or other plan, program or arrangement, whether or not funded.

         "Encumbrances" means and includes security interests, mortgages, liens,
pledges,  charges,  easements,   reservations,   restrictions,  rights  of  way,
servitudes,  options,  rights of first refusal,  community  property  interests,
equitable  interests,  restrictions  of any  kind  and all  other  encumbrances,
whether or not relating to the  extension  of credit or the  borrowing of money;
provided,  however,  Encumbrances shall not include any restrictions  imposed by
United States federal and state securities laws.

         "Environmental,  Health  and  Safety  Laws"  means all  Laws,  Permits,
Orders,  Contracts  and  common  law  relating  to or  addressing  pollution  or
protection of the environment,  public health and safety, or employee health and
safety,   including  all  those  relating  to  the  presence,  use,  production,
generation,    handling,    transportation,    treatment,   storage,   disposal,
distribution,  labeling,  testing,  processing,  discharge,  release, threatened
release,  control or cleanup of any hazardous  materials,  substances or wastes,
chemical substances or mixtures,  pesticides,  pollutants,  contaminants,  toxic
chemicals,   petroleum   products  or  byproducts,   asbestos,   polychlorinated
biphenyls,  noise or radiation,  in each case as amended and in effect from time
to time.

         "ERISA" means the Employee  Retirement  Income Security Act of 1974, as
amended,  and any successor  legislation  thereto, and the rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time.

         "ERISA Affiliate"  means, with respect to any Person,  any other Person
that is a member  of a  "controlled  group of  corporations"  with,  or is under
"common  control"  with, or is a member of the same  "affiliated  service group"
with such Person as defined in Section 414(b),  414(c),  414(m) or 414(o) of the
Code.

         "Exchange  Rate" means the average  closing  currency  conversion  rate
published  on  www.msn.com,  or if such  website  is not  available,  on another
currency  conversion  website  mutually  agreeable  to  the  Purchaser  and  the
Stockholder, averaged over a period of 11 days consisting of the day as of which
the "Exchange  Rate" is being  determined and the 10  consecutive  business days
prior to such day.

                                       53
<PAGE>

         "Funded Indebtedness" means, without duplication,  the aggregate amount
(including  the  current  portions  thereof) of all (i)  indebtedness  for money
borrowed by the Company or any of its Subsidiaries from other Persons (including
any prepayment and similar  penalties)  and purchase money  indebtedness  (other
than accounts  payable in the ordinary course of business,  consistent with past
practice);  (ii)  indebtedness  of  the  type  described  in  clause  (i)  above
guaranteed,  directly or indirectly,  in any manner by the Company or any of its
Subsidiaries or in effect guaranteed,  directly or indirectly,  in any manner by
the Company or any of its Subsidiaries through a Contract or other understanding
or  arrangement,  contingent or  otherwise,  to supply funds to, or in any other
manner invest in, the debtor,  or to purchase  indebtedness,  or to purchase and
pay  for  property  if not  delivered  or pay  for  services  if not  performed,
primarily  for the  purpose  of  enabling  the  debtor  to make  payment  of the
indebtedness or to assure the owners of the indebtedness  against loss (any such
Contract  or  other   understanding  or  arrangement  being  referred  to  as  a
"Guaranty")  (but the term "Guaranty"  shall exclude  endorsements of checks and
other  instruments  in the  ordinary  course or business,  consistent  with past
practice);  (iii) all  indebtedness  of the type  described  in clause (i) above
secured by any Encumbrance upon assets or properties owned by the Company or any
of its  Subsidiaries  even though the Company or any such  Subsidiary has not in
any manner  become  liable for the payment of such  indebtedness;  (iv)  Capital
Leases,  and (v) all interest expense and other charges accrued but unpaid,  and
all  prepayment  penalties  and  premiums,   on  or  relating  to  any  of  such
indebtedness. Funded Indebtedness of the Company and each of its Subsidiaries as
of the date hereof is set forth on Schedule 4.13(c).

         "GAAP" means  generally  accepted  accounting  principles in the United
Kingdom,   as  promulgated  by  the  English   Institute  of  Certified   Public
Accountants, consistently applied.

         "Governmental  Entity"  means any  domestic  or foreign  government  or
political subdivision thereof,  whether on a federal, state, provincial or local
level and whether  legislative,  executive,  judicial in nature,  including  any
agency,  authority,  board,  bureau,  commission,  court,  department  or  other
instrumentality thereof.

         "Guaranty"  has the  meaning  given to it in the  definition  of Funded
Indebtedness.

         "Income  Taxes" means all income Taxes  (including  any Tax on or based
upon net income, gross income, income as specially defined, earnings, profits or
selected items of income,  earnings or profits (including state Taxes imposed on
subchapter S corporations)).

         "Indemnified Persons" means and includes the Seller Indemnified Persons
and/or the Purchaser Indemnified Persons, as the case may be.

         "Indemnifying  Persons"  means and  includes  the  Seller  Indemnifying
Persons and/or the Purchaser Indemnifying Persons, as the case may be.

         "Intellectual  Property Rights" means all intellectual property rights,
including patents,  patent  applications,  trademarks,  trademark  applications,
trade names,  service marks,  service mark applications,  trade dress, logos and
designs, and the goodwill connected with the foregoing, copyrights and copyright
applications,  know-how,  trade  secrets,  proprietary  processes  and formulae,
confidential  information,   franchises,  licenses,  inventions,   instructions,
marketing materials and all documentation and media constituting,  describing or
relating to the foregoing, including manuals, memoranda and records.

                                       54
<PAGE>

         "Law" means any applicable  domestic or foreign law,  statute,  treaty,
rule, directive,  regulation, ordinance or similar provision having the force or
effect of law, whether on a federal, state, provincial or local level (including
all  Environmental,  Health and Safety  Laws),  or any  applicable  Order of any
Governmental Entity.

         "Liability"  means any actual or  potential  liability  or  obligation,
whether  known or unknown,  asserted  or  unasserted,  absolute  or  contingent,
accrued or  unaccrued,  or  liquidated  or  unliquidated,  and whether due or to
become due, regardless of when asserted.

         "Litigation  Expense"  means any  out-of-pocket  expenses  incurred  in
connection  with  investigating,  defending  or  asserting  any claim,  legal or
administrative  action,  suit or Proceeding  incident to any matter  indemnified
against hereunder, including court filing fees, court costs, arbitration fees or
costs,  witness  fees,  and fees and  disbursements  of outside  legal  counsel,
investigators, expert witnesses, accountants and other professionals.

         "Losses" means any and all losses  (including a diminution in the value
of the Company's capital stock), claims, shortages, damages, expenses (including
reasonable  attorneys'  and  accountants'  and  other  professionals'  fees  and
Litigation  Expenses),  assessments and Taxes (including  interest and penalties
thereon),  as reduced  by (i) the  amount  actually  recovered  under  insurance
policies (net of deductibles and incidental expenses resulting  therefrom),  and
(ii) Tax benefits  actually  realized  under Tax Laws in respect of such Losses,
net of all  reasonable  costs and expenses of recovering  any such Tax benefits.
For purposes of  determining  Tax  benefits  actually  realized,  there shall be
included  only those Tax  benefits  resulting  from such Loss that are  actually
realized  before the taxable  year in which a payment for a Loss is received and
Tax benefits  resulting from such Loss that are actually realized in the taxable
year in which a payment for a Loss is  received,  as increased by (x) the amount
of any Taxes payable on such  indemnification  payment and (y) the amount of any
Taxes payable on the payment referred to in clause (x) hereof. The Purchaser and
each member of the Seller Group  hereby  agree that the Purchase  Price shall be
deemed  to be  decreased  by  the  amount  of any  payment  made  by the  Seller
Indemnifying  Persons to the  Purchaser  with respect to Losses  incurred by the
Purchaser  Indemnified  Persons  for which the Seller  Indemnifying  Persons was
obligated to indemnify the Purchaser Indemnified Persons.

         "Management  Stockholder"  means  those  individuals  set  forth on the
signature  pages of this  Agreement  and  identified  as signing this  Agreement
solely for purposes of agreeing to be bound by Section 6.8 of this Agreement.

         "Market  Price" of any security means the average of the closing prices
of such security's sales on all securities  exchanges on which such security may
at the time be listed,  or, if there has been no sales on any such  exchange  on
any day,  the  average of the highest  bid and lowest  asked  prices on all such
exchanges  at the end of such  day,  or, if on any day such  security  is not so
listed,  the average of the  representative  bid and asked prices  quoted in the
NASDAQ System as of 4:00 P.M., New York time, or, if on any day such security is
not quoted in the NASDAQ System, the average of the highest bid and lowest asked
prices on such day in the  domestic  over-the-counter  market as reported by the
National Quotation Bureau, Incorporated,  or any similar successor organization,
in each such case averaged over a period of 11 days  consisting of the day as of
which "Market Price" is being  determined  and the 10 consecutive  business days
prior to such day.

                                       55
<PAGE>

         "NASDAQ"  means the National  Association of Securities  Dealers,  Inc.
Automated Quotation System.

         "Orders"  means  judgments,   writs,  decrees,  compliance  agreements,
injunctions  or  judicial or  administrative  orders and  determinations  of any
Governmental Entity or arbitrator.

         "Permits" means all permits, licenses,  authorizations,  registrations,
franchises,  approvals,  consents,  certificates,  variances and similar  rights
obtained, or required to be obtained, from a Governmental Entity.

         "Permitted  Encumbrances"  means (i) Encumbrances for Taxes not yet due
and payable or being contested in good faith by appropriate  Proceedings and for
which there are adequate  reserves on the books,  (ii) workers' or  unemployment
compensation  liens  arising  in the  ordinary  course  of  business,  and (iii)
mechanic's, materialman's,  supplier's, vendor's or similar liens arising in the
ordinary  course of business,  consistent with past practice,  securing  amounts
that are not delinquent.

         "Person" shall be construed as broadly as possible and shall include an
individual  or natural  person,  a  partnership  (including a limited  liability
partnership),  a corporation,  a limited liability  company,  an association,  a
joint stock company, a trust, a joint venture, an unincorporated organization, a
business, a Governmental Entity, and any other entity.

         "Proceeding" means any action, suit, investigation or proceeding before
any Governmental Entity or arbitrator.

         "Purchaser  Indemnified  Persons"  means and includes the Purchaser and
its Affiliates (including, following the Closing, the Company), their respective
successors and assigns, and the respective officers,  directors,  successors and
permitted  assigns and controlling  parties of each of the foregoing;  provided,
however,  that any such Person who was,  prior to the Closing  Date, an officer,
director, employee, Affiliate,  successor or assign of the Company or any of its
Subsidiaries,  or a  Stockholder,  shall not in such  capacity,  be a  Purchaser
Indemnified  Person with  respect to a breach of this  Agreement  or any Related
Document  based on facts or  circumstances  occurring,  or actions taken by such
Person, at or prior to the Closing.

         "Purchaser   Indemnifying   Persons"   means  the   Purchaser  and  its
successors.

         "Purchaser  Losses"  means any and all Losses  sustained,  suffered  or
incurred by any Purchaser  Indemnified Person arising from or in connection with
any matter that is the subject of indemnification under Article VIII.

         "Purchaser's  Accountants"  means  GGK/Smith & Williamson  (Nexia Audit
Group).

         "Securities"  means  "securities"  as defined  in  Section  2(1) of the
Securities Act.

         "Securities  Act" means the United  States  Securities  Act of 1933, as
amended, or any successor federal statute,  and the rules and regulations of the
Commission promulgated thereunder,  all as the same shall be in effect from time
to time.

                                       56
<PAGE>

         "Securities  Exchange Act" means the United States Securities  Exchange
Act of 1934, as amended,  or any successor  federal  statute,  and the rules and
regulations of the Commission promulgated  thereunder,  all as the same shall be
in effect from time to time.

         "Seller  Indemnified  Persons"  means and  includes  either  (i) if the
Closing does not occur, the Company,  each of the Company's  Subsidiaries,  each
Stockholder, and their respective Affiliates,  directors,  officers,  successors
and permitted  assigns or (ii) if the Closing occurs,  each  Stockholder and his
personal representatives, estate, heirs, successors and permitted assigns.

         "Seller  Indemnifying  Persons"  means and  includes  either (i) if the
Closing does not occur,  the Company,  each of the Company's  Subsidiaries,  the
Stockholder,  and their respective  successors and permitted assigns, or (ii) if
the Closing occurs, the Stockholder and its successors and permitted assigns.

         "Seller  Losses"  means  any  and all  Losses  sustained,  suffered  or
incurred by any Seller Indemnified Person arising from or in connection with any
matter that is the subject of indemnification under Article VIII.

         "Subsidiary"  means,  with respect to any Person,  any other Person (i)
whose  Securities  having a majority of the general voting power in electing the
board of  directors  or  equivalent  governing  body of such  Person  (excluding
Securities  entitled to vote only upon the failure to pay  dividends  thereon or
the  occurrence  of  other  contingencies)  are,  at the  time as of  which  any
determination  is being made, owned by such Person either directly or indirectly
through one or more other entities  constituting  Subsidiaries,  or (ii) a fifty
percent  (50%)  interest in the profits or capital of whom is, at the time as of
which any  determination  is being made, owned by such Person either directly or
indirectly through one or more other entities constituting Subsidiaries.

         "Tax Return" means any return,  declaration,  report, claim for refund,
or information return or statement relating to Taxes,  including any schedule or
attachment thereto, and including any amendment thereof.

         "Taxes" means, with respect to any Person, (i) all Income Taxes and all
gross  receipts,  sales,  use,  ad  valorem,   transfer,   franchise,   license,
withholding, payroll, employment, excise, severance, stamp, occupation, premium,
property or windfall profits taxes, alternative or add-on minimum taxes, customs
duties and other taxes,  fees,  assessments  or charges of any kind  whatsoever,
together with all interest and penalties, additions to tax, and other additional
amounts  imposed by any taxing  authority  (domestic or foreign) on such Person,
and (ii) any  liability  for the payment of any amount of the type  described in
the  foregoing  clause (i) as a result of (A) being a  "transferee"  (within the
meaning  of  Section  6901 of the Code or any other  applicable  Law) of another
Person, (B) being a member of an affiliated,  combined or consolidated group, or
(C) a Contract or other understanding or arrangement.

         "TIGR Shares" means, restricted shares of common stock, .001 Dollar par
value per share,  of Purchaser,  issued as  "restricted  securities"  within the
meaning of the Securities Act and represented by stock certificates  bearing the
following  legend:  "THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE  HAVE BEEN
ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF

                                       57
<PAGE>

1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. WITHOUT SUCH REGISTRATIONS, SUCH
SECURITIES  MAY NOT BE SOLD,  PLEDGED,  HYPOTHECATED  OR OTHERWISE  TRANSFERRED,
EXCEPT  UPON  DELIVERY  TO THE  COMPANY  OF AN  OPINION  OF  COUNSEL  REASONABLY
ACCEPTABLE  TO THE COMPANY  THAT SUCH  REGISTRATIONS  ARE NOT  REQUIRED FOR SUCH
TRANSFER OR THE  SUBMISSION  TO THE COMPANY TO THE EFFECT THAT ANY SUCH TRANSFER
WILL NOT BE IN VIOLATION OF THE SECURITIES  ACT OF 1933, AS AMENDED,  APPLICABLE
STATE SECURITIES LAWS OR ANY RULE OR REGULATION PROMULGATED THEREUNDER."

                                       58
<PAGE>

                             SELLER GROUP SCHEDULES

                                   Disclosure

         Unless the context otherwise requires words and expressions  defined in
the   Agreement   shall  have  the  same   meaning  in  these   Schedules.   The
representations, warranties and indemnities contained in this Agreement are made
and  given  subject  to  the  disclosures  referred  to or  contained  in  these
Schedules.  The Stockholder  shall not be or be deemed to be in breach of any of
those  representations,  warranties  or  indemnities  (and no claim shall lie or
liability  attach)  in respect  of any  matter  which is fairly  and  accurately
disclosed in these Schedules.  The following are disclosed or are deemed to have
been disclosed by these Schedules:

         (a)      any matter  specifically  described in written  correspondence
between the Stockholder,  the Stockholder's  agents, the Company, any subsidiary
or the Stockholder's  Solicitors and the Purchaser's  Solicitors and accountants
on or before the date of these  Schedules  in relation to the  Agreement  or any
transactions under or associated with it;

         (b)      all the  contents of the  documents  described in the attached
disclosure  schedules  (true,  correct  and  complete  copies of which have been
provided  to  Purchaser  and  initialed  on  behalf of the  Stockholder  and the
Purchaser for purposes of identification); and

         (c)      any matter specifically referred to in the Agreement or in any
document referred to in it.

 SCHEDULE 3.1

The Stockholder is a nominee company formed for the purpose of this  transaction
and will  hold the  Shares on behalf of the  Shareholders,  for the  purpose  of
transferring  them to the Purchaser.  The Stockholder  will acquire these Shares
prior to Closing.

The Company has granted a number of options over its shares. The Company will be
inviting  those option  holders to exercise  their  options prior to Closing and
upon exercise of those options and grant of Shares to those option holders those
new shareholders will be asked to transfer their Shares to the Stockholder.  The
Company is taking advice on the nominee  structure whereby the option holder may
set off the price for exercising their options (in total some (pound)6m) against
an equivalent  value of Integra  shares.  This will have a neutral effect on the
balance sheet of the Company.

Neither the Company nor the  Stockholder  is aware of any  Encumbrance  over the
Shares.

The rules of the Integra SP Holdings  Limited 2001 Employees Share Option Scheme
(governed  by  English  law)  and ISO  option  scheme  (governed  by US law) are
disclosed in the Disclosure Document at Tab 3 of Volume 1.

The Shareholders  Agreement entered into between  shareholders of the Company is
disclosed  at Tab 3 of Volume 1 of the  Disclosure  Document.  The  Shareholders
Agreement  contains  certain  restrictions on the ability of the Shareholders to
transfer  their  shares  without the  agreement of the other  shareholders.  The
Articles of  Association of the Company (which is disclosed at Tab 2 of Volume 1
of the  Disclosure  Document) also contains  restrictions  on the ability of the
Shareholders to sell their Shares.  The  Shareholders  will be required to waive
their pre-emption rights.

                                       59
<PAGE>

Details of  subsidiaries of the Company,  namely Integra SP Limited,  Integra SP
Inc,  Integra  France SAS and Integra SP IPR Limited appear at Tab 1 of Volume 1
of the Disclosure Document.

SCHEDULE 3.3

The Shareholders  will be required to waive their  pre-emption  rights and their
rights under the Shareholders Agreement.

The Board of  Directors  of the  Company  will be  required to comply with their
obligations  under the Financial  Services and Markets Act 2000 by delivering to
the  Shareholders a letter of offer approved by an approved body to be appointed
and enclosing a letter of offer from the Purchaser.

SCHEDULE 3.5

The Company has employed  brokers KBC Peel Hunt and the terms of their  retainer
appear in a letter dated 8 June 2004,  which appears at Tab 5 of Volume 1 of the
Disclosure  Document  together with an email confirming their agreement with the
Company regarding their revised fees and payment terms.

SCHEDULE 4.1

See the disclosures under Article 3 above.

Integra SP Limited trades in the United States and the European Community.

Integra SP Inc trades in the United States.

Integra SP France SAS trades in Spain, France and Portugal.

Integra SP IPR Limited trades in the UK.

SCHEDULE 4.2

See the disclosures under Article 3 above.

Board minutes  authorising  the execution of this  agreement  appear at Tab 7 of
Volume 1 of the Disclosure Document.

SCHEDULE 4.3

See the disclosures in Schedule 3 above.

Application  has been made for  approval  by the  Inland  Revenue  in the United
Kingdom of the status of the Stockholder as a nominee company.

                                       60
<PAGE>

SCHEDULE 4.4

A schedule showing the capital  structures of the Company and its  subsidiaries,
including  options  granted and  outstanding  appear at Tab 9 of Volume 1 of the
Disclosure Document.

A shareholder in the Company,  James Hale,  agreed to transfer his shares in the
Company.  These  shares have been  transferred  over a period of time to various
other  shareholders  in the  Company.  It is  arguable  under  the  terms of the
Shareholders Agreement that these transfers need the consent of the Shareholders
and an  extraordinary  general  meeting of the Company was called for 28 October
2004,  under  which a  Shareholders  resolution  was  passed  authorising  these
transfers subject to the approval of the Remuneration  Committee.  A copy of the
resolution passed at this meeting appears at Tab 9 of Volume 1 of the Disclosure
Documents.

Prior to Closing the Company will undertake the following transactions:

         a)       the  following  options  will  be  issued:   Issue  of  option
certificates  set  out  in  Capitalisation  Table  at Tab 9 of  Volume  1 of the
Disclosure Document.

         b)       the  following  shares will be issued:  Allot 93,750 shares to
Ken Yeadon.  Approximately  85,000 A Ordinary Shares in issue  transferred  from
James Hale to other shareholders.

         c)       the  following  loans  will be  converted  to  shares:  As per
Shareholder Interest Loan Table at Tab 11 of Volume 1 of the Disclosure Document

SCHEDULE 4.5

There  are  a  number  of  inter-company  loans  between  the  Company  and  its
subsidiaries,  details of which appears at Tab 11 of Volume 1 of the  Disclosure
Document.

Integra  SP  Limited  has a bank  facility  with  the Bank of  Scotland  with an
overdraft facility.  A copy of the facility letter appears at Tab 11 of Volume 1
of the Disclosure Document.

The Company has entered into loan agreements  with a number  Shareholders on the
basis that the Shareholders may convert their loans into shares.  Details of the
current  outstanding  Shareholder  loans  appear  at Tab 11 of  Volume  1 of the
Disclosure Document.  Prior to the Closing Date, the Company will subject to the
terms of the Agreement pay all amounts  outstanding  under any Shareholder loans
in full.

SCHEDULE 4.6

The audited accounts of the Company and Integra SP Limited and its group for the
year to 30 June 2002 appear at Tab 12 of Volume 1 of the Disclosure Document.

The consolidated  audited accounts of the Company and its group for the years to
30 June 2003 and 30 June 2004 are in draft and will be completed  and signed off
by the Company's auditors and by the Company and disclosed prior to Closing. The
Company and its subsidiaries are in breach of their obligations to deliver these
accounts to Companies  House and have incurred  penalty fines of  (pound)1500 in
total  relating to 2003  account  for  Integra SP  Limited,  Integra SP Holdings
Limited and Integra SP IPR Limited.

                                       61
<PAGE>

The  unaudited  management  accounts of the Company and its group  containing  a
profit and loss account for the period from the 1 July 2004 to 30 September 2004
and a balance sheet as at 30 September  2004 appear at Tab 12 of Volume 1 of the
Disclosure Document.

SCHEDULE 4.6(c)

A  computer  printout  of the  debtors  and  creditors  of the  Company  and its
subsidiaries  appear at Tab 13 of Volume 1 of the  Disclosure  Document and show
the balances as at 30 September 2004.

There is a provision in the accounts  for deferred  salaries and fees  including
tax and NIC. Details appear at Tab 13 of Volume 1 of the Disclosure Document.

SCHEDULE 4.8(ii)

Prior to closing, all the option holders who hold options granted by the Company
will  be  invited  to  exercise  their  options  in  exchange  for  shares.  See
disclosures  under Article III above.  As of the Closing Date,  the Company will
subject to the terms of the Agreement  have no outstanding  securities  that are
convertible into, exchangeable for, or carrying the right to acquire, any equity
securities of the Company or any of its Subsidiaries.

SCHEDULE 4.9

Neither the Company nor any member of its group have made nor are they  required
to make any tax filings in the United States.

Integra SP Limited is  approximately  one month in arrears in payment of PAYE to
the Inland Revenue,  which is some (pound)60,000  outstanding to pay. Integra SP
Limited  is to pay VAT  over a  period  and  there  is  currently  (pound)22,000
outstanding which will be paid in the first half of November.  As of the Closing
Date,  Integra SP Limited  expect to be current in all amounts  payable by it to
Inland Revenue, including, without limitation amounts due for PAYE and VAT.

The company has received notice from the Inland Revenue that it will be carrying
out a routine  PAYE  inspection  of the  Company and its  subsidiaries  in early
November.

Neither the  Company  nor  Integra SP France SAS has filed any tax returns  with
respect  to Integra SP France SAS and no such tax  returns  are  required  to be
filed.

The tax returns made by the Company and its UK subsidiaries  for the tax year to
5 April 2003 are returns based on pre-audit numbers.

The tax  affairs for the years to 30 June 2002 and 2003 are open with the Inland
Revenue  and  there  is a  claim  against  the  reduction  of the  research  and
development  tax  credit  claim,  which  could  result in a tax  rebate of up to
(pound)100,000  (this  has not  been  provided  for in the  book of  Integra  SP
Limited).

SCHEDULE 4.9 - vi, vii, viii, x

These warranties refer to American tax legislation, which is not relevant to the
Company  or its  subsidiaries.  The  Company  does not  believe  that it has any
obligations under provisions referred to therein.

                                       62
<PAGE>

SCHEDULE 4.10

Integra  SP Limited  has  granted  debenture  over all its assets to the Bank of
Scotland as security for the lending made by the Bank of Scotland. A copy of the
debenture appears at Tab 19 of Volume 1 of the Disclosure Document.  The Company
has notified the Bank of Scotland of this transaction, but the Bank's consent is
not required.

Some of the  assets of  Integra SP Limited  are  subject  to  equipment  leases.
Details of those leases appear at Tab 20 of Volume 1 of the Disclosure Document.

SCHEDULE 4.10(b)

The list at Tab 20 of Volume 1 of the Disclosure  Document contains all material
assets and does not include intellectual  property rights, which appear in later
schedules.

SCHEDULE 4.11

This  Schedule  4.11 lists all real  property  owned,  leased or occupied by the
Company and its subsidiaries

A copy of a lease  granted to Integra  SP  Limited  by  Calathea  Trust on the 3
February 2002 appears at Tab 1 of Volume 2 of the Disclosure  Document.  Integra
SP Limited is one month in arrears of payment of the rent under the terms of the
lease.  As of the Closing Date,  Integra SP Limited expects to be current on all
amounts due under the terms of the lease.

A service office is rented in Paris. See contract with Fast Connect SAS at Tab 1
of Volume 3 of the Disclosure Document.

Integra  SP  Limited  has to pay rates and other  overheads  in  respect  of the
property in addition to rent.  These sums appear in the accounts and  management
accounts. See bill at Tab 1 of Volume 11 of the Disclosure Document.

SCHEDULE 4.12

The Company and its  subsidiaries  own or have  applied for a number of patents,
details of which are set out at Tab 4 of Volume 2 of the Disclosure Document.

As a  matter  of  policy  any  significant  software  of  the  Company  and  its
subsidiaries is patented. In addition,  intellectual property rights in the form
of copyrights will be owned in any significant software.

It is a term of some  agreements  for the  creation  of software  that  software
belongs to the customer in respect of service  business where customers pay time
and materials (T&M). Altio IPR is not affected by this.

All source codes for software  belonging to the Company and its subsidiaries are
available. Details of escrow agreements under which source codes are held appear
at Tab 1 of Volume 3 of the Disclosure Document.

The Company and its subsidiaries  hold a number of standard licences for the use
of standard  software such as Microsoft Office Software.  A List appear at Tab 3
of Volume 2 of the Disclosure Document.

                                       63
<PAGE>

A number of licences  for  software  from Tipco,  Librados  and other  suppliers
appear at Tab1 of Volume 3 of the Disclosure Document.

The standard form of terms and  conditions  for licences  granted by the Company
and its  subsidiaries and a list of licensees appear at Tab 3 of Volume 2 of the
Disclosure Document.

SCHEDULE 4.13

Schedule 4.13 Tab 1 of Volume 3 of the Disclosure Document contains all material
Contracts  of the  Company and its  subsidiaries  Please note that some of these
contracts include change of control clauses.

Integra SP Limited has a contract  with  Casanove and an employee was  dismissed
for breach of  confidentiality  but the Company  does not  believe  that it will
result in any claim by Casanove.  Additional details appear at Tab 1 of Volume 3
of the Disclosure Document.

As set out above  Integra SP Limited has  borrowings  from Bank of Scotland  and
there are shareholder loans outstanding.

At Tab 1 of Volume 3 there are four  contracts  with HSBC, one is signed and the
other three are awaiting signature.

SCHEDULE 4.14

The Company has been  pursuing a claim  against a company in  Luxembourg  called
Alfa Consult but it is unlikely  that there will be any  recovery.  There are no
sums outstanding to the lawyers in Luxembourg.

SCHEDULE 4.15

Schedule 4.15 at Tab 9 of Volume 3 of the  Disclosure  Document are all material
Permits of the Company and its subsidiaries

SCHEDULE 4.16

Schedule 4.16 at Tab 10 of Volume 3 of the Disclosure  Document contains details
of all insurance policies of the Company and its subsidiaries.

The Company  insurances  are due for renewal during October 2004 when new policy
documents will be issued.

SCHEDULE 4.17

Lloyd Dean was  dismissed as a result of a breach of  confidence  involving  the
Casanove but it is not expected that there will be any claim.

Susie Iny is expected to go on maternity leave in December 2004.

George Cao has  already  indicated  that he  intends  to resign and his  written
resignation is expected shortly.

A number of employees hold options  granted by the Company.  The  Capitalisation
Table at Tab 9 of Volume 1 of the Disclosure Document provides details.

                                       64
<PAGE>

SCHEDULE 4.17(g)

The Company and its subsidiaries have a number of relationships with individuals
who trade through their own limited company as service companies including:

Michael  Ward  who  trades  through  Maxsam  Limited  and who is on a long  term
assignment at Casanove.

Usman Siddiqui trades through Hasbang  Computing Limited and charges through his
company for off side data hacker work and in addition is an employee.

Adam Gourpinar  trades  through M Toros Limited and is on long-term  contract at
Royal Bank of Scotland.

Loan Hill Finance Limited provides the service of Sven Thiele and Alan Palmer to
Integra  SP Inc on  the  terms  of the  contract  at Tab 17 of  Volume  3 of the
Disclosure Document.

SCHEDULE 4.18

SCHEDULE 4.20

The Company has retained KBC Peel Hunt on terms disclosed above.

SCHEDULE 4.22

None.

SCHEDULE 4.23

Schedule  4.23 at Tab 4 of  Volume 4 of the  Disclosure  Document  list all bank
accounts of the Company and its subsidiaries

                                       65
<PAGE>

                               PURCHASER SCHEDULES

                                   Disclosure

         Unless the context otherwise requires words and expressions  defined in
the   Agreement   shall  have  the  same   meaning  in  these   Schedules.   The
representations, warranties and indemnities contained in this Agreement are made
and  given  subject  to  the  disclosures  referred  to or  contained  in  these
Schedules.  Purchaser  shall not be or be deemed to be in breach of any of those
representations,  warranties or indemnities (and no claim shall lie or liability
attach) in respect of any matter  which is fairly and  accurately  disclosed  in
these  Schedules.  The  following  are  disclosed  or are  deemed  to have  been
disclosed by these Schedules:

         (a)      any matter  specifically  described in written  correspondence
between the Purchaser, the Purchaser's agents, any subsidiary or the Purchaser's
Solicitors and the Company's Solicitors and accountants on or before the date of
these  Schedules  in  relation to the  Agreement  or any  transactions  under or
associated with it;

         (b)      all the  contents of the  documents  described in the attached
disclosure  schedules  (true,  correct  and  complete  copies of which have been
provided to  Stockholder  and  initialed  on behalf of the  Stockholder  and the
Purchaser for purposes of identification); and

         (c)      any matter specifically referred to in the Agreement or in any
document referred to in it.

SCHEDULE 5.1

Tiger Telematics,  Inc. is a USA Delaware corporation with a corporate office in
Florida and is qualified to do business as a foreign corporation in the State of
Florida.

SCHEDULE 5.3

None.

SCHEDULE 5.5

Jordan  Lawsuit  litigation-  see Form 10 Q for 3rd Quarter ended  September 30,
2003.

SCHEDULE 5.7

Common stock, par value $0.001 per share

           Authorized - 500,000,000 shares
           Issued and Outstanding as of September 29, 2004 - 22,975,621 shares

Reserved for issuance upon exercise of options and warrants as follows:

         Incentive stock option plan with 320,000 shares authorized; outstanding
         options to  purchase  144,000  shares at an average  exercise  price of
         approximately  $1.50,  of which  options to purchase  108,000 are fully
         vested. See 10K and 10Q Filings.

         Warrants  expiring on June 30, 2006 to  purchase  245,525  shares at an
         exercise price of $11.25.

                                       66
<PAGE>

From time to time the Company  issues  shares to various  companies  and persons
that  provide  products  and  services  to  the  Company  including   suppliers,
distributors, and professional advisors including public relations,  advertising
and legal.  The Company has offered  Smith Hulsey & Busey,  legal counsel to the
Company, warrants to purchase 250,000 shares of common stock at $5.00 per share,
expiring September 30, 2009.

The Company issued shares to Golden Sands for the Indie Studios acquisition (see
press release).

The  Company  is in  discussions  to  issue  shares  as a  part  of a  potential
acquisition of Warthog plc.

                                       67REMIC 2004-6 Pooling and Servicing Agreement

Click here for a printer-friendly pdf version of this
document, including page breaks as indicated on the Table of Contents

If above link does not activate, you will find the duplicate
printer-friendly pdf version of this document attached to this filing
submission.

 

EXHIBIT 4.1 

LONG BEACH
SECURITIES CORP.,

Depositor

 

 

LONG BEACH
MORTGAGE COMPANY,

Master
Servicer

 

 

and

 

 

DEUTSCHE BANK
NATIONAL TRUST COMPANY,

Trustee

 

 

POOLING AND
SERVICING AGREEMENT

Dated as of
October 1, 2004

 

 

______________________________

 

 

Long Beach
Mortgage Loan Trust 2004‐6 

Asset‐Backed Certificates, Series 2004‐6

 

 

 

 

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 of REMIC 1 by the Trustee.

Section 2.03      Cure, Repurchase or Substitution of Mortgage Loans by the Seller; Remedies for
Breaches by Depositor or Master Servicer; Remedies for Breaches Relating to Prepayment Charges.

Section 2.04      Representations, Warranties and Covenants of the Master Servicer.

Section 2.05      Representations and Warranties of the Depositor.

Section 2.06      Issuance of Certificates.

Section 2.07      Reserved.

Section 2.08      Conveyance of REMIC Regular Interests and Acceptance of REMICs by the Trustee;
Issuance of Certificates.

ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE
LOANS

Section 3.01      Master Servicer to Act as Master Servicer.

Section 3.02      Sub‐Servicing Agreements Between the Master Servicer and
Sub‐Servicers.

Section 3.03      Successor Sub‐Servicers.

Section 3.04      Liability of the Master 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; Servicing 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.

Section 3.23      Title, Management and Disposition of REO Property.

Section 3.24      Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls.

Section 3.25      Obligations of the Master Servicer in Respect of Mortgage Rates and Monthly
Payments.

Section 3.26      Reserve Fund.

Section 3.27      Advance Facility.

Section 3.28      Policy; Claims Under the PMI Policy

Section 3.29      Reserved.

Section 3.30      Cap Agreement.

ARTICLE IV FLOW OF FUNDS

Section 4.01      Distributions.

Section 4.02      Preference Claims.

Section 4.03      Statements.

Section 4.04      Remittance Reports; Advances.

Section 4.05      Distributions on the REMIC Regular Interests.

Section 4.06      Allocation of Realized Losses.

Section 4.07      Compliance with Withholding Requirements.

Section 4.08      Commission Reporting.

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.

ARTICLE VI THE MASTER SERVICER AND THE DEPOSITOR

Section 6.01      Liability of the Master Servicer and the Depositor.

 

 

Section 6.02      Merger or Consolidation of the Depositor or the Master Servicer.

Section 6.03      Limitation on Liability of the Depositor, the Master Servicer and Others.

Section 6.04      Limitation on Resignation of Master Servicer.

Section 6.05      Rights of the Depositor, the NIMS Insurer and the Trustee in Respect of the Master
Servicer.

ARTICLE VII DEFAULT

Section 7.01      Master Servicer Events of Default.

Section 7.02      Trustee to Act; Appointment of Successor.

Section 7.03      Notification to Certificateholders.

Section 7.04      Waiver of Master Servicer Events of Default.

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’s Fees 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      Appointment of Custodians.

Section 8.12      Appointment of Office or Agency.

Section 8.13      Representations and Warranties of the Trustee.

ARTICLE IX TERMINATION

Section 9.01      Termination Upon Purchase or Liquidation of All Mortgage Loans.

Section 9.02      Additional Termination Requirements.

ARTICLE X REMIC PROVISIONS

Section 10.01    REMIC Administration.

Section 10.02    Prohibited Transactions and Activities.

Section 10.03    Trustee, Master Servicer and Depositor Indemnification.

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    Notice to the Rating Agencies and the NIMS Insurer.

Section 11.08    Article and Section References.

Section 11.09    Third-Party Beneficiaries.

Section 11.10    Grant of Security Interest.

 

 

 

 

Exhibits

 

Exhibit
A‐1             Form of Class I‐A1 Certificates

Exhibit
A‐2             Form of Class I‐A2 Certificates

Exhibit
A‐3             Form of Class II‐A1 Certificates

Exhibit
A‐4             Form of Class II‐A2 Certificates

Exhibit
A‐5             Form of Class A‐3 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 B Certificates

Exhibit
A‐14           Form of Class C Certificates

Exhibit
A‐15           Form of Class P Certificates

Exhibit
A‐16           Form of Class R Certificates

Exhibit
A‐17           Form of Class R‐CX Certificates

Exhibit
A‐18           Form of Class R‐PX Certificates

Exhibit
B                Form of Cap Agreement

Exhibit
C                Form of Mortgage Loan Purchase
Agreement

Exhibit
D                Mortgage Loan Schedule

Exhibit
E‐1             Request for Release (for
Trustee/Custodian)

Exhibit
E‐2             Request for Release (Certificate – Mortgage
Loan Paid in Full)

Exhibit
E‐3             Form of Mortgage Loan Assignment
Agreement

Exhibit
F‐1             Form of Trustee’s Initial
Certification

Exhibit
F‐2             Form of Trustee’s Final
Certification

Exhibit
G                Reserved

Exhibit
H                Form of Lost Note Affidavit

Exhibit
I                  Form of ERISA
Representation

Exhibit
J                 Form of Investment
Letter

Exhibit
K                Form of Class R Certificate, Class
R‐CX Certificate and Class R‐PX Certificate Transfer Affidavit

Exhibit
L                 Form of Transferor
Certificate

 

Schedules

 

Schedule
I              Prepayment Charge Schedule

Schedule
II             Cap Premium Schedule

Schedule
III            Reserved

Schedule
IV           PMI Mortgage Loan Schedule

 

 

 

 

This POOLING AND SERVICING AGREEMENT is dated as of
October 1, 2004 (the “Agreement”), among LONG BEACH SECURITIES CORP., as depositor (the “Depositor”), LONG
BEACH MORTGAGE COMPANY, as master servicer (the “Master 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 eighteen classes of certificates, designated as (i) the Class I‐A1 Certificates, (ii) the Class
I‐A2 Certificates, (iii) the Class II‐A1 Certificates, (iv) the Class II‐A2 Certificates, (v) the Class
A‐3 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 B Certificates, (xiv) the Class C Certificates, (xv) the
Class P Certificates, (xvi) the Class R Certificates, (xvii) the Class R‐CX Certificates and (xviii) the Class R‐PX
Certificates. 

 

 

 

REMIC 1

 

As provided herein, the Trustee shall make an election
to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement
(exclusive of the Reserve Fund and the Master Servicer Prepayment Charge Payment Amounts) as a REMIC for federal income tax
purposes, and such segregated pool of assets will be designated as “REMIC 1.”  The Class R‐1 Interest will
represent the sole class of “residual interests” in REMIC 1 for purposes of the REMIC Provisions (as defined herein)
under federal income tax law.  The following table irrevocably sets forth the designation, the Uncertificated REMIC 1
Pass‐Through Rate, the initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation
Section 1.860G‐1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1 Regular Interests. 
None of the REMIC 1 Regular Interests will be certificated.

	

Designation

	

Initial Uncertificated

 Principal Balance

	

Uncertificated

 REMIC 1

 Pass-Through

 Rate

	

 Assumed Final

 Maturity Date1

	

LT1-AA

	

$541,105,692.96

	

Variable2

	

November
2034

	

LT1-IA1

	

$2,078,120.00

	

Variable2

	

November
2034

	

LT1-IA2

	

$427,500.00

	

Variable2

	

November
2034

	

LT1-IIA1

	

$1,831,775.00

	

Variable2

	

November
2034

	

LT1-IIA2

	

$342,070.00

	

Variable2

	

November
2034

	

LT1-A3

	

$256,750.00

	

Variable2

	

November
2034

	

LT1-M1

	

$207,055.00

	

Variable2

	

November
2034

	

LT1-M2

	

$160,125.00

	

Variable2

	

November
2034

	

LT1-M3

	

$35,890.00

	

Variable2

	

November
2034

	

LT1-M4

	

$38,650.00

	

Variable2

	

November
2034

	

LT1-M5

	

$41,410.00

	

Variable2

	

November
2034

	

LT1-M6

	

$33,130.00

	

Variable2

	

November
2034

	

LT1-M7

	

$30,370.00

	

Variable2

	

November
2034

	

LT1-B

	

$16,565.00

	

Variable2

	

November
2034

	

LT1-ZZ

	

$5,543,563.33

	

Variable2

	

November
2034

	

LT1-1SUB

	

$9,017.20

	

Variable2

	

November
2034

	

LT1-1GRP

	

$59,129.60

	

Variable2

	

November
2034

	

LT1-2SUB

	

$7,823.25

	

Variable2

	

November
2034

	

LT1-2GRP

	

$51,300.15

	

Variable2

	

November
2034

	

LT1-XX

	

$552,021,496.08

	

Variable2

	

November
2034

	

LT1-P

	
$100.00

	

Variable2

	

November
2034

________________________

1          Solely for purposes of Section
1.860G‐1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of 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 make an election
to treat the segregated pool of assets consisting of the REMIC 1 Regular Interests as a REMIC for federal income tax purposes, and
such segregated pool of assets will be designated as “REMIC 2.” The Class R-2 Interest represents the sole class of
“residual interests” in REMIC 2 for purposes of the REMIC Provisions.

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

 

	

Class Designation

	

Original Class
 Certificate Principal
 Balance

	

Pass‐Through
 Rate

	

 Assumed
Final Maturity
Date1

	

I‐A1

	

$415,624,000.00

	

Variable2

	

November
2034

	

I‐A2

	

$85,500,000.00

	

Variable2

	

November
2034

	

II‐A1

	

$366,355,000.00

	

Variable2

	

November
2034

	

II‐A2

	

$68,414,000.00

	

Variable2

	

November
2034

	

A-3

	

$51,350,000.00

	

Variable2

	

November
2034

	

M‐1

	

$41,411,000.00

	

Variable2

	

November
2034

	

M‐2

	

$32,025,000.00

	

Variable2

	

November
2034

	

M‐3

	

$7,178,000.00

	

Variable2

	

November
2034

	

M‐4

	

$7,730,000.00

	

Variable2

	

November
2034

	

M‐5

	

$8,282,000.00

	

Variable2

	

November
2034

	

M‐6

	

$6,626,000.00

	

Variable2

	

November
2034

	

M‐7

	

$6,074,000.00

	

Variable2

	

November
2034

	

B

	

$3,313,000.00

	

Variable2

	

November
2034

	

Class C
Interest3

	

$4,415,432.58

	

Variable2

	

November
2034

	

Class P
Interest

	

$100.00

	

N/A4

	

November
2034

___________________

1          Solely for purposes of Section
1.860G‐1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of 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 or uncertificated interests that represents one or more of the “regular interests” in REMIC
2.

2          Calculated in accordance with the
definition of “Pass‐Through Rate” herein.

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

4          The Class P Interest will not
accrue interest.

 

 

REMIC CX

 

As provided herein, the Trustee shall make an election
to treat the segregated pool of assets consisting of the Class C Interest as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as “REMIC CX.”  The Class R‐CX Interest will represent the sole
class of “residual interests” in REMIC CX for purposes of the REMIC Provisions (as defined herein) under federal income
tax law.  The following table irrevocably sets forth the designation, the Pass‐Through Rate, initial Uncertificated
Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‐1(a)(4)(iii), the “latest
possible maturity date” for each of the REMIC CX Regular Interests.

	

 Designation

	

Uncertificated REMIC CX

 Pass‐Through Rate

	

Initial Uncertificated

 Principal Balance

	

Assumed Final

 Maturity Date1

	

Class C

	

Variable2

	

$4,415,432.58

	

November 2034

_________________________

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

2       The Class C Certificates will not accrue
interest on their Certificate Principal Balance.  Instead, the monthly interest due on the Class C Certificates will be 100%
of the interest paid on the Class C Interest.

 

 

 

REMIC PX

As provided herein, the Trustee shall make an election
to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as “REMIC PX.”  The Class R‐PX Interest will represent the
sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under
federal income tax law.  The following table irrevocably sets forth the designation, the Pass‐Through Rate, initial
Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‐1(a)(4)(iii),
the “latest possible maturity date” for each of the REMIC PX Regular Interests.

	

Designation

	

Uncertificated
REMIC PX

 Pass‐Through Rate

	

Initial
Uncertificated

 Principal Balance

	

Assumed
Final

 Maturity Date1

	

Class P

	

N/A2

	

$100.00

	

November 2034

_________________________

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

2       The Class P Certificates will not accrue
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 Class A Certificates, the Class M
Certificates and the Class B Certificates shall be made on the basis of the actual number of days elapsed on the basis of a
360‐day year 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 and Distribution Account.

“Accrual Period”:  With respect
to the Class C Certificates, the REMIC 1 Regular Interests and the Class C Interest, and each Distribution Date, the calendar month
prior to the month of such Distribution Date. With respect to the Class A Certificates, the Class M Certificates and the Class B
Certificates, and each Distribution Date, the period commencing on the immediately preceding Distribution Date (or in the case of
the first such Accrual Period, commencing on the Closing Date) and ending on the day immediately preceding such Distribution
Date.

“Adjustable Rate Mortgage
Loan”:  A Mortgage Loan which provides for an adjustable Mortgage Rate payable with respect thereto.

“Adjusted Net Maximum Mortgage
Rate”:  With respect to any Mortgage Loan (or the related REO Property), as of any Distribution Date, a per annum
rate of interest equal to the Maximum Mortgage Rate for such Mortgage Loan (if such Mortgage Loan is an Adjustable Rate Mortgage
Loan) or the Mortgage Rate for such Mortgage Loan (if such Mortgage Loan is a Fixed Rate Mortgage Loan), in either case as of the
first day of the month preceding the month in which such Distribution Date occurs, minus the sum of (i) the Servicing Fee
Rate, (ii) the PMI Insurer Fee Rate, if applicable, and (iii) the Trustee Fee Rate.

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

“Adjustment Date”:  With respect
to each Adjustable Rate Mortgage Loan, each 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 Master Servicer in respect of any Distribution Date pursuant to Section
4.04.

“Advancing Person”:  As defined
in Section 3.27 hereof.

“Adverse REMIC Event”:  As
defined in Section 10.01(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 the Offered Subordinate Certificates, an amount
equal to (a) the sum of (i) any Realized Losses allocated to such Class of Certificates on such Distribution Date and
(ii) any Allocated Realized Loss Amount for such Class of Certificates remaining unpaid from the previous Distribution Date
less (b) any Allocated Realized Loss Amounts that have been reinstated with respect to such Class of Certificates on prior
Distribution Dates due to Subsequent Recoveries.

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

“Available Funds”:  With respect
to any Distribution Date, an amount equal to the excess of (i) the sum of (a) the aggregate of the Monthly Payments on
the Mortgage Loans due on the related Due Date and received on or prior to the related Determination Date, (b) Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, Gross Subsequent Recoveries and other unscheduled
recoveries of principal and interest in respect of the Mortgage Loans during the related Prepayment Period (other than any
Prepayment Charges collected by the Master Servicer in connection with the full or partial prepayment of any of the Mortgage Loans
and any Master Servicer Prepayment Charge Payment Amount in connection with the Mortgage Loans), (c) the aggregate of any
amounts received in respect of an REO Property acquired in respect of a Mortgage Loan 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 Master Servicer in respect of related Prepayment Interest Shortfalls on the Mortgage Loans for such Distribution Date,
(e) the aggregate of any Advances made by the Master Servicer or the Trustee for such Distribution Date with respect to the
Mortgage Loans, (f) the aggregate of any related advances made by or on behalf of the Trustee for such Distribution Date with
respect to the Mortgage Loans pursuant to Section 7.02(b) and (g) the aggregate of any amounts constituting proceeds of
repurchases or substitutions of the Mortgage Loans occurring during the related Prepayment Period over (ii) the sum, without
duplication, of (a) amounts reimbursable or payable to the Depositor, the Master Servicer, the Trustee, the Seller, the NIMS
Insurer or any Sub‐Servicer pursuant to Section 3.11 or Section 3.12 in respect of the Mortgage Loans or otherwise payable in
respect of Extraordinary Trust Fund Expenses, (b) amounts deposited in the Collection Account or the Distribution Account
pursuant to clauses (i)(a) through (g) above, as the case may be, in error, (c) Stayed Funds, (d) any Trustee Fee
pursuant to Section 8.05 and any indemnification payments or expense reimbursements made by the Trust Fund pursuant to Section
8.05, (e) the PMI Insurer Fee payable from the Distribution Account and (f) amounts reimbursable to the Trustee for an advance made
pursuant to Section 7.02(b) which advance the Trustee has determined to be nonrecoverable from the Stayed Funds in respect of which
it was made.

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

“Bankruptcy Loss”:  With respect
to any Mortgage Loan, a Realized Loss resulting from a Deficient Valuation or Debt Service Reduction.

“Basis Risk Cap”:  The Cap
Agreement to the extent it relates to the amounts paid thereon by the Cap Provider other than the Class C Excess Cap
Amounts.

“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 Certificates, the Class M
Certificates and the Class B Certificates shall be Book‐Entry Certificates.

“Book‐Entry Custodian”: 
The custodian appointed pursuant to Section 5.01(b).

“Business Day”:  Any day other
than a Saturday, a Sunday or a day on which banking or savings institutions in the State of California, the State of Delaware, the
State of New York, the State of Washington, 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.

“Cap Agreement”:  The interest
rate cap agreement consisting of the confirmation, the ISDA Master Agreement and the schedule thereto, dated October 25, 2004,
between the Trustee, on behalf of the Trust, and the Cap Provider, and the related guarantee attached as Exhibit B hereto, as such
agreement may be amended and supplemented in accordance with its terms and any replacement interest rate cap agreement acceptable
to the Trustee.

“Cap Provider”:  Lehman Brothers
Special Financing Inc.

“Certificate”:  Any Regular
Certificate or Residual Certificate.

“Certificate Margin”:  With
respect to the Class I‐A1 Certificates on each Distribution Date (A) on or prior to the Optional Termination Date, 0.20%
per annum and (B) after the Optional Termination Date, 0.40% per annum.  With respect to the Class I‐A2
Certificates on each Distribution Date (A) on or prior to the Optional Termination Date, 0.51% per annum and (B) after
the Optional Termination Date, 1.02% per annum.  With respect to the Class II‐A1 Certificates on each Distribution Date
(A) on or prior to the Optional Termination Date, 0.27% per annum and (B) after the Optional Termination Date, 0.54% per
annum.  With respect to the Class II‐A2 Certificates on each Distribution Date (A) on or prior to the Optional
Termination Date, 0.53% per annum and (B) after the Optional Termination Date, 1.06% per annum.  With respect to the
Class A‐3 Certificates on each Distribution Date (A) on or prior to the Optional Termination Date, 0.65% per annum and (B)
after the Optional Termination Date, 1.30% per annum.  With respect to the Class M‐1 Certificates on each Distribution
Date (A) on or prior to the Optional Termination Date, 0.80% per annum and (B) after the Optional Termination Date, 1.20%
per annum.  With respect to the Class M‐2 Certificates on each Distribution Date (A) on or prior to the Optional
Termination Date, 1.15% per annum and (B) after the Optional Termination Date, 1.725% per annum.  With respect to the
Class M‐3 Certificates on each Distribution Date (A) on or prior to the Optional Termination Date, 1.35% per annum and
(B) after the Optional Termination Date, 2.025% per annum.  With respect to the Class M‐4 Certificates on each
Distribution Date (A) on or prior to the Optional Termination Date, 1.55% per annum and (B) after the Optional
Termination Date, 2.325% per annum.  With respect to the Class M‐5 Certificates on each Distribution Date (A) on or
prior to the Optional Termination Date, 2.00% per annum and (B) after the Optional Termination Date, 3.00% per annum. 
With respect to the Class M‐6 Certificates on each Distribution Date (A) on or prior to the Optional Termination Date,
2.20% per annum and (B) after the Optional Termination Date, 3.30% per annum.  With respect to the Class M‐7
Certificates on each Distribution Date (A) on or prior to the Optional Termination Date, 2.50% per annum and (B) after
the Optional Termination Date, 3.75% per annum.  With respect to the Class B Certificates on each Distribution Date
(A) on or prior to the Optional Termination Date, 2.50% per annum and (B) after the Optional Termination Date, 3.75% per
annum. 

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

“Certificate Principal
Balance”:  With respect to any Class A Certificates, Class M Certificates, Class B Certificates or Class P
Certificates immediately prior to any Distribution Date, an amount equal to the Initial Certificate Principal Balance thereof
reduced by the sum of all amounts actually distributed in respect of principal of such Class and, in the case of an Offered
Subordinate Certificate, Realized Losses allocated thereto on all prior Distribution Dates and, in the case of an Offered
Subordinate Certificate, increased by the Allocated Realized Loss Amounts reinstated thereto on all prior Distribution Dates due to
Subsequent Recoveries.  With respect to any Class C Certificates as of any date of determination, an amount equal to the
Uncertificated Principal Balance of the Class C Interest.  The Residual Certificates will not have a Certificate Principal
Balance.

“Certificate Register”:  The
register established and maintained pursuant to Section 5.02 hereof.

“Certificateholder” or
“Holder”:  The Person in whose name a Certificate is registered in the Certificate Register, except that a
Disqualified Organization or a Non‐United States Person shall not be a Holder of a Residual Certificate for any purposes
hereof and, solely for the purposes of giving any consent, direction or taking any other action pursuant to this Agreement, any
Certificate registered in the name of the Depositor or the Master 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, direction or other action 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
Master 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.

“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”:  The
Group I Senior Certificates, the Group II Senior Certificates and the Offered Subordinate Certificates.

“Class I‐A1 Certificate”: 
Any one of the Class I‐A1 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐1 executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class I‐A2 Certificate”: 
Any one of the Class I‐A2 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐2 executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class II‐A1
Certificate”:  Any one of the Class II‐A1 Certificates as designated on the face thereof substantially in the
form annexed hereto as Exhibit A‐3 executed, authenticated and delivered by the Trustee, representing the right to
distributions as set forth herein and therein and evidencing a regular interest in REMIC 2.

“Class II‐A2
Certificate”:  Any one of the Class II‐A2 Certificates as designated on the face thereof substantially in the
form annexed hereto as Exhibit A‐4 executed, authenticated and delivered by the Trustee, representing the right to
distributions as set forth herein and therein and evidencing a regular interest in REMIC 2.

“Class A‐3 Certificate”: 
Any one of the Class A‐3 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐5 executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class A‐3 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, an amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class A‐3 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate Principal
Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on such
Distribution Date) and (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates immediately prior
to such Distribution Date over (y) the lesser of (A) the product of (i) 78.80% 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
Overcollateralization Floor.

“Class B Certificate”:  Any one
of the Class B Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A‐13,
executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth herein and therein and
evidencing a regular interest in REMIC 2.

“Class B Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class B Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking into
account the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date), (iii) the aggregate
Certificate Principal Balance of the Class M‐1 Certificates (after taking into account the payment of the Class M‐1
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M‐2
Certificates (after taking into account the payment of the Class M‐2 Principal Distribution Amount on such Distribution
Date), (v) the aggregate Certificate Principal Balance of the Class M‐3 Certificates (after taking into account the
payment of the Class M‐3 Principal Distribution Amount on such Distribution Date), (vi) the aggregate Certificate Principal
Balance of the Class M‐4 Certificates (after taking into account the payment of the Class M‐4 Principal Distribution
Amount on such Distribution Date), (vii) the aggregate Certificate Principal Balance of the Class M‐5 Certificates
(after taking into account the payment of the Class M‐5 Principal Distribution Amount on such Distribution Date), (viii) the
aggregate Certificate Principal Balance of the Class M‐6 Certificates (after taking into account the payment of the Class
M‐6 Principal Distribution Amount on such Distribution Date), (ix) the aggregate Certificate Principal Balance of the Class
M-7 Certificates (after taking into account the payment of the Class M-7 Principal Distribution Amount on such Distribution Date)
and (x) the aggregate Certificate Principal Balance of the Class B Certificates immediately prior to such Distribution Date over
(y) the lesser of (A) the product of (i) 99.20% 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 Overcollateralization
Floor.

“Class C Cap”:  The Cap
Agreement to the extent it relates to the Class C Excess Cap Amounts paid thereon.

“Class C Certificate”:  Any one
of the Class C Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A‐13,
executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth herein and therein and
evidencing a regular interest in REMIC CX.

“Class C Excess Cap Amount”:  As
defined in Section 3.26(b) hereof.

“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 a Regular Interest
in REMIC 2 for purposes of the REMIC Provisions.

“Class M 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.

“Class M‐1 Certificate”: 
Any one of the Class M‐1 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐6 executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class M‐1 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class M‐1 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking
into account the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date) and (iii) the
aggregate Certificate Principal Balance of the Class M‐1 Certificates immediately prior to such Distribution Date over
(y) the lesser of (A) the product of (i) 86.30% 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 Overcollateralization
Floor.

“Class M‐2 Certificate”: 
Any one of the Class M‐2 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐7, executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class M‐2 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, an amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class M‐2 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate Principal
Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on such
Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking into account
the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date), (iii) the aggregate Certificate
Principal Balance of the Class M‐1 Certificates (after taking into account the payment of the Class M‐1 Principal
Distribution Amount on such Distribution Date) and (iv) the aggregate Certificate Principal Balance of the Class M‐2
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 92.10% 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 Overcollateralization Floor.

“Class M‐3 Certificate”: 
Any one of the Class  M‐3 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐8, executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class M‐3 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class M‐3 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking into
account the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date), (iii) the aggregate
Certificate Principal Balance of the Class M‐1 Certificates (after taking into account the payment of the Class M‐1
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M‐2
Certificates (after taking into account the payment of the Class M‐2 Principal Distribution Amount on such Distribution Date)
and (v) the aggregate 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) 93.40% 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 Overcollateralization
Floor.

“Class M‐4 Certificate”: 
Any one of the Class M‐4 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit
A‐9, executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth herein and
therein and evidencing a regular interest in REMIC 2.

“Class M‐4 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class M‐4 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking into
account the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date), (iii) the aggregate
Certificate Principal Balance of the Class M‐1 Certificates (after taking into account the payment of the Class M‐1
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M‐2
Certificates (after taking into account the payment of the Class M‐2 Principal Distribution Amount on such Distribution
Date), (v) the aggregate Certificate Principal Balance of the Class M‐3 Certificates (after taking into account the payment
of the Class M‐3 Principal Distribution Amount on such Distribution Date) and (vi) the aggregate 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) 94.80% 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 Overcollateralization Floor.

“Class M‐5 Certificate”: 
Any one of the Class M‐5 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐10, executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class M‐5 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class M‐5 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking into
account the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date), (iii) the aggregate
Certificate Principal Balance of the Class M‐1 Certificates (after taking into account the payment of the Class M‐1
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M‐2
Certificates (after taking into account the payment of the Class M‐2 Principal Distribution Amount on such Distribution
Date), (v) the aggregate Certificate Principal Balance of the Class M‐3 Certificates (after taking into account the
payment of the Class M‐3 Principal Distribution Amount on such Distribution Date), (vi) the aggregate Certificate Principal
Balance of the Class M‐4 Certificates (after taking into account the payment of the Class M‐4 Principal Distribution
Amount on such Distribution Date), and (vii) the aggregate 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) 96.30% 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 Overcollateralization Floor.

“Class M‐6 Certificate”: 
Any one of the Class M‐6 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐11, executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class M‐6 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class M‐6 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking into
account the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date), (iii) the aggregate
Certificate Principal Balance of the Class M‐1 Certificates (after taking into account the payment of the Class M‐1
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M‐2
Certificates (after taking into account the payment of the Class M‐2 Principal Distribution Amount on such Distribution
Date), (v) the aggregate Certificate Principal Balance of the Class M‐3 Certificates (after taking into account the
payment of the Class M‐3 Principal Distribution Amount on such Distribution Date), (vi) the aggregate Certificate Principal
Balance of the Class M‐4 Certificates (after taking into account the payment of the Class M‐4 Principal Distribution
Amount on such Distribution Date), (vii) the aggregate Certificate Principal Balance of the Class M‐5 Certificates
(after taking into account the payment of the Class M‐5 Principal Distribution Amount on such Distribution Date) and (viii)
the aggregate 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) 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 Overcollateralization
Floor.

“Class M‐7 Certificate”: 
Any one of the Class M‐7 Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐12, executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth
herein and therein and evidencing a regular interest in REMIC 2.

“Class M‐7 Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class M‐7 Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the sum of (i) the aggregate Certificate
Principal Balance of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class A‐3 Certificates (after taking into
account the payment of the Class A‐3 Principal Distribution Amount on such Distribution Date), (iii) the aggregate
Certificate Principal Balance of the Class M‐1 Certificates (after taking into account the payment of the Class M‐1
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M‐2
Certificates (after taking into account the payment of the Class M‐2 Principal Distribution Amount on such Distribution
Date), (v) the aggregate Certificate Principal Balance of the Class M‐3 Certificates (after taking into account the
payment of the Class M‐3 Principal Distribution Amount on such Distribution Date), (vi) the aggregate Certificate Principal
Balance of the Class M‐4 Certificates (after taking into account the payment of the Class M‐4 Principal Distribution
Amount on such Distribution Date), (vii) the aggregate Certificate Principal Balance of the Class M‐5 Certificates
(after taking into account the payment of the Class M‐5 Principal Distribution Amount on such Distribution Date), (viii) the
aggregate Certificate Principal Balance of the Class M‐6 Certificates (after taking into account the payment of the Class
M‐6 Principal Distribution Amount on such Distribution Date) and (ix) the aggregate 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)
98.60% 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 Overcollateralization Floor.

“Class P Certificate”:  Any one
of the Class P Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A‐15,
executed, authenticated and delivered by the Trustee, representing the right to distributions as set forth herein and therein and
evidencing a regular interest in REMIC PX.

“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 2 for purposes of the REMIC Provisions.

“Class R Certificate”:  Any one
of the Class R Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A‐16,
executed, authenticated and delivered by the Trustee, evidencing the ownership of the Class R‐1 Interest and the Class
R‐2 Interest.

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

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

“Class R‐CX Certificate”: 
Any one of the Class R‐CX Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐17, executed, authenticated and delivered by the Trustee, evidencing the ownership of the Class R‐CX
Interest.

“Class R‐CX Interest”: 
The Residual Interest in REMIC CX.

“Class R‐PX Certificate”: 
Any one of the Class R‐PX Certificates as designated on the face thereof substantially in the form annexed hereto as
Exhibit A‐18, executed, authenticated and delivered by the Trustee, evidencing the ownership of the Class R‐PX
Interest.

“Class R‐PX Interest”: 
The Residual Interest in REMIC PX.

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

“Closing Date”:  October 25,
2004.

“Closing Date Mortgage Loans”: 
The Group I Closing Date Mortgage Loans and the Group II Closing Date Mortgage Loans. 

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

“Collection Account”:  The
account or accounts created and maintained by the Master Servicer pursuant to Section 3.10(a), which shall be entitled
“Deutsche Bank National Trust Company, as Trustee, in trust for registered Holders of Long Beach Mortgage Loan Trust
2004‐6, Asset‐Backed Certificates, Series 2004‐6” and which must be a segregated Eligible
Account.

“Commission”:  The Securities
and Exchange Commission.

“Compensating Interest”:  As
defined in Section 3.24.

“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, California 92705, or at such other address as the Trustee may designate from time to time by
notice to the Certificateholders, the Depositor and the Master Servicer. 

“Corresponding Certificates”: 
With respect to (i) REMIC 1 Regular Interest LT1-IA1, (ii) REMIC 1 Regular Interest LT1-IA2, (iii) REMIC 1 Regular
Interest LT1-IIA1, (iv) REMIC 1 Regular Interest LT1-IIA2, (v) REMIC 1 Regular Interest LT1-A3, (vi) REMIC 1 Regular Interest
LT1-M1, (vii) REMIC 1 Regular Interest LT1-M2, (viii) REMIC 1 Regular Interest LT1-M3, (ix) REMIC 1 Regular Interest LT1-M4,
(x) REMIC 1 Regular Interest LT1-M5, (xi) REMIC 1 Regular Interest LT1-M6, (xii) REMIC 1 Regular Interest LT1-M7, (xiii) REMIC
1 Regular Interest LT1-B, (xiv) the Class C Interest and (xv) REMIC 1 Regular Interest LT1-P and the Class P Interest, (i) the
Class I‐A1 Certificates, (ii) the Class I‐A2 Certificates, (iii) the Class II‐A1 Certificates, (iv) the
Class II‐A2 Certificates, (v) the Class A‐3 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 B
Certificates, (xiv) the Class C Certificates and (xv) the Class P Certificates, respectively.

“Credit Enhancement
Percentage”:  With respect to any Distribution Date, the percentage equivalent of a fraction, the numerator of which
is (x) the sum of the aggregate Certificate Principal Balance of the Offered Subordinate Certificates and the Uncertificated
Principal Balance of the Class C Interest, calculated prior to distribution of the Group I Principal Distribution Amount and the
Group II Principal Distribution Amount in respect of the Certificates then entitled to distributions of principal on such
Distribution Date, and the denominator of which is (y) the aggregate Stated Principal Balance of the Mortgage Loans,
calculated prior to taking into account payments of principal on the Mortgage Loans due on the related Due Date or received during
the related Prepayment Period. 

“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 (less any Subsequent Recoveries allocated to the Certificate Principal Balance of any Certificate) from
the Cut‐off Date to the last day of the calendar month preceding such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut‐off Date.

“Cumulative Loss Trigger
Event”:  A Cumulative Loss Trigger Event has occurred with respect to any Distribution Date in or after November
2007, if the percentage obtained by dividing (x) the aggregate amount of Realized Losses incurred (less any Subsequent
Recoveries) with respect to the Mortgage Loans from the Cut-off Date through the last day of the related Due Period by (y) the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, exceeds the applicable percentage set forth below
for such Distribution Date:

	

Distribution Date Occurring in

	

Cumulative Loss Percentage

	

November 2007 through

 October 2008

	

2.50% for the first month, plus an additional 1/12th of 0.75% for each month thereafter.

	

November 2008 through

 October 2009

	

3.25% for the first month, plus an additional 1/12th of 0.75% for each month thereafter.

	

November 2009 through

 October 2010

	

4.00% for the first month, plus an additional 1/12th of 0.25% for each month thereafter.

	

November 2010 and thereafter

	

4.25% for each month

“Custodial Agreement”:  Any
agreement that may be entered into by the Trustee and any Custodian or any agreement assigned to the Trustee providing for holding
and safekeeping of Mortgage Files on behalf of the Trust.

“Custodian”:  A custodian
appointed as provided in Section 8.11 hereof pursuant to a Custodial Agreement.

“Cut‐off Date”:  With
respect to each Closing Date Mortgage Loan, October 1, 2004; and with respect to each Qualified Substitute Mortgage Loan,
its date of substitution, as applicable.

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

“Cut‐off Date Principal
Balance”:  With respect to any Mortgage Loan, the unpaid principal balance thereof as of the Cut‐off Date
(with respect to a Closing Date 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 principal balance of the Mortgage Loan, which valuation results from a proceeding initiated under the
Bankruptcy Code.

“Definitive Certificates”:  As
defined in Section 5.01(b) hereof.

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

“Delinquency Percentage”:  With
respect to any Distribution Date, the percentage obtained by dividing (x) the aggregate Stated Principal Balance of (i)
Mortgage Loans Delinquent 60 days or more, (ii) REO Properties related to the Mortgage Loans and (iii) Mortgage Loans in
foreclosure and in bankruptcy (excluding any such Mortgage Loans which are less than 60 days Delinquent under the bankruptcy plan)
by (y) the aggregate Stated Principal Balance of the Mortgage Loans, in each case, calculated prior to taking into account
payments of principal on the Mortgage Loans due on the related Due Date or received during the related Prepayment
Period. 

“Delinquency Trigger Event”:  A
Delinquency Trigger Event has occurred with respect to a Distribution Date if the Delinquency Percentage exceeds 49.00% of the
Credit Enhancement Percentage.

“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”:  Long Beach
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 Master Servicer on behalf of the Trustee) shall not be considered to Directly Operate an REO
Property solely because the Trustee (or the Master 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”: 
Any:  (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, or (iii) any organization described in Section 1381(a)(2)(C) of the Code;
(B) “electing large partnership” within the meaning of Section 775 of the Code; or (C) other Person so
designated by the Trustee based upon an Opinion of Counsel provided by nationally recognized counsel to the Trustee that the
holding of an ownership interest in a Residual Certificate by such Person may cause the Trust Fund or any Person having an
ownership interest in any Class of Certificates (other than such Person) to incur liability for any federal tax imposed under the
Code that would not otherwise be imposed but for the transfer of an ownership interest in a Residual Certificate to such
Person.  A corporation will not be treated as an instrumentality of the United States or of any state or political subdivision
thereof if all of its activities are subject to income tax and a majority of its board of directors is not selected by a
governmental unit.  The terms “United States,” “state” and “international organization”
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
Long Beach Mortgage Loan Trust 2004‐6, Asset‐Backed Certificates, Series 2004‐6” and which must be a
segregated 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 November 2004.

“Due Date”:  With respect to
each Distribution Date, the first day of the calendar month in which such Distribution Date occurs, which is the day of the month
on which the Monthly Payment is due on a Mortgage Loan, 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.

“Effective Date”:  As defined in
Section 3.13 hereof.

“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 no
lower than F‐1 by Fitch and A‐1 by S&P (or comparable ratings Fitch and S&P are not the Rating Agencies) at the
time any amounts are held on deposit therein; provided that so long as Washington Mutual Bank, FA is the Sub-Servicer, any account
maintained with Washington Mutual Bank, FA shall be an Eligible Account if the long-term unsecured debt obligations of Washington
Mutual Bank, FA are rated no lower than “A2” by Moody’s, or “A” by Fitch and “A‐”
by S&P and the short-term unsecured debt obligations of Washington Mutual Bank, FA are rated no lower than A‐2 by
S&P, provided that if the long-term unsecured debt obligations of Washington Mutual Bank, FA are
downgraded by S&P to a rating lower than “A‐” or the short-term unsecured debt obligations of
Washington Mutual Bank, FA are downgraded by S&P to a rating lower than A‐2, Washington Mutual Bank, FA shall transfer
the deposits in any account maintained by Washington Mutual Bank, FA (unless any such account is otherwise qualified as an Eligible
Account pursuant to (ii), (iii) or (iv) of the definition of Eligible Account) to an Eligible Account within ten (10) Business Days
of notification of such downgrade, (ii) an account or accounts the deposits in which are fully insured by the FDIC (to the
limits established by such corporation), the uninsured deposits in which account are otherwise secured such that, as evidenced by
an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders will have a claim with respect to
the funds in such account or a perfected first priority security interest against such collateral (which shall be limited to
Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository
institution with which such account is maintained, (iii) a trust account or accounts maintained with the trust department of a
federal or state chartered depository institution, national banking association or trust company acting in its fiduciary capacity
or (iv) an account otherwise acceptable to the NIMS Insurer and 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.  Eligible Accounts
may bear interest.

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

“Escrow Payments”:  As defined
in Section 3.09 hereof.

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

“Extra Principal Distribution
Amount”:  With respect to any Distribution Date, the lesser of (x) the Net Monthly Excess Cashflow for such
Distribution Date and (y) the Overcollateralization Deficiency Amount for such Distribution Date.

“Extraordinary Trust Fund
Expense”:  Any amounts reimbursable to the Trustee, or any director, officer, employee or agent of the Trustee, from
the Trust Fund pursuant to Section 8.05, any amounts payable from the Distribution Account in respect of taxes pursuant to Section
10.01(g)(iii), any amounts payable from the Distribution Account in respect of any REMIC pursuant to Section 10.01(c), any amounts
payable from the Trust Fund as a trustee fee for any successor trustee and any amounts payable by the Trustee for the recording of
the assignments of mortgage pursuant to Section 2.01.

“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 Seller
or the Master Servicer pursuant to or as contemplated by Section 2.03, 3.16(c) or 9.01), a determination made by the Master
Servicer that all Insurance Proceeds, Liquidation Proceeds and other payments or recoveries which the Master Servicer, in its
reasonable good faith judgment, expects to be finally recoverable in respect thereof have been so recovered.  The Master
Servicer shall maintain records, prepared by a Servicing Representative, of each Final Recovery Determination made
thereby.

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

“Fixed Rate Mortgage Loan”:  A
Mortgage Loan which provides for a fixed Mortgage Rate payable with respect thereto.

“Formula Rate”:  For any
Distribution Date and the Class A Certificates, the Class M Certificates and the Class B Certificates, the lesser of (i) LIBOR plus
the related Certificate Margin and (ii) the related 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.

“Gross Subsequent Recoveries”: 
Any unexpected recoveries related to a Liquidated Mortgage Loan received by the Master Servicer which were allocated as a Realized
Loss in reducing a Certificate Principal Balance of a Class of the Offered Subordinate Certificates on a Distribution Date prior to
the Prepayment Period in which such funds were received.  Gross Subsequent Recoveries may include but are not limited to
unanticipated insurance settlements, tax refunds, or mortgage bankruptcy distributions.

“Group I Closing Date Mortgage
Loans”:  Any of the Group I Mortgage Loans included in the Trust Fund on the Closing Date.  The aggregate
Cut-off Date Principal Balance of the Group I Closing Date Mortgage Loans is equal to $591,296,045.58.

“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 or to Compensating Interest paid by
the Master Servicer with respect to the Group I Mortgage Loans.

“Group I Mortgage Loans”: 
Those Mortgage Loans identified as Group I Mortgage Loans on the Mortgage Loan Schedule.

“Group I Principal Allocation
Percentage”:  For any Distribution Date, the percentage equivalent of a fraction, the numerator of which is
(x) the Group I Principal Remittance Amount for such Distribution Date, and the denominator of which is (y) the
Principal Remittance Amount for such Distribution Date.

“Group I Principal Distribution
Amount”:  The sum of (i) (x) the Group I Principal Remittance Amount minus (y) the amount of any
Overcollateralization Release Amount multiplied by the Group I Principal Allocation Percentage for such Distribution Date, and (ii)
the Extra Principal Distribution Amount multiplied by the Group I Principal Allocation Percentage for such Distribution
Date.

“Group I Principal Remittance
Amount”:  With respect to any Distribution Date, the sum of (i) all scheduled payments of principal collected or
advanced on the Group I Mortgage Loans by the Master Servicer that were due during the related Due Period, (ii) all partial
and full principal prepayments of the Group I Mortgage Loans applied by the Master Servicer during the related Prepayment
Period, (iii) the principal portion of all Net Liquidation Proceeds, Insurance Proceeds and Gross Subsequent Recoveries received
during the related Prepayment Period 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 related
Prepayment Period, (v) the principal portion of any Substitution Adjustments deposited in the Collection Account during the related
Prepayment Period with respect to the Group I Mortgage Loans and (vi) on the Distribution Date on which the Trust is to be
terminated in accordance with this Agreement, that portion of the Termination Price representing principal with respect to the
Group I Mortgage Loans.

“Group I Senior Certificates”: 
The Class I‐A1 Certificates and the Class I‐A2 Certificates.

“Group I Senior Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Group I Senior Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the aggregate Certificate Principal Balance of the
Group I Senior Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(i) 69.50% 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 $2,364,246.65.

“Group II Closing Date Mortgage
Loans”:  Any of the Group II Mortgage Loans included in the Trust Fund on the Closing Date.  The aggregate
Cut-off Date Principal Balance of the Group II Closing Date Mortgage Loans is equal to $513,001,487.00.

“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 or to Compensating Interest paid by
the Master Servicer with respect to the Group II Mortgage Loans.

“Group II Mortgage Loans”: 
Those Mortgage Loans identified as Group II Mortgage Loans on the Mortgage Loan Schedule.

“Group II Principal Allocation
Percentage”:  For any Distribution Date, the percentage equivalent of a fraction, the numerator of which is
(x) the Group II Principal Remittance Amount for such Distribution Date, and the denominator of which is (y) the
Principal Remittance Amount for such Distribution Date.

“Group II Principal Distribution
Amount”:  With respect to any Distribution Date, the sum of (i) (x) the Group II Principal Remittance
Amount minus (y) the amount of any Overcollateralization Release Amount multiplied by the Group II Principal Allocation
Percentage for such Distribution Date, and (ii)  the Extra Principal Distribution Amount multiplied by the Group II Principal
Allocation Percentage for such Distribution Date.

“Group II Principal Remittance
Amount”:  With respect to any Distribution Date, the sum of (i) all scheduled payments of principal collected or
advanced on the Group II Mortgage Loans by the Master Servicer that were due during the related Due Period, (ii) all partial
and full principal prepayments of the Group II Mortgage Loans applied by the Master Servicer during the related Prepayment
Period, (iii) the principal portion of all Net Liquidation Proceeds, Insurance Proceeds and Gross Subsequent Recoveries received
during the related Prepayment Period 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 related
Prepayment Period, (v) the principal portion of any Substitution Adjustments deposited in the Collection Account during the related
Prepayment Period with respect to the Group II Mortgage Loans and (vi) on the Distribution Date on which the Trust is to
be terminated in accordance with this Agreement, that portion of the Termination Price representing principal with respect to the
Group II Mortgage Loans.

“Group II Senior
Certificates”:  The Class II‐A1 Certificates and the Class II‐A2 Certificates.

“Group II Senior Principal Distribution
Amount”:  With respect to any Distribution Date on or after the Stepdown Date and on which a Trigger Event is not in
effect, the amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Group II Senior Certificates
immediately prior to such Distribution Date and (II) the excess of (x) the aggregate Certificate Principal Balance of the
Group II Senior Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(i) 69.50% 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 $2,051,185.93.

“Indenture”:  The indenture or a
document of similar import, if any, entered into following the Closing Date, by the NIMS Issuer relating to the NIM Notes to be
issued thereunder.

“Independent”:  When used with
respect to any specified Person, any such Person who (a) is in fact independent of the Depositor, the Master 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 Master Servicer or any Affiliate thereof, and (c) is not connected with the Depositor or the Master
Servicer or any Affiliate thereof as an officer, employee, promoter, underwriter, trustee, trust administrator, partner, director
or Person performing similar functions; provided, however, that a Person shall not fail to be Independent of the
Depositor or the Master 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 Master Servicer or any Affiliate thereof, as the case may be.

“Independent Contractor”: 
Either (i) any Person (other than the Master 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 Master 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.

“Initial Notional Amount”:  With
respect to any Class C Certificate, the amount designated “Initial Notional Amount” on the face thereof.

“Insurance Proceeds”:  Proceeds
of any title policy, hazard policy or other insurance policy covering a Mortgage Loan or the related Mortgaged Property (including
any related PMI Policy), to the extent such proceeds are not (i) to be applied to the restoration of the related Mortgaged Property
or released to the Mortgagor in accordance with the procedures that the Master 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 or (ii) Gross Subsequent
Recoveries with respect to such Mortgage Loan.

“Insured NIM Notes”:  Net
interest margin securities, if any, issued by the NIMS Issuer, which are backed, in whole or in part, by the cashflow on certain or
all of the Class C Certificates and the Class P Certificates and insured by the NIMS Insurer.

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

“Interest Remittance Amount”: 
The Group I Interest Remittance Amount and the Group II Interest Remittance Amount.

“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, Gross Subsequent Recoveries 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 “Interest
Settlement Rate” for United States dollar deposits of one‐month maturity set forth by the British Bankers’
Association (the “BBA”), as such rate appears on the Telerate Page 3750, as of 11:00 a.m. (London time) on such
Interest Determination Date.  With respect to any Interest Determination Date, if the BBA’s Interest Settlement Rate
does not appear on Telerate Page 3750 as of 11:00 a.m. (London time) on such date, or if Telerate Page 3750 is not available on
such date the Trustee will obtain such rate from Reuters Monitor Money Rates Service page “LIBOR01” or Bloomberg L.P.
page “BBAM.”  Alternatively, the Trustee may 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 multiples of 0.03125%); 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.

The Trustee will select a particular index as the
alternative index only if it receives an Opinion of Counsel that the selection of such index will not cause any REMIC to lose its
classification as a REMIC for federal income tax purposes.

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

“Liquidated Mortgage Loan”:  As
to any Distribution Date, any Mortgage Loan in respect of which the Master Servicer has determined, in accordance with the
servicing procedures specified herein, as of the end of the related Prepayment Period, that all Liquidation Proceeds 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 9.01.  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 9.01.

“Liquidation Proceeds”:  The
amount (other than amounts received in respect of the rental of any REO Property prior to REO Disposition) received by the Master
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 9.01.

“Loan Group”:  Either Loan Group
I or Loan Group II.

“Loan Group I”:  All of the
Group I Mortgage Loans collectively.

“Loan Group II”:  All of
the Group II Mortgage Loans collectively.

“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 (x) Principal Balance of the Mortgage Loan (if such Mortgage Loan is secured by a first lien on the related Mortgaged
Property) or the sum of the Principal Balance of the Mortgage Loan and any other mortgage loan secured by a senior lien on the
related Mortgaged Property (if such Mortgage Loan is secured by a junior lien on the related Mortgaged Property) and the
denominator of which is (y) the Value of the related Mortgaged Property.

“Lost Note Affidavit”:  With
respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed and has not been
replaced, an affidavit from the Seller certifying that the original Mortgage Note has been lost 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.

“Marker Rate:”  With respect to
the Class C Interest and any Distribution Date, a per annum rate equal to two (2) multiplied by the weighted average of the
Pass‐Through Rates for REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-A3, LT1-M1, LT1-M2, LT1-M3,
LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-B and LT1-ZZ, with the rates on each such REMIC 1 Regular Interest (other the REMIC 1 Regular
Interest LT1‐ZZ) subject to a cap equal to the lesser of (i) LIBOR plus the Certificate Margin for the Corresponding
Certificate for such REMIC 1 Regular Interest, and (ii) the Net WAC Rate for the Corresponding Certificates, and the rate on REMIC
1 Regular Interest LT1-ZZ subject to a cap of zero for purposes of this calculation and with the rates on all of the REMIC 1
Regular Interests multiplied by a fraction the numerator of which is the actual number of days elapsed in the Accrual Period for
each such REMIC 1 Regular Interest and the denominator of which is 30. 

“Master Servicer”:  Long Beach
Mortgage Company, a Delaware corporation, or any successor servicer appointed as herein provided, in its capacity as Master
Servicer hereunder.

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

“Master Servicer Prepayment Charge Payment
Amount”:  The amounts (i) payable by the Master Servicer in respect of any Prepayment Charges waived other than
in accordance with the standard set forth in Section 2.04(a)(viii) or (ii) collected from the Master Servicer in its capacity
as Seller in respect of a remedy for the breach of the representation and warranty made by the Master Servicer in its capacity as
Seller set forth in Section 2.04(a)(vii).

“Master Servicer Remittance
Date”:  With respect to any Distribution Date, 3:00 p.m. New York time on the Business Day preceding the
Distribution Date.

“Master Servicer Termination
Test”:  With respect to any Distribution Date, the Master Servicer Termination Test will be failed with respect to
the Master Servicer if the Cumulative Loss Percentage exceeds 6.125%.

“Maximum Cap Rate”:  For any
Distribution Date and the Group I Senior Certificates, a per annum rate equal to (a) the weighted average of the Adjusted Net
Maximum Mortgage Rates of the Group I Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the Due
Date in the month preceding the month of such Distribution Date multiplied by (b) 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.

For any Distribution Date and the Group II Senior
Certificates, a per annum rate equal to (a) the weighted average of the Adjusted Net Maximum Mortgage Rates of the Group II
Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the Due Date in the month preceding the month
of such Distribution Date multiplied by (b) 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.

For any Distribution Date and the Offered Subordinate
Certificates, a per annum rate equal to (a) the weighted average (weighted on the basis of the results of subtracting from the
aggregate principal balance of each Loan Group the sum of the current Certificate Principal Balances of the related Classes of the
Senior Certificates) of (1) the weighted average of the Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans and (2)
the weighted average of the Adjusted Net Maximum Mortgage Rates of the Group II Mortgage Loans multiplied by (b) 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.

“Maximum LT1-ZZ Uncertificated Accrued Interest
Deferral Amount”: With respect to any Distribution Date, the excess of (i) Uncertificated Accrued Interest calculated
with the Uncertificated Pass-Through Rate for REMIC 1 Regular Interest LT1-ZZ and an Uncertificated Principal Balance equal to the
excess of (x) the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1-ZZ over (y) the REMIC 1 Overcollateralized
Amount, in each case for such Distribution Date, over (ii) Uncertificated Accrued Interest on REMIC 1 Regular Interests LT1-IA1,
LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7 and LT1-B, with the rate on each such
REMIC 1 Regular Interest subject to a cap equal to the lesser of (i) LIBOR plus the Certificate Margin for the Corresponding
Certificate for such REMIC 1 Regular Interest, and (ii) the Net WAC Rate for the Corresponding Certificates; provided, however,
that for this purpose, calculations of the Uncertificated REMIC 1 Pass-Through Rate and the related caps with respect to all of the
REMIC 1 Regular Interests 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 Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Mortgage Rate
thereunder.

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

“Monthly Interest Distributable
Amount”:  With respect to any Distribution Date and the Class A Certificates, the Class M Certificates and the Class
B Certificates, the amount of interest accrued during the related Accrual Period at the related Pass-Through Rate on the
Certificate Principal Balance of such Class immediately prior to such Distribution Date.  With respect to the Class C Interest
and any Distribution Date, the amount of interest accrued during the related Accrual Period at the related Pass-Through Rate on the
Notional Amount of such Class immediately prior to such Distribution Date.  With respect to the Class C Certificates and any
Distribution Date, the Monthly Interest Distributable Amount shall equal the Monthly Interest Distributable Amount for the Class C
Interest.

In all cases, the Monthly Interest Distributable Amount
for any Class of Certificates and the Class C Interest shall be reduced by any Net Prepayment Interest Shortfalls and Relief Act
Interest Shortfalls allocated to such Class under Section 1.03.

“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 and (ii) any reduction in the amount of
interest collectible from the related Mortgagor pursuant to the Relief Act; (b) without giving effect to any extension granted
or agreed to by the Master Servicer pursuant to Sections 3.01 and 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 lien or second lien on, or first priority security interest in 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 and delivered to the Trustee or another Custodian pursuant to Section 2.01 or Section
2.03(d) as from time to time held as a part of the Trust Fund, the Mortgage Loans so held being identified in the Mortgage Loan
Schedule.

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

“Mortgage Loan Schedule”:  As of
any date, the list of Mortgage Loans included in REMIC 1 on such date, attached hereto as Exhibit D.  The Mortgage Loan
Schedule shall be prepared by the Seller and shall set forth the following information as of the Cut‐off Date with
respect to each Mortgage Loan, as applicable:

(i)           the Mortgagor’s name and the originator’s
Mortgage Loan identifying number;

(ii)           the street address of the Mortgaged Property including the
state and zip code;

(iii)          a code indicating whether the Mortgaged Property is
owner‐occupied;

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

(v)          the original months to maturity;

(vi)          the Loan‐to‐Value Ratio and the combined
Loan‐to‐Value Ratio at origination;

(vii)         the Mortgage Rate in effect immediately following the Cut‐off
Date;

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

(ix)          the stated maturity date;

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

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

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

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

(xiv)        whether such Mortgage Loan is a Fixed Rate Mortgage Loan or an Adjustable
Rate Mortgage Loan, and with respect to each Adjustable Rate Mortgage Loan:  (a) the Gross Margin, (b) the Maximum
Mortgage Rate, (c) the Minimum Mortgage Rate, (d) the Periodic Rate Cap for the first Adjustment Date and each subsequent
Adjustment Date and (e) the next Adjustment Date immediately following the Cut‐off Date;

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

(xvi)        the Mortgage Rate at origination;

(xvii)       a code indicating the documentation program;

(xviii)      the Seller’s risk grade and the FICO score;

(xix)        the Value of the Mortgaged Property;

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

(xxi)        whether such Mortgage Loan is secured by a first lien or a second lien on
the related Mortgaged Property;

(xxii)       the date of origination;

(xxiii)      the stated remaining months to maturity as of the Cut‐off Date;

(xxiv)      the current principal and interest payment of the Mortgage Loan as of the Cut‐off
Date;

(xxv)       the interest “paid to date” of the Mortgage Loan as of the
Cut‐off Date;

(xxvi)      a code indicating whether the Mortgage Loan is a Group I Mortgage Loan or a
Group II Mortgage Loan;

(xxvii)     a code indicating the Index that is associated with such Mortgage Loan (if such Mortgage
Loan is an Adjustable Rate Mortgage Loan);

(xxviii)     the rate adjustment frequency (if such Mortgage Loan is an Adjustable Rate Mortgage
Loan);

(xxix)      the number of years the prepayment penalty is in effect; and

(xxx)       a code indicating that such Mortgage Loan is covered under the PMI
Policy.

The Mortgage Loan Schedule shall set forth the
following information, with respect to the Mortgage Loans in the aggregate as of the Cut‐off Date:  (1) the number
of Mortgage Loans; (2) the Cut‐off Date Principal Balance of the Mortgage Loans; (3) the weighted average Mortgage
Rate of the Mortgage Loans and (4) the weighted average maturity of the Mortgage Loans.  The Mortgage Loan Schedule shall
be amended from time to time by the Master 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.  The Mortgage Loan Schedule shall clearly identify
the Mortgage Loans that are included in Group I Mortgage Loans and those that are included in Group II Mortgage
Loans.

“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 annual rate set forth in the related Mortgage Note, as amended, modified or supplemented from
time to time.  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 or leasehold 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 net of Advances, Servicing Advances, Servicing Fees and any other servicing fees received and retained
in connection with the liquidation of such Mortgage Loan or Mortgaged Property in accordance with the terms of this
Agreement.

“Net Monthly Excess Cashflow”: 
With respect to each Distribution Date, the sum of (a) any Overcollateralization Release Amount for such Distribution Date,
(b) any Remaining Principal Distribution Amount and (c) the positive 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
Certificates, the Class M Certificates and the Class B 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 WAC Rate”:  For any
Distribution Date and the Group I Senior Certificates, a per annum rate equal to (a) the weighted average of the Adjusted Net
Mortgage Rates of the Group I Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the Due Date in
the month preceding the month of such Distribution Date multiplied by (b) 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.  For federal income tax purposes, the
Net WAC Rate for the Group I Senior Certificates shall be expressed as a rate equal to the Uncertificated REMIC 1 Pass-Through Rate
for REMIC 1 Regular Interest LT1-1GRP 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.

For any Distribution Date and the Group II Senior
Certificates, a per annum rate equal to (a) the weighted average of the Adjusted Net Mortgage Rates of the Group II Mortgage Loans,
weighted on the basis of the Stated Principal Balances thereof as of the Due Date in the month preceding the month of such
Distribution Date multiplied by (b) 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.  For federal income tax purposes, the Net WAC Rate for the Group II Senior
Certificates shall be expressed as a rate equal to the Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest
LT1-2GRP 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.

For any Distribution Date and the Offered Subordinate
Certificates, the Subordinated Net WAC Rate.

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

“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.

“NIM Notes”:  The Insured NIM
Notes and the Other NIM Notes. 

“NIMS Insurer”:  A Person, or
any of its successors that shall be the insurer under an insurance policy insuring certain payments on Insured NIM Notes, if any,
provided, however, upon the occurrence of certain events (as set forth in the Indenture and/or any other agreement among such
Person, the NIMS Issuer, the Master Servicer, the Trustee and/or other Persons), the NIMS Insurer shall be the Person designated in
the Indenture or such other agreement.  If none of the net interest margin securities have been issued by the NIMS Issuer,
that are insured by an insurance policy, there shall be no NIMS Insurer under this Agreement, all references to the NIMS Insurer or
Insured NIM Notes in this agreement are for administrative convenience only, shall be completely disregarded and no Person shall
have any rights of the NIMS Insurer under this Agreement.

“NIMS Insurer Default”:  The
existence and continuation of any default by the NIMS Insurer (including a failure by the NIMS Insurer to make a payment) under an
insurance policy or policies issued in connection with the Indenture.

“NIMS Issuer”:  One or more
Affiliates of the Depositor or Lehman Brothers Holdings Inc. and/or one or more entities sponsored by an Affiliate of the Depositor
or Lehman Brothers Holdings Inc.

“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 Master Servicer, will not or, in the case of a proposed Advance or Servicing Advance, would not be
ultimately recoverable from related late payments, Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
as provided herein.

“Notional Amount”:  With respect
to the Class C Interest, immediately prior to any Distribution Date, an amount equal to the aggregate of the Uncertificated
Principal Balances of the REMIC 1 Regular Interests.  With respect to the Class C Certificates, immediately prior to any
Distribution Date, an amount equal to the Notional Amount of the Class C Interest.

“Offered Subordinate
Certificates”:  The Class A‐3 Certificates, the Class M Certificates and the Class B Certificates.

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

“Opinion of Counsel”:  A written
opinion of counsel, who may, without limitation, be a salaried counsel for the Depositor or the Master Servicer, reasonably
acceptable to the Trustee, if such opinion is delivered to the Trustee, except that any opinion of counsel relating to (a) the
qualification of any Trust 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 aggregate Stated Principal Balance of the Mortgage Loans and each REO Property remaining
in the Trust Fund is equal to or less than 10% of the Cut-off Date Principal Balance of the Closing Date Mortgage Loans.

“Original Class Certificate Principal
Balance”:  With respect to the Class A Certificates, the Class M Certificates, the Class B Certificates and the
Class P Certificates, the corresponding Certificate Principal Balance on the Closing Date.

“Original Class Notional
Amount”:  With respect to the Class C Interest, $4,415,432.58.

“Other NIM Notes”:  Net Interest
Margin Securities, if any, issued by the NIMS Issuer, which are backed, in whole or in part, by the cashflow on certain Class C
Certificates and the Class P Certificates and not insured by any NIMS Insurer.

“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 aggregate Principal Remittance
Amount is applied as a principal payment on such Distribution Date).

“Overcollateralization Floor”: 
$4,415,432.58.

“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, the Overcollateralization Floor.

“Overcollateralized Amount”: 
With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Stated Principal Balance of the Mortgage
Loans on 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)
exceeds (ii) the sum of the aggregate Certificate Principal Balances of the Class A Certificates, the Class M Certificates,
the Class B Certificates and the Uncertificated Principal Balance of the Class P Interest as of such Distribution Date (after
giving effect to distributions to be made on such Distribution Date, other than distributions of the Extra Principal Distribution
Amount, if any).

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

“Pass‐Through Rate”:

With respect to the Class A Certificates, the Class M
Certificates and the Class B Certificates for any Distribution Date, the lesser of (x) the related Formula Rate for such
Distribution Date and (y) the related Net WAC Rate for such Distribution Date.

For federal income tax purposes, the Pass-Through Rate
will be calculated without respect to any amounts paid in excess of the applicable strike rate set forth in the Cap Agreement,
which such amounts shall be deemed to be paid in respect of Net WAC Rate Carryover Amounts and paid outside of any REMIC created
herein.

With respect to the Class C Interest and any
Distribution Date, a per annum rate equal to the percentage equivalent of a fraction, the numerator of which is the sum of the
amounts calculated pursuant to clauses (A) through (P) below, and the denominator of which is the aggregate of the Uncertificated
Principal Balances of REMIC 1 Regular Interests LT1-AA, LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-A3, LT1-M1, LT1-M2, LT1-M3,
LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-B, LT1-ZZ and LT1‐P.  For purposes of calculating the Pass‐Through Rate for
the Class C Interest, the numerator is equal to the sum of the following components:

(A)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-AA minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-AA;

(B)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-IA1 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-IA1;

(C)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-IA2 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-IA2;

(D)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-IIA1 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-IIA1;

(E)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-IIA2 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-IIA2;

(F)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-A3 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-A3;

(G)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-M1 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-M1;

(H)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-M2 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-M2;

(I)        the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular
Interest LT1-M3 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M3;

(J)        the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular
Interest LT1-M4 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M4;

(K)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-M5 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-M5;

(L)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-M6 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-M6;

(M)      the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest LT1-M7
minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-M7;

(N)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-B minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-B;

(O)       the Uncertificated REMIC 1 Pass‐Through Rate for REMIC 1 Regular Interest
LT1-ZZ minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT1-ZZ; and

(P)       100% of the interest on REMIC 1 Regular Interest LT1‐P.

The Class C Certificates will
not have a Pass‐Through Rate, but will be entitled to 100% of the distributions on the Class C Interest.

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

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

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

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

(ii)        (A) demand and time deposits in, certificates of deposit of,
bankers’ acceptances issued by or federal funds sold by any depository institution or trust company (including the Trustee or
its agents acting in their 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 the highest
available rating category of Fitch, Moody’s 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, rated A‐1+ by S&P and rated A2 or higher by Moody’s;

(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 each 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 each Rating Agency in its highest short‐term unsecured debt rating available at the
time of such investment;

(vi)       units of taxable money market funds (which may be 12b‐1 funds, as
contemplated under the rules promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940), which
funds have the highest rating available for such securities from the Rating Agencies or which have been designated in writing by
the Rating Agencies as Permitted Investments; 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.

The Trustee or its Affiliates are permitted to receive
additional compensation (such compensation shall not be an expense of the Trust or constitute an Extraordinary Trust Fund Expense)
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.

“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.

“PMI Insurer”:  Radian Guaranty
Inc., or its successor in interest.

“PMI Insurer Fee”:  The amount
payable to the PMI Insurer on each Distribution Date, which amount shall equal one twelfth of the product of (i) the PMI
Insurer Fee Rate, multiplied by (ii) the aggregate Stated Principal Balance of the PMI Mortgage Loans and any related REO
Properties as of the first day of the related Due Period plus any applicable premium taxes on the PMI Mortgage Loans located in the
States of West Virginia and Kentucky.

“PMI Insurer Fee Rate”:  1.54%
per annum.

“PMI Mortgage Loans”:  The
Mortgage Loans insured by the PMI Insurer set forth on the list of Mortgage Loans attached hereto as
Schedule IV. 

“PMI Policy”:  The PMI Insurer
primary private mortgage Insurance Policy No. 22091 and related Mortgage Guaranty Commitment Certificate reference ID# 04-998064
and related assignment.

“Preference Claim”:  As defined
in Section 4.02 hereof.

“Prepayment Assumption”:  The
pricing prepayment assumption as described 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 prepayment of such Mortgage
Loan in accordance with the terms thereof (other than any Master Servicer Prepayment Charge Payment Amount).

“Prepayment Charge Schedule”: 
As of the Cut‐off Date, a list attached hereto as Schedule I (including the Prepayment Charge Summary attached thereto),
setting 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 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 Master Servicer in accordance with the provisions of this Agreement and a copy of each related amendment
shall be furnished by the Master Servicer to the NIMS Insurer and the Trustee.

“Prepayment Interest
Shortfall”:  With respect to any Distribution Date, for each Mortgage Loan that was during the related Prepayment
Period the subject of a Principal Prepayment in full or in part that was applied by the Master Servicer to reduce the outstanding
principal balance of such loan on a date preceding the Due Date in the succeeding Prepayment Period, an amount equal to interest at
the applicable Net Mortgage Rate on the amount of such Principal Prepayment for the lesser of (i) the number of days
commencing on the date on which the prepayment is applied and ending on the last day of the related Prepayment Period and
(ii) 30 days.  The obligations of the Master Servicer in respect of any Prepayment Interest Shortfall are set forth in
Section 3.24.

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

“Prime Rate”:  The prime rate of
United States money center commercial banks as published in The Wall Street Journal.

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

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

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

“Prospectus Supplement”:  That
certain Prospectus Supplement dated October 20, 2004, relating to the public offering of the Class A Certificates, the Class
M Certificates and the Class B Certificates.

“Purchase Price”:  With respect
to any Mortgage Loan or REO Property to be purchased pursuant to or as contemplated by Section 2.03, Section 3.16(c) or
Section 9.01, and as confirmed by an Officers’ Certificate from the Master 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
9.01), (ii) in the case of (x) a Mortgage Loan, accrued interest on such Stated Principal Balance at the applicable Net
Mortgage Rate in effect from time to time from the Due Date as to which interest was last paid by the Mortgagor or by an advance by
the Master Servicer 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 Net Mortgage Rate in effect from time to time
from the Due Date as to which interest was last paid by the Mortgagor or by an advance by the Master 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 in respect of REO Imputed Interest
pursuant to Section 4.01, (iii) any unreimbursed Servicing Advances, Advances and Nonrecoverable 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 3.11 (a)(ix) and Section 3.16(b), (v) in the case
of a Mortgage Loan required to be purchased pursuant to Section 2.03, enforcement expenses reasonably incurred or to be incurred by
the NIMS Insurer, the Master Servicer or the Trustee in respect of the breach or defect giving rise to the purchase obligation and
(vi) in the case of a Mortgage Loan required to be repurchased pursuant to Section 2.03 because such Mortgage Loan is in breach of
the representation in Section 6(xlvi) of the Mortgage Loan Purchase Agreement, any additional costs or damages in excess of the
amounts to be paid pursuant to clauses (i) through (v) above (including attorney’s fees) incurred by the Trust as a result of
the Trust’s status as an assignee or purchaser of such Mortgage Loans.

Notwithstanding the foregoing, if an amount of Mortgage
Loans (measured by the aggregate principal balance) that is in excess of 2.00% of the aggregate principal balance of the Closing
Date Mortgage Loans as of the Cut-Off Date has previously been repurchased (exclusive of any Mortgage Loans purchased by the Master
Servicer pursuant to Section 3.16(c)) or substituted for, then in addition to those requirements set forth above, the Purchase
Price shall include the amount of any related Prepayment Charge (other than with respect to a Purchase Price paid in connection
with Section 9.01).

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

“Qualified Substitute Mortgage
Loan”:  A mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement or the
Mortgage Loan Purchase Agreement which must, on the date of such substitution, (i) have an outstanding principal balance (or
in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate 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 5.00% less than, the outstanding 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 greater than the Maximum Mortgage Rate on the Deleted Mortgage Loan
and have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (iv) 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, (v) 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, (vi) have a remaining term to
maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (vii) be current (with no
contractual delinquencies outstanding) as of the date of substitution, (viii) 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,
(ix) have a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan,
(x) have been underwritten or reunderwritten by the Seller in accordance with the same or, as determined by the Seller, more
favorable, underwriting guidelines as the Deleted Mortgage Loan, (xi) with respect to Qualified Substitute Mortgage Loans
substituted for Deleted Mortgage Loans that are Group I Mortgage Loans, have had an original Principal Balance that conformed
to Fannie Mae and Freddie Mac loan limits as of the date of its origination, (xii) be secured by the same property type as the
Deleted Mortgage Loan, (xiii) have a lien priority equal to or superior to that of the Deleted Mortgage Loan, (xiv) be
covered by the PMI Policy if the Deleted Mortgage Loan was covered by the PMI Policy, and (xv) conform to each representation
and warranty set forth in Section 6 of the Mortgage Loan Purchase Agreement applicable to the Deleted Mortgage Loan.  In the
event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause
(i) hereof shall be determined on the basis of aggregate principal balances (applied separately for the Group I Mortgage
Loans and Group II Mortgage Loans), the Mortgage Rates described in clauses (ii) through (v) hereof shall be satisfied
for each such mortgage loan, the risk gradings described in clause (ix) hereof shall be satisfied as to each such mortgage
loan, the terms described in clause (vi) 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 (viii) hereof shall be satisfied as to each such mortgage loan and, except to
the extent otherwise provided in this sentence, the representations and warranties described in clause (xv) hereof must be
satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Notwithstanding the foregoing, if an amount of Mortgage
Loans (measured by the aggregate principal balance) that is in excess of 2.00% of the aggregate principal balance of the Closing
Date Mortgage Loans as of the Cut-Off Date has previously been repurchased (exclusive of any Mortgage Loans purchased by the Master
Servicer pursuant to Section 3.16(c)) or substituted for, then in addition to clauses (i) through (xiv) above, each Qualified
Substitute Mortgage Loan shall also have a Prepayment Charge provision at least as favorable to the Holders of the Class P
Certificates as the Prepayment Charge provisions in the Deleted Mortgage Loan.

“Rating Agency or Rating
Agencies”:  Fitch 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 the Master Servicer.

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

“Record Date”:  With respect to
(i) the Class C Certificates, the Class P Certificates, the Residual Certificates and any Definitive 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) with respect to the Class A Certificates, the Class M Certificates and the Class B 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 a Class A Certificate, a Class M Certificate or a Class B Certificate are available pursuant to Section
5.02, the Record Date for such Certificates shall be the last Business Day of the calendar month preceding the month in which the
related Distribution Date occurs. 

“Recording Documents”:  As
defined in Section 2.01 hereof.

“Reference Banks”:  Those banks
(i) with an established place of business in London, England, (ii) not controlling, under the control of or under common
control with the Depositor, the Seller or the Master Servicer or any affiliate thereof and (iii) which have been designated as
such by the Trustee with the consent of the NIMS Insurer; provided, however, that if fewer than two of such banks
provide a LIBOR rate, then any leading banks selected by the Trustee with the consent of the NIMS Insurer 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 Certificates”:  The
Class A Certificates, the Class M Certificates, the Class B Certificates, the Class C Certificates and the Class P
Certificates.

“Relief Act”:  The
Servicemembers’ Civil Relief Act of 2003.

“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, 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.

“Remaining Principal Distribution
Amount”:  With respect to any Distribution Date, an amount equal to the Principal Distribution Amount remaining
after the distributions set forth in Section 4.01(c)(i).

“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 a 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, including the PMI Policy, required to be maintained pursuant to this Agreement and any
proceeds thereof, (iv) the Depositor’s rights with respect to the Mortgage Loans 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, a REMIC election will not be made with respect to the Reserve Fund and Master Servicer Prepayment Charge
Payment Amounts.

“REMIC 1 Interest Loss Allocation
Amount”:  With respect to any Distribution Date, an amount equal to (a) the product of (i) 50% of the aggregate
Principal Balance of the Mortgage Loans and related REO Properties then outstanding and (ii) the Uncertificated REMIC 1
Pass‐Through Rate for REMIC 1 Regular Interest LT1-AA minus the Marker Rate, divided by (b) 12.

“REMIC 1 Overcollateralization Target
Amount ”:  0.50% of the Overcollateralization Target Amount.

“REMIC 1 Overcollateralized
Amount”:  With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Principal
Balances of the REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-IA1, REMIC 1 Regular Interest LT1-IA2, REMIC 1
Regular Interest LT1-IIA1, REMIC 1 Regular Interest LT1-IIA2, REMIC 1 Regular Interest LT1-A3, REMIC 1 Regular Interest LT1-M1,
REMIC 1 Regular Interest LT1-M2, REMIC 1 Regular Interest LT1-M3, REMIC 1 Regular Interest LT1-M4, REMIC 1 Regular Interest LT1-M5,
REMIC 1 Regular Interest LT1-M6, REMIC 1 Regular Interest LT1-M7, REMIC 1 Regular Interest LT1-B, REMIC 1 Regular Interest LT1-ZZ
and REMIC 1 Regular Interest LT1-P minus (ii) the aggregate of the Uncertificated Principal Balances of REMIC 1 Regular
Interest LT1-IA1, REMIC 1 Regular Interest LT1-IA2, REMIC 1 Regular Interest LT1-IIA1, REMIC 1 Regular Interest LT1-IIA2, REMIC 1
Regular Interest LT1-A3, REMIC 1 Regular Interest LT1-M1, REMIC 1 Regular Interest LT1-M2, REMIC 1 Regular Interest LT1-M3, REMIC 1
Regular Interest LT1-M4, REMIC 1 Regular Interest LT1-M5, REMIC 1 Regular Interest LT1-M6, REMIC 1 Regular Interest LT1-M7, REMIC 1
Regular Interest LT1-B and REMIC 1 Regular Interest LT1-P, in each case as of such date of determination.

“REMIC 1 Principal Loss Allocation
Amount”:  With respect to any Distribution Date, an amount equal to the product of (i) 0.50% of the aggregate
Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction, the numerator of
which is 2 times the aggregate of the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-IA1, LT1-IA2, LT1-IIA1,
LT1-IIA2, LT1-A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7 and LT1-B and the denominator of which is the aggregate of
the Uncertificated Principal Balances of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-A3, LT1-M1, LT1-M2,
LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-B and LT1-ZZ.

“REMIC 1 Regular Interest LT1-IA1”:
One of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular
Interest in REMIC 1.  REMIC 1 Regular Interest LT1-IA1 shall accrue interest at the related Uncertificated REMIC 1
Pass‐Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest LT1-IA2”:
One of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular
Interest in REMIC 1.  REMIC 1 Regular Interest LT1-IA2 shall accrue interest at the related Uncertificated REMIC 1
Pass‐Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest LT1-IIA1”:
One of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular
Interest in REMIC 1.  REMIC 1 Regular Interest LT1-IIA1 shall accrue interest at the related Uncertificated REMIC 1
Pass‐Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest LT1-IIA2”:
One of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular
Interest in REMIC 1.  REMIC 1 Regular Interest LT1-IIA2 shall accrue interest at the related Uncertificated REMIC 1
Pass‐Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest LT1-A3”:
One of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular
Interest in REMIC 1.  REMIC 1 Regular Interest LT1-A3 shall accrue interest at the related Uncertificated REMIC 1
Pass‐Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest LT1-AA”:
One of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular
Interest in REMIC 1.  REMIC 1 Regular Interest LT1-AA shall accrue interest at the related Uncertificated REMIC 1
Pass‐Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest LT1-B”: One
of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular
Interest in REMIC 1.  REMIC 1 Regular Interest LT1-B shall accrue interest at the related Uncertificated REMIC 1
Pass‐Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest
LT1-M1”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-M1 shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1-M2”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-M2 shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1-M3”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-M3 shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1-M4”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-M4 shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1-M5”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-M5 shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1-M6”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-M6 shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1-M7”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-M7 shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1‐P”: One of the separate non‐certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1‐P shall accrue interest at the related
Uncertificated REMIC 1 Pass‐Through Rate in effect from time to time, and shall be entitled to any Prepayment Charges
relating to the Mortgage Loans collected by the Master Servicer and to a distribution of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

“REMIC 1 Regular Interest
LT1-XX”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-XX shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interest
LT1-ZZ”:  One of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1.  REMIC 1 Regular Interest LT1-ZZ shall accrue interest at the related
Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject
to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in
the Preliminary Statement hereto.

“REMIC 1 Regular Interests”: 
REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-IA1, REMIC 1 Regular Interest LT1-IA2, REMIC 1 Regular Interest
LT1-IIA1, REMIC 1 Regular Interest LT1-IIA2, REMIC 1 Regular Interest LT1-A3, REMIC 1 Regular Interest LT1-M1, REMIC 1 Regular
Interest LT1-M2, REMIC 1 Regular Interest LT1-M3, REMIC 1 Regular Interest LT1-M4, REMIC 1 Regular Interest LT1-M5, REMIC 1 Regular
Interest LT1-M6, REMIC 1 Regular Interest LT1-M7, REMIC 1 Regular Interest LT1-B, REMIC 1 Regular Interest LT1-ZZ, REMIC 1 Regular
Interest LT1‐P, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB,
REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX.

“REMIC 1 Subordinated Ratio”: 
With respect to any Distribution Date, the ratio that (i) the excess of (a) the aggregate Stated Principal Balance of the Mortgage
Loans in a Loan Group as of that Distribution Date over (b) the aggregate Certificate Principal Balance of the Senior Certificates
related to such Loan Group immediately prior to such Distribution Date, bears to (ii) the aggregate Stated Principal Balance of the
Mortgage Loans in the Loan Group as of that Distribution Date. 

“REMIC 2”:  The segregated pool
of assets consisting of all of the REMIC 1 Regular Interests conveyed in trust to the Trustee, for the benefit of the Holders of
the Regular Certificates (other than the Class C Certificates and the Class P Certificates), REMIC CX, as the holder of the Class C
Interest, REMIC PX, as the holder of the Class P Interest, and the Class R Certificateholders, as holders of the Class R‐2
Interest, pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election
is to be made.

“REMIC 2 Regular Interests”: 
The Class C Interest and the Class P Interest.

“REMIC CX”:  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‐CX Certificates, 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 PX”:  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‐PX Certificates, pursuant to Article II hereunder, and all amounts deposited therein, with
respect to which a separate REMIC election is to be made.

“REMIC Regular Interests”:  The
REMIC 1 Regular Interests and the REMIC 2 Regular Interests.

“Remittance”:  As defined in
Section 7.02(b) hereof.

“Remittance Report”:  A report
prepared by the Master Servicer and delivered to the NIMS Insurer and the Trustee 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 Master 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 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 9.01 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 Master 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 Master 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 Representative, in the form of Exhibit E‐1 or E‐2 attached hereto.

“Reserve Fund”:  The reserve
fund established pursuant to Section 3.26.

“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 0.03125%) of the one‐month United States dollar lending
rates which banks in New York City selected by the Trustee with the consent of the NIMS Insurer 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
Trustee with the consent of the NIMS Insurer 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 or a Freddie Mac 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 Certificates”:  The
Class R Certificates, the Class R‐CX Certificates and the Class R‐PX 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 managing director, director, associate, principal, vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer 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, a division of The McGraw‐Hill Companies, Inc., or its successor in interest.

“Seller”:  Long Beach Mortgage
Company, a Delaware corporation, or its successor in interest, in its capacity as seller under the Mortgage Loan Purchase
Agreement.

“Senior Certificates”:  The
Group I Senior Certificates and the Group II Senior Certificates.

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

“Servicing Advances”:  All
customary, reasonable and necessary “out of pocket” costs and expenses (including reasonable attorneys’ fees and
expenses) incurred by the Master Servicer in the performance of its servicing obligations in connection with a default,
delinquencies or other unanticipated event or where reimbursement is otherwise permitted in accordance with any of the terms of
this Agreement, including, but not limited to, the cost of (i) the preservation, restoration, inspection and protection of the
Mortgaged Property, (ii) any enforcement or judicial proceedings, including foreclosures, (iii) the management and
liquidation of the REO Property and (iv) compliance with the obligations under Sections 3.01, 3.09, 3.14, 3.16, and
3.23.

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

“Servicing Fee Rate”:  0.50% per
annum.

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

“Startup Day”:  As defined in
Section 10.01(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 related
Cut‐off Date Principal Balance, 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 Master 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.

“Stayed Funds”:  If the Master
Servicer is the subject of a proceeding under the federal Bankruptcy Code and the making of a Remittance (as defined in Section
7.02(b)) is prohibited by Section 362 of the federal Bankruptcy Code, funds that are in the custody of the Master Servicer, a
trustee in bankruptcy or a federal bankruptcy court and should have been the subject of such Remittance absent such
prohibition.

“Stepdown Date”:  The earlier of
(a) the later of (i) the Distribution Date in November 2007 and (ii) the first Distribution Date on which the Credit
Enhancement Percentage (calculated for this purpose only after taking into account payments of principal on the Mortgage Loans due
on the related Due Date or received during the related Prepayment Period but prior to distribution of the Principal Distribution
Amount in respect of the Certificates then entitled to distributions of principal on such Distribution Date) is greater than or
equal to 30.50% and (b) the date on which the aggregate Certificate Principal Balance of the Class A Certificates has been
reduced to zero.

“Subordinated Net WAC Rate”: 
For any Distribution Date and the Offered Subordinate Certificates, a per annum rate equal to (i) the weighted average (weighted on
the basis of Uncertificated Principal Balances) of (a) the Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest
LT1-1SUB for such Distribution Date (with such rate subject to a cap and a floor equal to the Uncertificated REMIC 1 Pass-Through
Rate for REMIC 1 Regular Interest LT1-1GRP), and (b) the Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest
LT1-2SUB (with such rate subject to a cap and a floor equal to the Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular
Interest LT1-2GRP), (ii) 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.

“Sub‐Servicer”:  Any
Person with which the Master 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 or accounts established by a Sub‐Servicer which meets the requirements set forth in Section 3.08 and is otherwise
acceptable to the applicable Master Servicer.

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

“Subsequent Recoveries”:  The
Gross Subsequent Recoveries net of amounts payable or reimbursable to the Master Servicer for related (i) Advances, (ii) Servicing
Advances and (iii) Servicing Fees.

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

“Tax Returns”:  The federal
income tax return on Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holder 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.

“Telerate Page 3750”:  The
display designated as page “3750” on the Dow Jones Telerate Capital Markets Report (or such other page as may replace
page 3750 on that report for the purpose of displaying London interbank offered rates of major banks).

“Termination Price”:  As defined
in Section 9.01(a) hereof.

“Terminator”:  As defined in
Section 9.01.

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

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

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

“Trigger Event”: A Trigger Event has
occurred with respect to a Distribution Date if either a Cumulative Loss Trigger Event or a Delinquency Trigger Event has occurred
with respect to such Distribution Date.

“Trust”:  Long Beach Mortgage
Loan Trust 2004‐6, the trust created hereunder.

“Trust Fund”:  All of the assets
of the Trust, which is the trust created hereunder consisting of REMIC 1, REMIC 2, REMIC CX, REMIC PX, the Reserve Fund and any
Master Servicer Prepayment Charge Payment Amounts and the Trust’s rights under the Cap Agreement.

“Trust REMIC”:  Any of REMIC 1,
REMIC 2, REMIC CX and/or REMIC PX.

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

“Trustee Fee”:  With respect to
each Distribution Date, one-twelfth of the Trustee Fee Rate multiplied by the aggregate Stated Principal Balance of the Mortgage
Loans as of the last day of the related Due Period (prior to 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). 

“Trustee Fee Rate”:  0.0018% per
annum.

“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 Pass‐Through Rate on the Uncertificated Principal Balance or
Uncertificated Notional Amount of such REMIC Regular Interest.  In each case, Uncertificated Accrued Interest will be reduced
by any Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls allocated to such REMIC Regular Interests pursuant to
Section 1.03.

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

“Uncertificated Principal
Balance”:  With respect to each REMIC Regular Interest, 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 REMIC
Regular Interest shall equal the amount set forth in the Preliminary Statement hereto as its initial Uncertificated Principal
Balance.  On each Distribution Date, the Uncertificated Principal Balance of each REMIC Regular Interest shall be reduced by
all distributions of principal made on such REMIC Regular Interest on such Distribution Date pursuant to Section 4.05 and, if and
to the extent necessary and appropriate, shall be further reduced on such Distribution Date by Realized Losses and increased by
Subsequent Recoveries as provided in Section 4.06, and the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1-ZZ
shall be increased by interest deferrals as provided in Section 4.05.  The Uncertificated Principal Balance of each REMIC
Regular Interest that has an Uncertificated Principal Balance shall never be less than zero.  Notwithstanding the foregoing,
the Uncertificated Principal Balance of (i) the Class C Interest shall always be equal to (i) the excess, if any, of (A) the
then aggregate Uncertificated Principal Balances of the REMIC 1 Regular Interests over (B) the sum of the Certificate
Principal Balance of the Class A Certificates, the Class M Certificates, the Class B Certificates and the Class P
Interest.

“Uncertificated REMIC 1 Pass-Through
Rate”:  With respect to any Distribution Date and REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-IA1,
REMIC 1 Regular Interest LT1-IA2, REMIC 1 Regular Interest LT1-IIA1, REMIC 1 Regular Interest LT1-IIA2, REMIC 1 Regular Interest
LT1-A3, REMIC 1 Regular Interest LT1-M1, REMIC 1 Regular Interest LT1-M2, REMIC 1 Regular Interest LT1-M3, REMIC 1 Regular Interest
LT1-M4, REMIC 1 Regular Interest LT1-M5, REMIC 1 Regular Interest LT1-M6, REMIC 1 Regular Interest LT1-M7, REMIC 1 Regular Interest
LT1-B, REMIC 1 Regular Interest LT1-ZZ, REMIC 1 Regular Interest LT1-P, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest
LT1-2SUB, and REMIC 1 Regular Interest LT1-XX, a per annum rate equal to the weighted average of the Adjusted Net Mortgage Rates of
the Mortgage Loans, weighted on the basis of the Stated Principal Balances of such Mortgage Loans as of the Due Date in the month
preceding the month of such Distribution Date.

With respect to any Distribution Date and REMIC Regular
Interest LT1-1GRP, a per annum rate equal to the weighted average of the Adjusted Net Mortgage Rates of the Group I Mortgage Loans,
weighted on the basis of the Stated Principal Balances of such Mortgage Loans as of the Due Date in the month preceding the month
of such Distribution Date.

With respect to any Distribution Date and REMIC Regular
Interest LT1-2GRP, a per annum rate equal to the weighted average of the Adjusted Net Mortgage Rates of the Group II Mortgage
Loans, weighted on the basis of the Stated Principal Balances of such Mortgage Loans as of the Due Date in the month preceding the
month of such Distribution Date.

“Undercollateralized Amount”: 
With respect to any Distribution Date, the amount, if any, by which (i) the sum of the aggregate Certificate Principal
Balances of the Class A Certificates, the Class M Certificates and the Class B Certificates and the Uncertificated Principal
Balance of the Class P Interest as of such Distribution Date (after giving effect to distributions to be made on such Distribution
Date) exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Loans on 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).

“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”:  (i) A citizen or resident of the United States; (ii) a corporation, partnership or other
entity classified as a corporation or partnership for United States federal income tax purposes created or organized in, or under
the laws of, the United States or any political subdivision thereof (except, in the case of a partnership or entity treated as a
partnership, to the extent provided in regulations) provided that, solely for purposes of the restrictions on the transfer of the
Residual Certificates, no partnership or other entity treated as a partnership shall be treated as a United States Person unless
all persons that own an interest in such partnership or other entity, 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; (iii) an estate the income of which is subject to United States federal income taxation regardless of its source, or (iv)
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 the authority to control all substantial decisions of the trust or if the trust was in existence on
August 20, 1996, was treated as a United States Person on August 19, 1996, and made a valid election to continue to be treated
as a United States Person.  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 the Class A Certificates, the Class M Certificates and the Class B 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 of Certificates for the
immediately preceding Distribution Date and (2) the outstanding Unpaid Interest Shortfall Amount, if any, for such Class of
Certificates for such preceding Distribution Date exceeds (b) the aggregate amount distributed on such Class of Certificates
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 such Class of Certificates on such preceding Distribution Date, to the extent permitted by
law, at the Pass‐Through Rate for such Class of Certificates for the related Accrual Period.

“Value”:  With respect to any
Mortgaged Property, the lesser of (i) 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
(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 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.

“Voting Rights”:  The portion of
the voting rights of all of the Certificates which is allocated to any Certificate.  At all times the Class A Certificates,
the Class M Certificates, the Class B Certificates and the Class C Certificates shall have 98% of the Voting Rights (allocated
among the Holders of the Class A Certificates, the Class M Certificates, the Class B 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 Class R Certificates shall have 1% of the Voting Rights, provided that, if and for so long as
the Class C Certificates and the Class P Certificates are held by one or more foreign entities and serve as collateral for the NIM
Notes, the total combined voting power of such Classes of Certificates shall not exceed 8.9%.  The Voting Rights allocated to
any Class of Certificates (other than the Class P Certificates and the Class R 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 Class R 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 Class R Certificates in accordance
with such Holders’ respective Percentage Interests in the Certificates of such Class.  The Class R‐CX Certificates
and the Class R‐PX Certificates shall not have Voting Rights.

“Washington Mutual Custodian”: 
None of the Mortgage Loans are held by the Washington Mutual Custodian as custodian.  References to the Washington Mutual
Custodian are left in this Agreement for administrative convenience and shall be completely disregarded.  There is no
Washington Mutual Custodian under this Agreement and no Person shall have any rights of the Washington Mutual Custodian under this
Agreement.

“Washington Mutual Mortgage
Loans”:  The Mortgage Loans acquired by the Seller from Washington Mutual Bank, Washington Mutual Bank, FA,
Washington Mutual Bank fsb, or from any of their subsidiaries.

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, the Class M Certificates, the Class B Certificates and the Class C
Interest 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 first to the Class C Interest to
the extent of one month’s interest at the then applicable Pass‐Through Rate on the Notional Amount of such Regular
Interest, and then among the Class A Certificates, the Class M Certificates and the Class B Certificates on a pro rata basis
based on, and to the extent of, interest for the related Accrual Period at the then applicable respective Pass‐Through Rate
on the respective Certificate Principal Balance of each such Certificate.

For purposes of calculating the amount of the Monthly
Interest Distributable Amount for the Class C Certificates for any Distribution Date, the aggregate amount of any Net Prepayment
Interest Shortfalls and any Relief Act Interest Shortfalls allocated to the Class C Interest  pursuant to the paragraph above
shall be allocated among the Class C Certificates on a pro rata basis based on one month’s interest.

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 Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date shall be
allocated:

(a)        50% of any Net Prepayment Interest and Relief Act Interest Shortfalls incurred
in respect of the Mortgage Loans for any Distribution Date shall be allocated to REMIC 1 Regular Interest LT1-AA and REMIC 1
Regular Interest LT1-ZZ up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively,
and thereafter among REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-IA1, REMIC 1 Regular Interest LT1-IA2, REMIC 1
Regular Interest LT1-IIA1, REMIC 1 Regular Interest LT1-IIA2, REMIC 1 Regular Interest LT1-A3, REMIC 1 Regular Interest LT1-M1,
REMIC 1 Regular Interest LT1-M2, REMIC 1 Regular Interest LT1-M3, REMIC 1 Regular Interest LT1-M4, REMIC 1 Regular Interest LT1-M5,
REMIC 1 Regular Interest LT1-M6, REMIC 1 Regular Interest LT1-M7, REMIC 1 Regular Interest LT1-B and REMIC 1 Regular Interest
LT1-ZZ and REMIC 1 Regular Interest LT1-P, pro rata based on, and to the extent of, one month’s interest at the then
applicable respective Pass-Through Rate on the respective Uncertificated Principal Balance of each such REMIC 1 Regular Interest;
and

(b)        50% of any Net Prepayment Interest and Relief Act Interest Shortfalls incurred
in respect of the Mortgage Loans for any Distribution Date shall be allocated to REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular
Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX,
pro rata based on, and to the extent of, one month’s interest at the then applicable respective Pass-Through Rate on
the respective Uncertificated Principal Balance of each such REMIC 1 Regular Interest.

Section 1.04          Rights of the NIMS Insurer.

(a)        Each of the rights of the NIMS Insurer set forth in this Agreement shall exist
so long as the Insured NIM Notes remain outstanding; provided, however, the NIMS Insurer shall not have any rights hereunder
(except as provided in Section 9.01) so long as any NIMS Insurer Default is continuing.

(b)        Notwithstanding anything to the contrary anywhere in this Agreement, all
rights and benefits of the NIMS Insurer hereunder shall permanently terminate upon such time as the Insured NIM Notes shall no
longer be outstanding.

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01          Conveyance of Mortgage Loans.

The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse for the benefit of the
Certificateholders all the right, title and interest of the Depositor, including any security interest therein for the benefit of
the Depositor, in and to the Mortgage Loans identified on the Mortgage Loan Schedule, the rights of the Depositor under the
Mortgage Loan Purchase Agreement (other than the Depositor’s rights under Section 17 thereof) and all other assets included
or to be included in REMIC 1.  Such assignment includes all scheduled payments on the Mortgage Loans due after the Cut-off
Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-Off Date (other than the portion of
such collections due on or prior to the Cut-off Date).  The Depositor herewith delivers to the Trustee an executed copy of the
Mortgage Loan Purchase Agreement and the PMI Policy.

If the assignment and transfer of the Mortgage Loans and
the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to
be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the
parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be
deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in
the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust
Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement
under applicable law.

In connection with such transfer and assignment, the
Depositor does hereby deliver to, and deposit with, the Trustee as custodian (in which capacity it will, unless otherwise
specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so
transferred and assigned (with respect to each Mortgage Loan, a “Mortgage File”):

(a)        the original Mortgage Note, endorsed in blank or in the following form: 
“Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without
recourse,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the
Person so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as
of the Cut‐off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the
Seller;

(b)        the original Mortgage with evidence of recording thereon, and a copy,
certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power
of attorney, with evidence of recording thereon;

(c)        an original Assignment in blank;

(d)        the original recorded Assignment or Assignments showing a complete chain of
assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;

(e)        the original or copies of each assumption, modification, written assurance or
substitution agreement, if any; and

(f)         the original lender’s title insurance policy, together with all
endorsements or riders issued with or subsequent to the issuance of such policy (or a copy of the above, in the case of the
Washington Mutual Mortgage Loans), insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented
therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or
uniform binder or preliminary report of title issued by the title insurance or escrow company.

The Master Servicer, in its capacity as Seller, shall
promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Master
Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording
information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the
Depositor, in the appropriate public office for real property records, each Assignment referred to in Sections 2.01(c) and (d)
above and shall execute each original Assignment referred to in clause (c) above in the following form:  “Deutsche Bank
National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such Assignment is
lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, shall promptly prepare or
cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause
each such Assignment to be duly recorded.  Notwithstanding the foregoing, the Assignments shall not be required to be
completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order
for such Rating Agency to assign the initial ratings to the Class A Certificates, the Class M Certificates and the Class B
Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance
policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in
its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the 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 Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to
the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not
the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to
the Mortgagor under the related Mortgage.  Notwithstanding the foregoing, if the Master Servicer is unable to pay the cost of
recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the Trustee as an Extraordinary
Trust Fund Expense.

If any of the documents referred to in Sections 2.01(b),
(c), (d) or (e) above (collectively, the “Recording Documents”) 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 Master Servicer, in its capacity as the Seller,
to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Trustee or the applicable
Custodian of a copy of each such Recording Document certified by the Seller in the case of (x) above or the applicable public
recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and
(2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt
thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording
Document certified by the applicable public recording office to be a true and complete copy of the original.  In instances
where, due to a delay on the part of the recording office where any such Recording Documents have been delivered for recordation,
the Recording Documents cannot be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the
Master Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an
Officer’s Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such
Recording Documents from the applicable recording office.  In the event that Recording Documents have still not been received
by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian by the date
specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as the case may be, the
Master Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian by such date an additional
Officer’s Certificate stating a revised date by which the Master Servicer, in its capacity as the Seller, expects to receive
the applicable Recording Documents.  This procedure shall be repeated until the Recording Documents have been received by the
Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian.  If the original
lender’s title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans) was not delivered
pursuant to Section 2.01(f) above, the Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to
the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date,
the original lender’s title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans). 
The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable
Custodian promptly upon receipt thereof any other original 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.

All original documents relating to the Mortgage Loans
that are not delivered to the Trustee or the applicable Custodian are and shall be held by or on behalf of the Seller, the
Depositor or the Master Servicer, as the case may be, in trust for the benefit of the Trustee on behalf of the
Certificateholders.  In the event that any such original document is required pursuant to the terms of this Section to be a
part of a Mortgage File, such document shall be delivered promptly to the Trustee or the applicable Custodian.  Any such
original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of
a Mortgage File, shall be delivered promptly to the Master Servicer.

The Mortgage Loans permitted by the terms of this
Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage
Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the Seller
that no Mortgage Loan is a “high-cost” or “predatory” loan under any state or local law or regulation
applicable to the originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein and referred
to in the Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the
representation and warranty of the Seller that no Qualified Substitute Mortgage Loan is a “high cost” or
“predatory” loan under any state or local law or regulation applicable to the originator).  It is agreed and
understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-Cost
Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003 or a “High Cost Home Loan”
as defined in the New Mexico Home Loan Protection Act effective January 1, 2004.

Section 2.02          Acceptance of REMIC 1 by the Trustee.

Subject to the provisions of Section 2.01 and subject to
any exceptions noted on the exception report described in the next paragraph below, the Trustee or a Custodian on behalf of the
Trustee, as applicable, acknowledges receipt of the documents referred to in Section 2.01 above and all other assets included in
the definition of “REMIC 1” under clauses (i), (iii), (iv) and (vi) (to the extent of amounts deposited into the
Distribution Account) and declares that it holds and will hold such documents and the other documents delivered to it constituting
the Mortgage File, and all such assets and such other assets included in the definition of “REMIC 1” in trust for the
exclusive use and benefit of all present and future Certificateholders.

The Trustee or the Custodian, as applicable, agrees, for
the benefit of the Certificateholders, to review each Mortgage File on or before the Closing Date, with respect to each Mortgage
Loan and to certify to the Trustee, the NIMS Insurer, the Depositor and the Master Servicer in substantially the form attached
hereto as Exhibit F‐1 that, as to each Closing Date 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 constituting part of such Mortgage File (other than such documents described
in Section 2.01(e)) required to be delivered to it pursuant to this Agreement are in its possession, (ii) such documents have
been reviewed by the Trustee or the Washington Mutual Custodian, as applicable and are not mutilated, torn or defaced unless
initialed by the related borrower and relate to such Mortgage Loan and (iii) based on the Trustee’s examination and only
as to the foregoing, the information set forth in the Mortgage Loan Schedule that corresponds to items (i), (ii), (ix), (xii),
(xiv) (to the extent of the Periodic Rate Cap for the first Adjustment Date and subsequent Adjustment Dates) and (xvi) of the
definition of “Mortgage Loan Schedule” accurately reflects information set forth in the Mortgage File.  It is
herein acknowledged that, in conducting such review, neither the Trustee nor any Custodian is 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 (including with respect to Section 2.01(f), whether such title
insurance policy (a) contains all necessary endorsements, (b) insures the priority of the Mortgage as a first lien or (c) whether
the interest vested in the Mortgagor is a fee interest) 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 Mortgage File should include any of the documents
specified in clause (e) of Section 2.01.

Prior to the first anniversary date of this Agreement,
the Trustee shall deliver (or, with respect to the Mortgage Loans held by another Custodian, such Custodian shall deliver) to the
Depositor, the Master Servicer and the NIMS Insurer a final certification in the form annexed hereto as Exhibit F‐2
evidencing the completeness of the Mortgage Files, with any applicable exceptions noted thereon.

If in the process of reviewing the Mortgage Files and
making or preparing, as the case may be, the certifications referred to above, the Trustee holding such Mortgage Files or any
Custodian holding such Mortgage Files finds any document or documents constituting a part of a Mortgage File to be missing or
defective in any material respect, at the conclusion of its review the Trustee shall so notify or such other Custodian shall notify
the Depositor, the Seller, the NIMS Insurer and the Master Servicer.  In addition, upon the discovery by the Depositor, the
Master Servicer or the Trustee of a breach of any of the representations and warranties made by the Seller in the Mortgage Loan
Purchase Agreement in respect of any Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the
interests of the related Certificateholders in such Mortgage Loan, the party discovering such breach shall give prompt written
notice to the other parties.

Section 2.03          Cure, Repurchase or Substitution of Mortgage Loans by
the Seller; Remedies for Breaches by Depositor or Master Servicer; Remedies for Breaches Relating to Prepayment Charges.

(a)        Upon discovery or receipt of notice of any materially defective document in,
or that a document is missing from, the Mortgage File or of the breach by the Seller of any representation, warranty or covenant
under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially and adversely affects the value of such
Mortgage Loan or the interest therein of the Certificateholders (it being understood that (i) in the case of any such
representation or warranty made to the knowledge or the best of knowledge of the Seller, as to which the Seller has no knowledge,
without regard to the Seller’s lack of knowledge with respect to the substance of such representation or warranty being
inaccurate at the time it was made or (ii) with respect to the representation and warranty set forth in the last sentence of
Section 6 (xxxix), Section 6(xlvi), the first sentence of Section 6(xlvii) and Section 6(lxi) of the Mortgage Loan Purchase
Agreement, a breach of any such representation or warranty shall in and of itself be deemed to materially and adversely affect the
interest of the Certificateholders in the related Mortgage Loan), the Trustee shall promptly notify the Depositor, the Seller, the
NIMS Insurer and the Master Servicer of such defect, missing document or breach and request that the Seller deliver such missing
document or cure such defect or breach within 90 days from the date the Seller was notified of such missing document, defect or
breach (except as described in Section 2.03(e)), and if the Seller does not deliver such missing document or cure such defect or
breach in all material respects during such period, the Master Servicer (or, in accordance with Section 3.02(b), the Trustee) shall
enforce the obligations of the Seller under the Mortgage Loan Purchase Agreement to repurchase such Mortgage Loan from REMIC 1 at
the Purchase Price within 90 days after the date on which the Seller was notified (subject to Section 2.03(e)) of such missing
document, defect or breach, if and to the extent that the Seller is obligated to do so under the Mortgage Loan Purchase
Agreement.  The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account, and the Trustee
or a Custodian, as applicable, upon receipt of written certification from the Master Servicer of such deposit, shall release to the
Seller the related Mortgage File, and the Trustee or a Custodian on behalf of the Trustee, as applicable, shall execute and deliver
such instruments of transfer or assignment, in each case without recourse, as the Seller shall furnish to it or such Custodian, as
applicable, and as shall be necessary to vest in the Seller any Mortgage Loan released pursuant hereto, and neither the Trustee nor
any Custodian shall have any further responsibility with regard to such Mortgage File.  In lieu of repurchasing any such
Mortgage Loan as provided above, if so provided in the Mortgage Loan Purchase Agreement, the Seller may cause such Mortgage Loan to
be removed from REMIC 1 (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute
Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d).  It is understood and agreed that
the obligation of the Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a
material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the
sole remedy respecting such omission, defect or breach available to the Certificateholders, the Trustee on behalf of the
Certificateholders, and the NIMS Insurer.

(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 or warranty of the Depositor set forth in Section 2.05 with respect to
any Mortgage Loan, which materially adversely affects the value of such Mortgage Loan or the interest therein of the
Certificateholders, the Depositor shall cure such breach in all material respects.

(c)        As promptly as practicable (and no later than 90 days) after the earlier of
discovery by the Master Servicer or receipt of notice by the Master Servicer of the breach of any representation, warranty or
covenant of the Master Servicer set forth in Section 2.04 which materially and adversely affects the value of any Mortgage Loan or
the interests of the Certificateholders in any Mortgage Loan, the Master Servicer shall cure such breach in all material
respects.

Within 90 days of the earlier of discovery by the Master
Servicer or receipt of notice by the Master Servicer of the breach of any representation, warranty or covenant of the Master
Servicer set forth in Section 2.04(a)(vii) or (viii) which materially and adversely affects the interests of the Holders of the
Class P Certificates to any Prepayment Charge, the Master Servicer shall cure such breach in all material respects.  If the
representation made by the Master Servicer in its capacity as Seller in Section 2.04(a)(vii) is breached, the Master Servicer in
its capacity as Seller shall pay into the Collection Account the amount of the scheduled Prepayment Charge, less any amount
previously collected and deposited by, or paid by, the Master Servicer into the Collection Account; and if the covenant made by the
Master Servicer in Section 2.04(a)(viii) is breached, the Master Servicer shall pay into the Collection Account the amount of the
waived Prepayment Charge.

(d)        Any substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage
Loans made pursuant to Section 2.03(a) shall be effected prior to the date which is two years after the Startup Date for REMIC
1.

As to any Deleted Mortgage Loan for which the Seller
substitutes a Qualified Substitute Mortgage Loan or Loans, such substitution shall be effected by the Seller delivering to the
Trustee (or, with respect to the Mortgage Loans held by another Custodian, to such Custodian) on behalf of the Trustee, for such
Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage, the Assignment to the Trustee, and such other
documents and agreements, with all necessary endorsements thereon, as are required by Section 2.01, together with an
Officers’ Certificate providing that each such Qualified Substitute Mortgage Loan satisfies the definition thereof and
specifying the Substitution Adjustments (as described below), if any, in connection with such substitution.  The Trustee shall
acknowledge or with respect to the Mortgage Loans held by another Custodian such other Custodian shall acknowledge receipt for such
Qualified Substitute Mortgage Loan or Loans and, within ten Business Days thereafter, review such documents as specified in Section
2.02 and deliver to the Depositor, the Master Servicer and the NIMS Insurer, with respect to such Qualified Substitute Mortgage
Loan or Loans, a certification substantially in the form attached hereto as Exhibit F‐1, with any applicable exceptions
noted thereon.  Within one year of the date of substitution, the Trustee shall deliver or with respect to the Mortgage Loans
held by another Custodian, such other Custodian shall deliver to the Depositor, the Seller, the NIMS Insurer and the Master
Servicer a certification substantially in the form of Exhibit F‐2 hereto with respect to such Qualified Substitute
Mortgage Loan or Loans, with any applicable exceptions noted thereon.  Monthly Payments due with respect to Qualified
Substitute Mortgage Loans in the month of substitution are not part of REMIC 1 and will be retained by the Seller.  For the
month of substitution, distributions to Certificateholders will reflect the Monthly Payment due on such Deleted Mortgage Loan on or
before the Due Date in the month of substitution, and the Seller shall thereafter be entitled to retain all amounts subsequently
received in respect of such Deleted Mortgage Loan.  The Trustee shall give or cause to be given written notice to the NIMS
Insurer and the Certificateholders that such substitution has taken place, and the Master Servicer shall amend or cause to be
amended the Mortgage Loan Schedule and, if applicable, the Prepayment Charge 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 and, if applicable, the Prepayment Charge Schedule to the NIMS Insurer and
the Trustee.  Upon such substitution, such Qualified Substitute Mortgage Loan or Loans shall constitute part of the Mortgage
Pool and shall be subject in all respects to the terms of this Agreement and the Mortgage Loan Purchase Agreement, including all
applicable representations and warranties thereof included in the Mortgage Loan Purchase Agreement as of the date of
substitution.

For any month in which the Seller substitutes one or
more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine the amounts
(the “Substitution Adjustments”), if any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans in
Loan Group I or Loan Group II, respectively, exceeds the aggregate of the Stated Principal Balance of the Qualified
Substitute Mortgage Loans that will become part of Loan Group I or Loan Group II, respectively, as of the date of
substitution, together with one month’s interest on such Stated Principal Balance at the applicable Net Mortgage Rate, plus
all outstanding Advances and Servicing Advances with respect to such Deleted Mortgage Loan.  On the date of such substitution,
the Seller will deliver or cause to be delivered to the Master Servicer for deposit in the Collection Account an amount equal to
the sum of Substitution Adjustments, if any (which for federal income tax purposes will be treated as payment for the repurchase of
that portion of the Deleted Mortgage Loans), and the Trustee, upon receipt of the related Qualified Substitute Mortgage Loan or
Loans (or acknowledgement of such receipt by another Custodian) and certification by the Master Servicer of such deposit, shall
release or, if such Mortgage File is held by another Custodian, such Custodian shall release to the Seller the related Mortgage
File or Files and the Trustee shall execute and deliver or, if such Mortgage File is held by another Custodian, such Custodian
shall execute and deliver such instruments of transfer or assignment, without recourse, as the Seller shall deliver to it or such
Custodian, as applicable, and as shall be necessary to vest therein any Deleted Mortgage Loan released pursuant hereto.

In addition, the Master Servicer in its capacity as
Seller shall obtain at its own expense and deliver to the NIMS Insurer and the Trustee an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on  REMIC 1, created hereunder, including without
limitation, any federal tax imposed on “prohibited transactions” under Section 860F(a)(1) of the Code or on
contributions after the startup day under Section 860G(d)(1) of the Code, or (b) any Trust REMIC hereunder to fail to qualify
as a REMIC at any time that any Certificate is outstanding.

(e)        Upon discovery by the Depositor, the Seller, the Master Servicer or the
Trustee that any Mortgage Loan does not constitute a “qualified mortgage” within the meaning of Section 860G(a)(3) of
the Code, the party discovering such fact shall within two Business Days give written notice thereof to the other parties.  In
connection therewith, the Master Servicer in its capacity as Seller shall repurchase or, subject to the limitations set forth in
Section 2.03(d), substitute one or more Qualified Substitute Mortgage Loans for the affected Mortgage Loan within 90 days of the
earlier of discovery or receipt of such notice with respect to such affected Mortgage Loan.  Any such repurchase or
substitution shall be made in the same manner as set forth in Section 2.03(a) and Section 2.03(d).  The Trustee shall reconvey
to the Seller the Mortgage Loan to be released pursuant hereto in the same manner, and on the same terms and conditions, as it
would a Mortgage Loan repurchased for breach of a representation or warranty.

Section 2.04          Representations, Warranties and Covenants of the Master
Servicer.

(a)        The Master Servicer hereby represents, warrants and covenants to the Trustee,
for the benefit 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 Master Servicer is a corporation duly organized, validly existing
and in good standing under the laws of the state of its incorporation, is duly authorized and qualified to transact any and all
business contemplated by this Agreement 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 Properties are located if the laws of such state require
licensing or qualification in order to conduct business of the type conducted by the Master Servicer or to ensure the
enforceability or validity of each Mortgage Loan and, in any event, is in compliance with the doing business laws of any such
State, to the extent necessary to ensure its ability to enforce each Mortgage Loan and to service the Mortgage Loans in accordance
with the terms of this Agreement;

(ii)        The Master Servicer has the full power and authority to service each Mortgage
Loan, to execute, deliver and perform, and to enter into and consummate the transactions contemplated by this Agreement and has
duly authorized by all necessary action on the part of the Master Servicer the execution, delivery and performance of this
Agreement; and this Agreement, assuming the due authorization, execution and delivery thereof by the Depositor and the Trustee,
constitutes a legal, valid and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance
with its terms, except to the extent that (a) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
receivership and other similar laws relating to creditors’ rights generally and (b) the remedy of specific performance
and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought.

(iii)       The execution and delivery of this Agreement by the Master Servicer, the servicing
of the Mortgage Loans by the Master Servicer hereunder, the consummation by the Master Servicer of any other of the transactions
herein contemplated, and the fulfillment of or compliance with the terms hereof are in the ordinary course of business of the
Master Servicer and will not (A) result in a breach of any term or provision of the charter or by‐laws of the Master
Servicer or (B) conflict with, result in a breach, violation or acceleration of, or result in a default under, the terms of
any other material agreement or instrument to which the Master Servicer is a party or by which it may be bound, or any statute,
order or regulation applicable to the Master Servicer of any court, regulatory body, administrative agency or governmental body
having jurisdiction over the Master Servicer; and the Master Servicer is not a party to, bound by, or in breach or violation of any
indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court,
regulatory body, administrative agency or governmental body having jurisdiction over it, which materially and adversely affects or,
to the Master Servicer’s knowledge, would in the future materially and adversely affect, (x) the ability of the Master
Servicer to perform its obligations under this Agreement or (y) the business, operations, financial condition, properties or
assets of the Master Servicer taken as a whole;

(iv)       The Master Servicer is an approved seller/servicer for Fannie Mae or Freddie Mac in
good standing and is a HUD approved mortgagee pursuant to Section 203 and Section 211 of the National Housing Act;

(v)        No litigation is pending against the Master Servicer that would materially and
adversely affect the execution, delivery or enforceability of this Agreement or the ability of the Master Servicer to service the
Mortgage Loans or to perform any of its other obligations hereunder in accordance with the terms hereof;

(vi)       No consent, approval, authorization or order of any court or governmental agency or
body is required for the execution, delivery and performance by the Master Servicer of, or compliance by the Master Servicer with,
this Agreement or the consummation by the Master Servicer of the transactions contemplated by this Agreement, except for such
consents, approvals, authorizations or orders, if any, that have been obtained prior to the Closing Date;

(vii)      The information set forth in the Prepayment Charge Schedule is complete, true and
correct in all material respects at the date or dates respecting which such information is furnished and each Prepayment Charge is
permissible and enforceable in accordance with its terms under applicable law upon the Mortgagor’s voluntary principal
prepayment (except to the extent that:  (1) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
receivership and other similar laws relating to creditors’ rights generally; or (2) the collectability thereof may be
limited due to acceleration in connection with a foreclosure or other involuntary prepayment); provided that the representation,
warranty and covenant contained in this clause (vii) is made by the Master Servicer only in its capacity as Seller; and

(viii)      The Master Servicer will not waive any Prepayment Charge or part of a Prepayment Charge
unless such waiver is related to a default or a reasonably foreseeable default and would maximize recovery of total proceeds taking
into account the value of such Prepayment Charge and related Mortgage Loan and doing so is standard and customary in servicing
mortgage loans similar to the Mortgage Loans (including any waiver of a Prepayment Charge in connection with a refinancing of a
Mortgage Loan that is related to a default or a reasonably foreseeable default).

(ix)       With respect to each Mortgage Loan, the Master Servicer will furnish, or cause to
be furnished, information regarding the borrower credit file related to such Mortgage Loan to credit reporting agencies in
compliance with the provisions of the Fair Credit Reporting Act and the applicable implementing regulations.  The Master
Servicer will transmit full-file credit reporting data for each Mortgage Loan pursuant to Fannie Mae Guide Announcement 95-19 and
that for each Mortgage Loan, the Master Servicer 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.

(b)        It is understood and agreed that the representations, warranties and covenants
set forth in this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee or a Custodian, as the case may be, and
shall inure to the benefit of the Trustee, the Depositor and the Certificateholders.  Upon discovery by any of the Depositor,
the Master 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 other of such parties.  The obligation of the Master Servicer set forth in Section 2.03(c) to cure breaches
(or, in the case of (a)(vii) or (a)(viii) above, to pay a Master Servicer Prepayment Charge Payment Amount) shall constitute the
sole remedy against the Master Servicer available to the Certificateholders, the Depositor, the NIMS Insurer or the Trustee on
behalf of the Certificateholders respecting a breach of the representations, warranties and covenants contained in this Section
2.04.  The preceding sentence shall not, however, limit any remedies available to the Certificateholders, the Depositor, the
NIMS Insurer or the Trustee on behalf of the Certificateholders, (i) pursuant to the Mortgage Loan Purchase Agreement signed
by the Master Servicer in its capacity as Seller, respecting a breach of the representations, warranties and covenants of the
Master Servicer in its capacity as Seller contained in the Mortgage Loan Purchase Agreement or (ii) pursuant to Section 7.01
hereof.

Section 2.05          Representations and Warranties of the
Depositor.

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

(i)         Each of this Agreement and the Mortgage Loan Purchase 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 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 of its right, title and
interest in the Mortgage Loans to the Trustee on behalf of the Trust;

(iv)       The Depositor is solvent and will not be made insolvent by the transfer of the
Mortgage Loans.  The Depositor has not transferred the Mortgage Loans to the Trustee 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 and the Mortgage Loan Purchase
Agreement by the Depositor, and the consummation of the transactions contemplated hereby and 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 or the Mortgage Loan Purchase 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 or the Mortgage Loan Purchase 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 or the Mortgage Loan Purchase
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, the Mortgage Loan Purchase 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 or the Mortgage Loan
Purchase 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 or the Mortgage Loan Purchase Agreement; and

(x)        The Depositor has the full power and authority to execute, deliver and
perform, and to enter into and consummate the transactions contemplated by this Agreement and has duly authorized by all necessary
action on the part of the Depositor the execution, delivery and performance of this Agreement and this Agreement, assuming the due
authorization, execution and delivery thereof by the parties thereto other than the Depositor, constitutes a legal, valid and
binding obligation of the Depositor, enforceable against the Depositor in accordance with its terms, except to the extent that
(a) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws
relating to creditors’ rights generally and (b) the remedy of specific performance and injunctive and other forms of
equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor
may be brought.

Section 2.06          Issuance of Certificates.

The Trustee acknowledges the assignment to it of the
Mortgage Loans and the delivery to it or a Custodian of the Mortgage Files, subject to the provisions of Sections 2.01 and 2.02,
together with the assignment to it of all other assets included in the Trust Fund, receipt of which is hereby acknowledged. 
Concurrently with such assignment and delivery and in exchange therefor, the Trustee, pursuant to the written request of the
Depositor executed by an officer of the Depositor, has executed, authenticated and delivered to or upon the written 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 2.07          Reserved.

Section 2.08          Conveyance of REMIC Regular Interests and Acceptance of
REMICs by the Trustee; 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 REMIC 1 Regular Interests for the benefit of the holders of the Certificates (other than the Class C
Certificates, the Class P Certificates, the Class R‐CX Certificates and the Class R-PX Certificates), REMIC CX, as holder of
the Class C Interest, REMIC PX, as holder of the Class P Interest, and the Class R‐2 Interest.  The Trustee acknowledges
receipt of the 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 Certificates (other than the Class C Certificates, the Class P Certificates,
the Class R‐CX Certificates and the Class R-PX Certificates), REMIC CX, as holder of the Class C Interest, REMIC PX, as
holder of the Class P Interest, and the Class R‐2 Interest.  The interests evidenced by the Class R-2 Interest, the
Regular Certificates (other than the Class C Certificates and the Class P Certificates), and the REMIC 2 Regular Interests,
constitute the entire beneficial ownership interest in REMIC 1.

(b)        In exchange for the REMIC 1 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 the Class P Certificates) in authorized denominations evidencing (together with the Class R‐2
Interest and the REMIC 2 Regular Interests) 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 Class C Interest for the benefit of the holders of the Class C Certificates and the Class R‐CX
Certificates.  The Trustee acknowledges receipt of the Class C Interest and declares that it holds and will hold the same in
trust for the exclusive use and benefit of the holders of the Class C Certificates and the Class R‐CX Certificates.  The
interests evidenced by the Class C Certificates and the Class R‐CX Certificates constitute the entire beneficial ownership
interest in REMIC CX.

(d)        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
evidencing (together with the Class R‐CX Interest) the entire beneficial ownership interest in REMIC CX.

(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 for the benefit of the holders of the Class P Certificates and the Class R‐PX
Interest.  The Trustee acknowledges receipt of the Class P Interest and declares that it holds and will hold the same in trust
for the exclusive use and benefit of the holders of the Class P Certificates and the Class R‐PX Certificates.  The
interests evidenced by the Class P Certificates and the Class R‐PX Certificates constitute the entire beneficial ownership
interest in REMIC PX.

(f)         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 evidencing (together with the Class R‐PX Interest) the entire beneficial ownership interest in
REMIC PX.

(g)        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 2.08(a), and (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 2.08(b), the Trustee, pursuant to the written request of the Depositor executed by an officer of the Depositor,
has executed, authenticated and delivered to or upon the order of the Depositor, the Class R Certificates in authorized
denominations evidencing the Class R‐1 Interest, the Class R‐2 Interest, the Class R‐CX Certificates evidencing
the Class R‐CX Interest and the Class R-PX Certificates evidencing the Class R-PX Interest.

ARTICLE III

ADMINISTRATION AND SERVICING

OF THE MORTGAGE LOANS

Section 3.01          Master Servicer to Act as Master Servicer.

The Master Servicer shall service and administer
the Mortgage Loans on behalf of the Trustee and in the best interests of and for the benefit of the Certificateholders (as
determined by the Master Servicer in its reasonable judgment) in accordance with the terms of this Agreement and the respective
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 in the local areas where the related Mortgaged Property is located but without
regard to:

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

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

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

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

To the extent consistent with the foregoing, the Master
Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes.  Subject
only to the above‐described servicing standards and the terms of this Agreement and of the respective Mortgage Loans, the
Master 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 in accordance with policies and
procedures generally accepted in the mortgage banking industry.  Without limiting the generality of the foregoing, the Master
Servicer in its own name or in the name of a Sub‐Servicer is hereby authorized and empowered by the Trustee when the Master
Servicer believes it appropriate in its best judgment in accordance with the servicing standards set forth above, to execute and
deliver, on behalf of the Certificateholders and the Trustee, and upon notice to 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 Master 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
Master 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, the Trustee, shall execute, at the written direction of
the Master Servicer, and furnish to the Master Servicer and any Sub‐Servicer such documents as are necessary or appropriate
to enable the Master Servicer or any Sub‐Servicer to carry out their servicing and administrative duties hereunder, and the
Trustee hereby grants to the Master Servicer and each Sub-Servicer a power of attorney to carry out such duties including a power
of attorney to take title to Mortgaged Properties after foreclosure on behalf of the Trustee and the Certificateholders.  The
Trustee, at the direction of the Master Servicer, shall execute a separate power of attorney in favor of (and furnish such power of
attorney to) the Master Servicer and/or each Sub-Servicer for the purposes described herein to the extent necessary or desirable to
enable the Master Servicer to perform its duties hereunder.  The Trustee shall not be liable for the actions of the Master
Servicer or any Sub‐Servicers under such powers of attorney.

Subject to Section 3.09 hereof, in accordance with the
standards of the preceding paragraph, the Master Servicer shall advance or cause to be advanced funds as necessary for the purpose
of effecting the timely payment of taxes and assessments on the Mortgaged Properties, which advances shall be Servicing Advances
reimbursable in the first instance from collections on the related Mortgage Loans from the Mortgagors pursuant to Section 3.09, and
further as provided in Section 3.11.  Any cost incurred by the Master Servicer or by Sub‐Servicers in effecting the
timely payment of taxes and assessments on a Mortgaged Property shall not, for the purpose of calculating distributions to
Certificateholders, be added to the unpaid 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 Master Servicer may not make any future advances with respect to a Mortgage Loan (except as provided in Section 4.04)
and the Master Servicer shall not (i) permit any modification with respect to any Mortgage Loan that would change the Mortgage
Rate, reduce or increase the principal balance (except for reductions resulting from actual payments of principal) or change the
final maturity date on such Mortgage Loan (unless, as provided in Section 3.07, the Mortgagor is in default with respect to the
Mortgage Loan or such default is, in the judgment of the Master 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 final, temporary or proposed Treasury regulations promulgated thereunder) and
(B) cause any Trust REMIC to fail to qualify as a REMIC under the Code or the imposition of any tax on “prohibited
transactions” or contributions after the startup day under the REMIC Provisions.

The Master Servicer may delegate its responsibilities
under this Agreement; provided, however, that no such delegation shall release the Master Servicer from the responsibilities or
liabilities arising under this Agreement.

With respect to each Mortgage Loan, the Master Servicer
will furnish, or cause to be furnished, information regarding the borrower credit file related to such Mortgage Loan to credit
reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and the applicable implementing
regulations.

Section 3.02          Sub‐Servicing Agreements Between the Master
Servicer and Sub‐Servicers.

(a)        The Master Servicer may enter into Sub‐Servicing Agreements provided
(i) that such agreements would not result in a withdrawal or a downgrading by any Rating Agency of the ratings on any Class of
Certificates, any of the Other NIM Notes or any of the Insured NIM Notes (without giving effect to any insurance policy issued by
the NIMS Insurer), as evidenced by a letter to that effect delivered by each Rating Agency to the Depositor and the NIMS Insurer
and (ii) that, except in the case of any Sub‐Servicing Agreements the Master Servicer may enter into with Washington
Mutual, Inc. or any Affiliate thereof, the NIMS Insurer shall have consented to such Sub‐Servicing Agreements (which consent
shall not be unreasonably withheld) with Sub‐Servicers, for the servicing and administration of the Mortgage Loans. 
That certain Subservicing Agreement by and between the Master Servicer and Washington Mutual Bank, FA dated April 9, 2001 is
hereby acknowledged as being permitted under this Agreement and meeting the requirements applicable to Sub-Servicing Agreements set
forth in this Agreement.  The Trustee is hereby authorized to acknowledge, at the request of the Master Servicer, any
Sub‐Servicing Agreement that meets the requirements applicable to Sub‐Servicing Agreements set forth in this Agreement
and that is otherwise permitted under this Agreement.

Each Sub‐Servicer shall be (i) authorized to
transact business in the state or states in which 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, (ii) an institution approved as a mortgage loan originator by the Federal Housing
Administration or an institution the deposit accounts in which are insured by the FDIC and (iii) a 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.  The Master Servicer will examine each Sub‐Servicing Agreement and will be
familiar with the terms thereof.  The terms of any Sub‐Servicing Agreement will not be inconsistent with any of the
provisions of this Agreement.  The Master Servicer and the Sub‐Servicers may enter into and make amendments to the
Sub‐Servicing Agreements or enter into different forms of Sub‐Servicing Agreements; provided, however, that any such
amendments or different forms shall be consistent with and not violate the provisions of this Agreement, and that no such amendment
or different form shall be made or entered into which could be reasonably expected to be materially adverse to the interests of the
Certificateholders, without the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights.  Any
variation without the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights 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 Master Servicer, are
conclusively deemed to be inconsistent with this Agreement and therefore prohibited.  The Master 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 Master Servicer’s execution and delivery of such instruments.

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

Section 3.03          Successor Sub‐Servicers.

The Master Servicer, with the written 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 Master Servicer without any act or deed on the part of such
Sub‐Servicer or the Master Servicer, and the Master 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 Trustee without fee, in accordance with the terms of this
Agreement, and the Trustee shall so terminate such Sub‐Servicing Agreement at the direction of the NIMS Insurer in the event
that the Master Servicer (or the Trustee, if then acting as Master Servicer) shall, for any reason, no longer be the Master
Servicer (including termination due to a Master Servicer Event of Default).

Section 3.04          Liability of the Master Servicer.

Notwithstanding any Sub‐Servicing Agreement, any
of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer and a Sub‐Servicer or
reference to actions taken through a Sub‐Servicer or otherwise, the Master 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 Master Servicer alone were servicing and administering the Mortgage Loans.  The Master Servicer shall be
entitled to enter into any agreement with a Sub‐Servicer for indemnification of the Master Servicer by such
Sub‐Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification and no such
indemnification shall be an expense of the Trust.

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 Master Servicer alone, and the Trustee, the NIMS Insurer and the
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 Master Servicer shall be solely liable for all
fees owed by it to any Sub‐Servicer, irrespective of whether the Master Servicer’s compensation pursuant to this
Agreement is sufficient to pay such fees and such fees shall not be an expense of the Trust.

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

In the event the Master Servicer shall for any reason no
longer be the master servicer (including by reason of the occurrence of a Master Servicer Event of Default), the Trustee or its
designee shall thereupon assume all of the rights and obligations of the Master Servicer under each Sub‐Servicing Agreement
that the Master 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, its designee or the successor
servicer for the Trustee appointed pursuant to Section 7.02 shall be deemed, subject to Section 3.03, to have assumed all of the
Master Servicer’s interest therein and to have replaced the Master 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
Master Servicer shall not thereby be relieved of any liability or obligations under any Sub‐Servicing Agreement that arose
before it ceased to be the Master Servicer and (ii) none of the Trustee, its designee or any successor Master Servicer shall
be deemed to have assumed any liability or obligation of the Master Servicer that arose before it ceased to be the Master
Servicer.

The Master Servicer at its own expense and without
reimbursement 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.

Section 3.07          Collection of Certain Mortgage Loan Payments.

The Master Servicer shall make reasonable efforts to
collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures
shall be consistent with this Agreement and the terms and provisions of any applicable insurance policies, follow such collection
procedures as it would follow with respect to mortgage loans comparable to the Mortgage Loans and held for its own account. 
Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charge or, if applicable,
any penalty interest, 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 that any extension pursuant to this clause (ii) 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 Master 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 arrangements, subject to Section 4.04(d) pursuant to which the Master Servicer shall not be required to make any such advances
that are Nonrecoverable Advances.  Notwithstanding the foregoing, in the event that any Mortgage Loan is in default or, in the
judgment of the Master Servicer, such default is reasonably foreseeable, the Master 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 (such
payment, a “Short Pay‐off”) or consent to the postponement of strict compliance with any such term or otherwise
grant indulgence to any Mortgagor; provided, that in the judgment of the Master Servicer, any such modification, waiver or
amendment could reasonably be expected to result in collections and other recoveries in respect of such Mortgage Loans in excess of
Net Liquidation Proceeds that would be recovered upon the foreclosure of, or other realization upon, such Mortgage Loan and
provided further, 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
Closing Date Mortgage Loans as of the Cut‐off Date. 

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 shall be required to establish and maintain one
or more segregated accounts (collectively, the “Sub‐Servicing Account”).  The Sub‐Servicing Account
shall be an Eligible Account and shall be entitled “Deutsche Bank National Trust Company, as Trustee, in trust for registered
Holders of Long Beach Mortgage Loan Trust 2004‐6, Asset‐Backed Certificates, Series 2004‐6.  The
Sub‐Servicer shall be required to deposit in the clearing account (which account must be an Eligible 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 deposit of such funds into the clearing account.  The Sub‐Servicer shall thereafter be
required to deposit such proceeds in the Collection Account or remit such proceeds to the Master 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 Master Servicer shall be deemed to have received payments on the Mortgage Loans when the
Sub‐Servicer receives such payments.

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

The Master Servicer shall establish and maintain, or
cause to be established and maintained, one or more separate accounts (the “Servicing Accounts”).  Servicing
Accounts shall be Eligible Accounts.  The Master Servicer shall deposit in the clearing account (which account must be an
Eligible 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 Master Servicer’s receipt
thereof, all collections from the Mortgagors (or related advances from Sub‐Servicers) for the payment of taxes, assessments,
hazard insurance premiums and comparable items for the account of the Mortgagors (“Escrow Payments”) collected on
account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Servicing Accounts, in no event more than
two Business Days after the deposit of such funds in the clearing account, for the purpose of effecting the payment of any such
items as required under the terms of this Agreement.  Withdrawals of amounts from a Servicing Account may be made only to
(i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items; (ii) reimburse the Master
Servicer (or a Sub‐Servicer to the extent provided in the related Sub‐Servicing Agreement) out of related collections
for any 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 Servicing Account; (v) clear and terminate the Servicing Account upon the
termination of the Master Servicer’s obligations and responsibilities in respect of the Mortgage Loans under this Agreement
in accordance with Article IX or (vi) recover amounts deposited in error.  As part of its servicing duties, the
Master Servicer or Sub‐Servicers shall pay to the Mortgagors interest on funds in Servicing Accounts, to the extent required
by law and, to the extent that interest earned on funds in the Servicing Accounts is insufficient, to pay such interest from its or
their own funds, without any reimbursement therefor.  To the extent that a Mortgage does not provide for Escrow Payments, the
Master Servicer shall determine whether any such payments are made by the Mortgagor in a manner and at a time that avoids the loss
of the Mortgaged Property due to a tax sale or the foreclosure of a tax lien.  The Master Servicer assumes full responsibility
for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the
Mortgagor’s faithful performance in the payment of same or the making of the Escrow Payments and shall make advances from its
own funds to effect such payments; provided, however, that such advances shall constitute Servicing Advances.

Section 3.10          Collection Account and Distribution Account.

(a)        On behalf of the Trust Fund, the Master 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 Master Servicer
shall deposit or cause to be deposited in the clearing account (which account must be an Eligible 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 Master Servicer’s receipt thereof, and shall thereafter deposit in the
Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, 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 related 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, on the Mortgage Loans;

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

(iii)       all Insurance Proceeds and
Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and amounts paid by the Master
Servicer in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 9.01) and all Gross Subsequent
Recoveries;

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

(v)        any amounts required to be
deposited by the Master 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 or Section 9.01 and all Master Servicer Prepayment Charge
Payment Amounts required to be deposited in the Collection Account pursuant to Section 2.03;

(vii)      all Substitution Adjustments;

(viii)      all Prepayment Charges collected by the
Master Servicer; and

(ix)       without duplication, all payments of
claims received by the Master Servicer under the PMI Policy.

For purposes of the immediately preceding sentence, the
Cut‐off Date with respect to any Qualified Substitute Mortgage Loan shall be deemed to be the date of
substitution.

The foregoing requirements for deposit in the Collection
Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the
nature of late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees and charges (other than
Prepayment Charges) need not be deposited by the Master Servicer in the Collection Account and shall, upon collection, belong to
the Master Servicer as additional compensation for its servicing activities.  In the event the Master Servicer shall deposit
in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the
Collection Account, any provision herein to the contrary notwithstanding.

(b)        On behalf of the Trust Fund, the Trustee shall establish and maintain one or
more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Trustee and
the Certificateholders.  On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee in immediately
available funds for deposit in the Distribution Account on or before 3:00 p.m. New York time (i) on the Master 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 on the Prepayment Charge Schedule collected by the Master Servicer in connection with
any of the Mortgage Loans and any Master Servicer Prepayment Charge Payment Amounts then on deposit in the Collection Account and
the amount of any funds reimbursable to an Advancing Person pursuant to Section 3.27 and (ii) on each Business Day as of the
commencement of which the balance on deposit in the Collection Account exceeds $75,000 following any withdrawals pursuant to the
next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely
pursuant to clause (ii) of the definition of “Eligible Account.”  If the balance on deposit in the Collection
Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible
Account solely pursuant to clause (ii) of the definition of “Eligible Account,” the Master Servicer shall, on or
before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or
reimbursable to the Depositor, the Master Servicer, the Trustee, the Seller or any Sub‐Servicer pursuant to Section 3.11 and
shall pay such amounts to the Persons entitled thereto.  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 owners of the account that it establishes pursuant
to this Agreement, including, but not limited to, each account owner’s name, address, and other identifying
information.

(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 Master Servicer shall give notice
to the Trustee, the NIMS Insurer, the Depositor and the Rating Agencies 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 Master Servicer, the NIMS Insurer, the
Depositor and the Rating Agencies 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
Master 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 Master 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, and the
Trustee shall withdraw, such amount from the Distribution Account and remit to the Master Servicer any such amount, any provision
herein to the contrary notwithstanding.  In addition, the Master Servicer shall deliver to the Trustee from time to time for
deposit, and the Trustee shall so deposit, in the Distribution Account:

(i)         any Advances, as required
pursuant to Section 4.04, unless delivered directly to the Trustee by an Advancing Person;

(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 Master
Servicer in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 9.01;

(iv)       any amounts required to be deposited
pursuant to Section 3.24 in connection with any Prepayment Interest Shortfalls; and

(v)        any Stayed Funds, as soon as
permitted by the federal bankruptcy court having jurisdiction in such matters.

(e)        Promptly upon receipt of any Stayed Funds, whether from the Master Servicer, a
trustee in bankruptcy, federal bankruptcy court or other source, the Trustee shall deposit such funds in the Distribution Account,
subject to withdrawal thereof pursuant to Section 7.02(b) or as otherwise permitted hereunder.

Section 3.11          Withdrawals from the Collection Account and
Distribution Account.

(a)        The Master 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, without priority:

(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 Master Servicer for Advances, but only to the extent of amounts received which represent Late Collections (net of the
related Servicing Fees) of Monthly Payments on the related Mortgage Loans in accordance with the provisions of Section
4.04;

(iii)       subject to Section 3.16(d), to pay
the Master Servicer or any Sub‐Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances
with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, Insurance Proceeds, Gross
Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with
respect to such Mortgage Loan;

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

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

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

(vii)      to reimburse the Master Servicer or the
Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section
6.03;

(viii)      to reimburse the NIMS Insurer, the Master
Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving
rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the Mortgage Loan,
including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the
NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;

(ix)       to pay, or to reimburse the Master
Servicer for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
and

(x)        to clear and terminate the
Collection Account pursuant to Section 9.01.

The Master Servicer shall keep and maintain separate
accounting, on an individual 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), (v), (vi), (viii) and (ix) above.  The Master
Servicer shall provide written notification to the Trustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer
Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vii) above.

(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 to
Certificateholders in accordance with Section 4.01;

(ii)        to pay to itself amounts to
which it is entitled pursuant to Section 8.05 or to pay any other Extraordinary Trust Fund Expenses;

(iii)       to pay to itself any interest income
earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);

(iv)       to reimburse itself pursuant to
Section 7.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master
Servicer;

(v)        to pay any amounts in respect of
taxes pursuant to Section 10.01(g);

(vi)       to remit to the Master Servicer any
amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with
Section 3.10(d);

(vii)      to pay to an Advancing Person
reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;

(viii)      to clear and terminate the Distribution
Account pursuant to Section 9.01;

(ix)       to pay the PMI Insurer the PMI Insurer
Fee based on information received from the Master Servicer; and

(x)        to pay itself the Trustee
Fees.

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

(a)        The Master Servicer may direct any depository institution maintaining the
Collection Account and any REO Account (for purposes of this Section 3.12, an “Investment Account”), and the Trustee,
in its individual capacity, may direct any depository institution maintaining the Distribution Account (for purposes of this
Section 3.12, the Distribution Account is also an “Investment Account”), to invest the funds in such Investment Account
in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no
later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account
pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon 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. 
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 actual notice 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 Master Servicer shall be for the benefit of the Master Servicer
and shall be subject to its withdrawal in accordance with Section 3.11 or Section 3.23, as applicable.  The Master Servicer
shall deposit in the Collection Account or any REO Account, as applicable, from its own funds, the amount of any loss of principal
incurred in respect of any such Permitted Investment made with funds in such accounts immediately upon realization of such
loss.

(c)        All income and gain realized from the investment of funds deposited in the
Distribution Account held by or on behalf of the Trustee shall be for the benefit of the Trustee and shall be subject to its
withdrawal at any time.  The Trustee shall deposit in the Distribution Account, from its own funds, the amount of any loss of
principal incurred in respect of any such Permitted Investment made with funds in such accounts immediately upon realization of
such loss.

(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(v), upon the request of 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.

Section 3.13          Reserved.

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

(a)        The Master Servicer shall cause to be maintained for each Mortgage Loan fire
insurance with extended coverage on the related Mortgaged Property in an amount which is at least equal to the least of
(i) the then current principal balance of such Mortgage Loan, (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 and (iii) the maximum
insurable value of the improvements which are a part of such Mortgaged Property, 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 Master Servicer shall also cause to be maintained fire 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, plus accrued
interest at the Mortgage Rate and related Servicing Advances.  The Master 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 Master 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
Master 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 Master 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 Master 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 Master Servicer shall obtain and
maintain a blanket policy with an insurer having a General Policy Rating of A:X or better in Best’s Key Rating Guide (or such
other rating that is comparable to such rating) 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, in which case the Master 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 administrator and servicer of the Mortgage Loans, the Master Servicer agrees to prepare and
present, on behalf of itself, the Trustee and Certificateholders, claims under any such blanket policy in a timely fashion in
accordance with the terms of such policy.

(b)        The Master 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 Master 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 Master Servicer or any of its Affiliates has
obtained a waiver of such Fannie Mae or Freddie Mac requirements from either Fannie Mae or Freddie Mac.  The Master 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 Master Servicer or any of its Affiliates has obtained a waiver of such Fannie Mae or Freddie Mac requirements from either
Fannie Mae or Freddie Mac.  The Master Servicer shall provide the Trustee and the NIMS Insurer (upon such party’s
reasonable request) with copies of any such insurance policies and fidelity bond.  The Master Servicer shall be deemed to have
complied with this provision if an Affiliate of the Master 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 Master Servicer.  Any
such errors and omissions policy and fidelity bond shall by its terms not be cancelable without thirty days’ prior written
notice to the Trustee.  The Master Servicer shall also cause each Sub‐Servicer to maintain a comparable policy of
insurance covering errors and omissions and a fidelity bond meeting such requirements.

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

The Master Servicer shall, 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 Master Servicer shall not be required to take such action if in its sole
business judgment the Master Servicer believes that the collections and other recoveries in respect of such Mortgage Loans could
reasonably be expected to be maximized if the Mortgage Loan were not accelerated, and the Master Servicer shall not exercise any
such rights if prohibited by law from doing so.  If the Master 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 Master 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 Master Servicer may also
enter into a substitution of liability agreement with such person, pursuant to which the original Mortgagor is released from
liability and such person is substituted as the Mortgagor and becomes liable under the Mortgage Note, provided that no such
substitution shall be effective unless such person satisfies the underwriting criteria of the Master Servicer and has a credit risk
rating at least equal to that of the original Mortgagor.  In connection with any assumption, modification or
substitution, the Master 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 Master Servicer shall not take or enter into any assumption and modification agreement, however, unless (to the extent
practicable under the circumstances) it shall have received confirmation, in writing, of the continued effectiveness of any
applicable hazard insurance policy, or a new policy meeting the requirements of this Section is obtained.  Any fee collected
by the Master Servicer in respect of any assumption, modification or substitution of liability agreement will be retained by the
Master 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 Master Servicer shall notify the Trustee and the
NIMS Insurer that any such substitution, modification or assumption agreement has been completed by forwarding to the Trustee (with
a copy to the NIMS Insurer) 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 Master 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 Master Servicer may be restricted by law from preventing, for any reason whatever.  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 Master Servicer shall use reasonable efforts consistent with the servicing
standard set forth in Section 3.01, to foreclose upon or otherwise comparably convert the ownership of properties securing such of
the Mortgage Loans as come into and continue in default and as to which no satisfactory arrangements can be made for collection of
delinquent payments pursuant to Section 3.07.  The Master Servicer shall be responsible for all costs and expenses incurred by
it in any such proceedings; provided, however, that such costs and expenses will constitute and be recoverable as Servicing
Advances by the Master Servicer as contemplated in Section 3.11 and Section 3.23.  The foregoing is subject to the provision
that, in any case in which Mortgaged Property shall have suffered damage from an Uninsured Cause, the Master Servicer shall not be
required to expend its own funds toward the restoration of such property unless it shall determine in its sole and absolute
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 Master 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 Master 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 Master Servicer has also previously determined, based on its
reasonable judgment and a report prepared by an Independent Person who regularly conducts environmental audits using customary
industry standards, that:

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

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

Notwithstanding the foregoing, with respect to the
Mortgage Loans, if such environmental audit reveals, or if the Master Servicer has knowledge or notice, that the Mortgaged Property
securing the Mortgage Loan contains such wastes or substances or is within one mile of the site of such wastes or substances, the
Master 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 Master Servicer, subject to the Master Servicer’s right to be reimbursed
therefor from the Collection Account as provided in Section 3.11(a)(ix), 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.  It is understood by the parties hereto that any such advance will constitute a Servicing Advance.

If the Master 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 Master Servicer shall take such action as it deems to be in the best economic interest of the Trust
Fund.  The cost of any such compliance, containment, cleanup or remediation shall be advanced by the Master Servicer, subject
to the Master Servicer’s right to be reimbursed therefor from the Collection Account as provided in Section 3.11(a)(ix), 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.  It is understood by the parties hereto that any such advance
will constitute a Servicing Advance.

(c)        The Master Servicer may at its option purchase from REMIC 1 any Mortgage Loan
or related REO Property that is 90 days or more delinquent or that has been otherwise in default for 90 days or more, which the
Master Servicer determines in good faith will otherwise become subject to foreclosure proceedings (evidence of such determination
to be delivered in writing to the Trustee prior to purchase), at a price equal to the Purchase Price; provided, however, that the
Master Servicer shall purchase any such Mortgage Loans or related REO Properties on the basis of delinquency or default, purchasing
first the Mortgage Loans or related REO Properties that became delinquent or otherwise in default on an earlier date; and provided,
further, that such option shall expire as of the last day of the calendar quarter during which such Mortgage Loan or related REO
Property became 90 days delinquent or otherwise in default for 90 days or more.  In the event the Master Servicer does not
exercise its option to purchase from REMIC 1 any such Mortgage Loan or related REO Property prior to the expiration of such option,
the NIMS Insurer shall be entitled to purchase such Mortgage Loan or related REO Property at any time thereafter.  The
Purchase Price for any Mortgage Loan or related REO Property purchased hereunder shall be deposited in the Collection Account, and
the Trustee, upon receipt of written certification from the Master Servicer of such deposit, shall release or cause to be released
to the Master Servicer or the NIMS Insurer, as applicable, the related Mortgage File and the Trustee shall execute and deliver such
instruments of transfer or assignment, in each case without recourse, as the Master Servicer or the NIMS Insurer, as applicable,
shall furnish and as shall be necessary to vest in the Master Servicer or the NIMS Insurer, as applicable, title to any Mortgage
Loan or related REO Property released pursuant hereto.

(d)        Proceeds received (other than any Prepayment Charges received) in connection
with any Final Recovery Determination, as well as any recovery resulting from a partial collection of Insurance Proceeds,
Liquidation Proceeds or Gross Subsequent Recoveries, in respect of any Mortgage Loan, will be applied in the following order of
priority:  first, to reimburse the Master Servicer or any Sub‐Servicer for any related unreimbursed Servicing
Advances and Advances, pursuant to Section 3.11(a)(ii) or (a)(iii); second, 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 third, as a recovery of principal of the
Mortgage Loan.  If the amount of the recovery so allocated to interest is less than the full amount of accrued and unpaid
interest due on such Mortgage Loan, the amount of such recovery will be allocated by the Master Servicer as follows: 
first, to unpaid Servicing Fees; and second, to the balance of the interest then due and owing.  The portion of
the recovery so allocated to unpaid Servicing Fees shall be reimbursed to the Master 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 Master
Servicer of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Master Servicer will
promptly notify the Trustee and the applicable Custodian holding the related Mortgage File by a certification in the form of
Exhibit E‐2 (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) of a Servicing Representative and shall request delivery to it of the related Mortgage File.  Upon
receipt of such certification and request, the Trustee or such Custodian, as applicable, shall promptly release the related
Mortgage File to the Master Servicer.  No expenses incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Collection Account or the Distribution Account.

(b)        From time to time and as appropriate for the servicing or foreclosure of any
Mortgage Loan, including, for this purpose, collection under any insurance policy relating to the Mortgage Loans, the Trustee or
the applicable Custodian shall, upon request of the Master Servicer and delivery to the Trustee or the applicable Custodian of a
Request for Release in the form of Exhibit E‐l, release the related Mortgage File to the Master Servicer, and the
Trustee or the applicable Custodian, on behalf of the Trustee, shall, at the direction of the Master Servicer, execute such
documents as shall be necessary to the prosecution of any such proceedings and the Master Servicer shall retain such Mortgage File
in trust for the benefit of the Certificateholders.  Such Request for Release shall obligate the Master Servicer to return
each and every document previously requested from the Mortgage File to the Trustee or the applicable Custodian when the need
therefor by the Master 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 Master Servicer has delivered to the Trustee or the applicable Custodian a certificate of a Servicing Representative
certifying as to 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 certificate of a Servicing Representative 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, a copy of the Request
for Release shall be released by the Trustee or the applicable Custodian to the Master Servicer or its designee.

(c)        At the direction of the Master Servicer and upon written certification of a
Servicing Representative, each of the Trustee or the applicable Custodian shall execute and deliver to the Master Servicer any
court pleadings, requests for trustee’s sale or other documents reasonably 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, or shall execute and deliver to the Master Servicer a power of attorney
sufficient to authorize the Master Servicer or the Sub-Servicer to execute such documents on its behalf, provided that each of the
Trustee or the applicable Custodian shall be obligated to execute the documents identified above if necessary to enable the Master
Servicer or the Sub-Servicer to perform their respective duties hereunder or under the Sub-Servicing Agreement.  Each such
certification shall include a request that such pleadings or documents be executed by the Trustee or the applicable Custodian and a
statement as to the reason such documents or pleadings are required.

(d)        If any Mortgage Loan is repurchased, substituted or purchased in accordance
with Section 2.03, 3.16(c) or 9.01, the Trustee shall execute and deliver the Mortgage Loan Assignment Agreement in the form of
Exhibit E-3 with respect to such Mortgage Loan, transferring such Mortgage Loan to the Person entitled thereto pursuant to such
Section 2.03, 3.16(c) or 9.01, as applicable.

Section 3.18          Servicing Compensation.

As compensation for the activities of the Master
Servicer hereunder, the Master 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 Master Servicer shall
be entitled to recover unpaid Servicing Fees out of Late Collections, Insurance Proceeds, Liquidation Proceeds or Gross Subsequent
Recoveries 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.  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 Master Servicer’s responsibilities and obligations under this
Agreement; provided, however, that the Master 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 or modification fees, late payment charges, NSF fees, reconveyance fees and other similar fees and charges (other than
Prepayment Charges) shall be retained by the Master Servicer (subject to Section 3.24) only to the extent such fees or charges are
received by the Master Servicer.  The Master 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.  The Master 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, it being understood
however, that payment of such premiums by the Master Servicer shall constitute Servicing Advances and servicing compensation of
each Sub‐Servicer, and to the extent provided herein and in Section 8.05, the fees and expenses of the Trustee) and shall not
be entitled to reimbursement therefor except as specifically provided herein.

Section 3.19          Reports to the Trustee; Collection Account
Statements.

Not later than fifteen days after each Distribution
Date, the Master Servicer shall forward to the Trustee, the NIMS Insurer and the Depositor a statement prepared by the Master
Servicer setting forth the status of the Collection Account as of the close of business on such Distribution Date and showing, for
the period covered by such statement, the aggregate amount of deposits into and withdrawals from the Collection Account of each
category of deposit specified in Section 3.10(a) and each category of withdrawal specified in Section 3.11.  Such statement
may be in the form of the then current Fannie Mae Monthly Accounting Report for its Guaranteed Mortgage Pass‐Through Program
with appropriate additions and changes, and shall also include information as to the aggregate of the outstanding principal
balances of all of the Mortgage Loans as of the last day of the calendar month immediately preceding such Distribution Date. 
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 Master Servicer to the Trustee.

Section 3.20          Statement as to Compliance.

The Master Servicer shall deliver to the Trustee, the
Depositor, the NIMS Insurer and each Rating Agency on or before March 10 of each calendar year prior to and including the calendar
year in which a Form 15 is filed with respect to the Trust Fund and April 30 of each calendar year thereafter, an Officers’
Certificate stating, as to each signatory thereof, that (i) a review of the activities of the Master Servicer during the
preceding 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 Master Servicer has fulfilled all of its obligations under this
Agreement throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such
default known to such officer and the nature and status thereof.  Copies of any such statement shall be provided by the
Trustee to any Certificateholder and to any Person identified to the Trustee as a prospective transferee of a Certificate, upon the
request and at the expense of the requesting party, provided that such statement is delivered by the Master Servicer to the
Trustee.

Section 3.21          Independent Public Accountants’ Servicing
Report.

Not later than March 10 of each calendar year prior to
and including the calendar year in which a Form 15 is filed with respect to the Trust Fund and April 30 of each calendar year
thereafter, the Master Servicer, at its expense, shall cause a nationally recognized firm of independent certified public
accountants to furnish to the Master Servicer a report stating that (i) it has obtained a letter of representation regarding
certain matters from the management of the Master Servicer which includes an assertion that the Master Servicer has complied with
certain minimum residential mortgage loan servicing standards, identified in the Uniform Single Attestation Program for Mortgage
Bankers established by the Mortgage Bankers Association of America, with respect to the servicing of residential mortgage loans
during the most recently completed fiscal year and (ii) on the basis of an examination conducted by such firm in accordance
with standards established by the American Institute of Certified Public Accountants, such representation is fairly stated in all
material respects, subject to such exceptions and other qualifications that may be appropriate.  In rendering its report such
firm may rely, as to matters relating to the direct servicing of residential mortgage loans by Sub‐Servicers, upon comparable
reports of firms of independent certified public accountants rendered on the basis of examinations conducted in accordance with the
same standards (rendered within one year of such report) with respect to those Sub‐Servicers.  Immediately upon receipt
of such report, the Master Servicer shall furnish a copy of such report to the Trustee, the NIMS Insurer and each Rating
Agency.  Copies of such statement shall be provided by the Trustee to any Certificateholder upon request at the Master
Servicer’s expense, provided that such statement is delivered by the Master Servicer to the Trustee.  In the event such
firm of independent certified public accountants requires the Trustee to agree to the procedures performed by such firm, the Master
Servicer shall direct the Trustee in writing to so agree; it being understood and agreed that the Trustee will deliver such letter
of agreement in conclusive reliance upon the direction of the Master Servicer, and the Trustee has not made any independent inquiry
or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such
procedures.

Section 3.22          Access to Certain Documentation.

The Master 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 serviced by the Master
Servicer under this Agreement, as may be 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 Master Servicer designated by
it.  In addition, access to the documentation regarding the Mortgage Loans serviced by the Master Servicer under this
Agreement will be provided to any Certificateholder, the NIMS Insurer, the Trustee and to any Person identified to the Master
Servicer as a prospective transferee of a Certificate, upon reasonable request during normal business hours at the offices of the
Master 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 be taken in the name
of the Trustee, or its nominee, in trust for the benefit of the Certificateholders.  The Master Servicer, on behalf of REMIC 1
(and on behalf of the Trustee for the benefit of the Certificateholders), shall sell any REO Property as soon as practicable and,
in any event, shall either sell any REO Property before the close of the third taxable year after the year REMIC 1 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 the
three‐year grace period, unless the Master Servicer shall have delivered to Trustee, the NIMS Insurer and the Depositor an
Opinion of Counsel, addressed to the Trustee, the NIMS Insurer and the Depositor, to the effect that the holding by REMIC 1 of such
REO Property subsequent to three years after its acquisition will not result in the imposition on any Trust REMIC of taxes on
“prohibited transactions” thereof, as defined in Section 860F of the Code, or cause any Trust REMIC to fail to qualify
as a REMIC under Federal law at any time that any Certificates are outstanding.  If an extension of the three‐year
period is granted, the Master Servicer shall sell the related REO Property no later than 60 days prior to the expiration of such
extension period.  The Master 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 Trust REMIC 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 Master Servicer shall segregate and hold all funds collected and received
in connection with the operation of any REO Property separate and apart from its own funds and general assets 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 Master
Servicer may allow the Collection Account to serve as the REO Account, subject to separate ledgers for each REO Property.  The
Master Servicer may retain or withdraw any interest income paid on funds deposited in the REO Account.

(c)        The Master 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 Master Servicer manages and operates similar property owned by the Master Servicer or any
of its Affiliates, all on such terms and for such period as the Master Servicer deems to be in the best interests of
Certificateholders.  In connection therewith, the Master Servicer shall deposit, or cause to be deposited in the
clearing account (which account must be an Eligible 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 Master Servicer’s receipt thereof and shall thereafter deposit in the REO Account, in no event more than two Business
Days after the deposit of such funds into the clearing account, 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 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 Master Servicer shall advance from its own funds as Servicing Advances such amount as is
necessary for such purposes if, but only if, the Master Servicer would make such advances if the Master Servicer owned the REO
Property and if such Servicing Advance would not constitute a Nonrecoverable Advance.

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

(i)         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;

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

(iii)       authorize any construction on any REO Property, other than construction permitted
under Section 856(e)(4)(B) of the Code; or

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

unless, in any such case, the Master Servicer has
obtained an Opinion of Counsel (the cost of which shall constitute a Servicing Advance), a copy of which shall be provided to the
NIMS Insurer and the Trustee, 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 REMIC 1, in
which case the Master Servicer may take such actions as are specified in such Opinion of Counsel.

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

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

(ii)        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 Master Servicer as
soon as practicable, but in no event later than thirty days following the receipt thereof by such Independent
Contractor;

(iii)       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 Master 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

(iv)       the Master 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 Master 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 Master Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or
modify such indemnification.  The Master Servicer shall be solely liable for all fees owed by it to any such Independent
Contractor, irrespective of whether the Master 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 Master Servicer, such amounts shall be reimbursable as Servicing Advances made by the Master
Servicer.

(d)        In addition to the withdrawals permitted under Section 3.23(c), the Master
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 Master Servicer Remittance Date, the Master 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 Master Servicer at such price and upon such terms and conditions as the Master Servicer
shall deem necessary or advisable, as shall be normal and usual in its general servicing activities for similar
properties.

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

Section 3.24          Obligations of the Master Servicer in Respect of
Prepayment Interest Shortfalls.

The Master Servicer shall deliver to the Trustee for
deposit into the Distribution Account on or before 3:00 p.m. New York time on the Master Servicer Remittance Date from its own
funds an amount (“Compensating Interest”) equal to the lesser of (i) the aggregate of the Prepayment Interest
Shortfalls for the related Distribution Date resulting solely from Principal Prepayments during the related Prepayment Period and
(ii) the amount of its aggregate Servicing Fee for the most recently ended calendar month.

Section 3.25          Obligations of the Master Servicer in Respect of
Mortgage Rates and Monthly Payments.

In the event that a shortfall in any collection on or
liability with respect to any Mortgage Loan results from or is attributable to adjustments to Mortgage Rates, Monthly Payments or
Stated Principal Balances that were made by the Master Servicer in a manner not consistent with the terms of the related Mortgage
Note and this Agreement, the Master Servicer, upon discovery or receipt of notice thereof, immediately shall deliver to the Trustee
for deposit in the Distribution 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 master servicer in respect of any such liability.  Such
indemnities shall survive the termination or discharge of this Agreement.  Notwithstanding the foregoing, this Section 3.25
shall not limit the ability of the Master Servicer to seek recovery of any such amounts from the related Mortgagor under the terms
of the related Mortgage Note, as permitted by law and shall not be an expense of the Trust.

Section 3.26          Reserve Fund.

No later than the Closing Date, the Trustee, on behalf
of the Certificateholders, shall establish and maintain with itself a separate, segregated trust account titled, “Reserve
Fund, Deutsche Bank National Trust Company, as Trustee, in trust for registered Holders of Long Beach Mortgage Loan Trust
2004‐6, Asset‐Backed Certificates, Series 2004‐6.”  The Trustee shall account for the right to receive
payments from the Reserve Fund as property that the Trustee holds separate and apart from the REMIC Regular Interests.

(a)        The following amounts shall be deposited into the Reserve Fund:

(i)         On each Distribution Date, the Trustee shall deposit all amounts
received with respect to the Cap Agreement;

(ii)        On the Closing Date, the Depositor shall deposit, or cause to be deposited,
into the Reserve Fund $1,000;

(iii)       On each Distribution Date as to which there is a Net WAC Rate Carryover Amount
payable to any of the Class A Certificates, the Class M Certificates or the Class B Certificates, the Trustee has been directed by
the Holders of the Class C Certificates to, and therefore shall, deposit into the Reserve Fund the amounts described in Section
4.01(d)(i)(u); and

(iv)       On each Distribution Date as to which there are no Net WAC Rate Carryover Amounts,
the Trustee shall deposit into the Reserve Fund on behalf of the Holders of the Class C Certificates, from amounts otherwise
distributable to such Class C Certificates, an amount such that when added to other amounts already on deposit in the Reserve Fund,
the aggregate amount on deposit therein is equal to $1,000. 

(b)        The Reserve Fund shall be segregated into two separate portions, for which the
Trustee shall keep separate accounts.  “Portion 1” of the Reserve Fund shall consist of amounts deposited pursuant
to Section 3.26(a)(i), above, plus any amounts earned on any such funds while on deposit in the Reserve Fund.  “Portion
2” of the Reserve Fund shall consist of amounts deposited pursuant to Sections 3.26(a)(ii), (a)(iii), and (a)(iv), above,
plus any amounts earned on any such funds while on deposit in the Reserve Fund.  Amounts distributed from the Reserve Fund
under Sections 4.01(d)(ii) and 3.26(c) shall be deemed to be distributed first from Portion 1 of the Reserve Fund to the extent
thereof and then from Portion 2.  On each Distribution Date on which there is a payment received by the Trustee under the Cap
Agreement that is based on a notional amount in excess of the aggregate Certificate Principal Balance of the Class A Certificates,
the Class M Certificates and Class B Certificates (such amount, the "Class C Excess Cap Amount"), the Trustee shall not treat such
payments as amounts on deposit in the Reserve Fund for purposes of determining distributions to the Class A Certificates, the Class
M Certificates of the Class B Certificates for any Distribution Date.  Any such Class C Excess Cap Amount shall not be an
asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the
benefit of the Class C Certificates, and the Trustee shall distribute such amount to the Class C Certificates pursuant to Section
4.01(d)(ii)(c).

(c)        Each Portion of the Reserve Fund shall be treated as an “outside reserve
fund” under applicable Treasury regulations and shall not be part of any REMIC created hereunder.  For federal and state
income tax purposes, the Holders of the Class C Certificates shall be deemed to be the owners of the Reserve Fund and all amounts
deposited into Portion 2 of the Reserve Fund (other than the initial deposit therein of $1,000) shall be treated as amounts
distributed by REMIC 2 to REMIC CX in respect of the Class C Interest, and then distributed by REMIC CX to the Holders of the Class
C Certificates.  For federal and state income tax purposes, payments in respect of the Class A Certificates, the Class M
Certificates and the Class B Certificates of Net WAC Rate Carryover Amounts and payments to the Class C Certificates (except
through Portion 2 of the Reserve Fund) will not be payments with respect to a “regular interest” in a REMIC within the
meaning of Code Section 860G(a)(1).

(d)        By accepting a Class C Certificate, each Holder of a Class C Certificate shall
be deemed to have directed the Trustee to, and the Trustee shall pursuant to such direction, deposit into the Reserve Fund the
amounts described in Section 3.26(a)(iii) and (a)(iv) above on each Distribution Date.  By accepting a Class C Certificate,
each Holder of a Class C Certificate further agrees that such direction is given for good and valuable consideration, the receipt
and sufficiency of which is acknowledged by such acceptance.

(e)        At the direction of the Holders of a majority in Percentage Interest in the
Class C Certificates, the Trustee shall direct any depository institution maintaining the Reserve Fund to invest the funds in such
account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand,
(i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such
account pursuant to this Agreement, if a Person other than the Trustee or an Affiliate manages or advises such investment, and
(ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if
the Trustee or an Affiliate manages or advises such investment.  If no investment direction of the Holders of a majority in
Percentage Interest in the Class C Certificates with respect to the Reserve Fund is received by the Trustee, the Trustee shall
invest the funds in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the
definition of Permitted Investments.  Notwithstanding the foregoing, any funds in the Reserve Fund shall be invested in
Deutsche Bank Cash Management Fund 541 for so long as such investment complies with clause (vi) of the definition of Permitted
Investments.  All income and gain earned upon such investment shall be deposited into the Reserve Fund.

(f)         For federal tax return and information reporting, the right of the
Certificateholders to receive payment on account of the Class A Certificates, the Class M Certificates and the Class B Certificates
from the Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be assigned a value of approximately
$55,214.88.

Section 3.27          Advance Facility.

(a)        The Trustee, on behalf of the Trust Fund, at the direction of the Master
Servicer and with the consent of the NIMS Insurer, is hereby authorized to enter into a facility with any Person which provides
that such Person (an “Advancing Person”) may make all or a portion of the Advances and/or Servicing Advances to the
Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Master Servicer’s obligation
to fund such Advances and/or Servicing Advances.  To the extent that an Advancing Person makes all or a portion of any Advance
or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is
entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such
amount to the extent provided in Section 3.27(b).  Such notice from the Advancing Person shall specify the amount of the
reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be
reimbursed.  The Trustee shall be entitled to rely without independent investigation on the Advancing Person’s statement
with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the Advancing Person’s
statement with respect to the Section of this Agreement that permits the applicable Advance or Servicing Advance to be
reimbursed.  An Advancing Person whose obligations are limited to the making of Advances and/or Servicing Advances shall not
be required to meet the qualifications of a Master Servicer or a Sub‐Servicer pursuant to Article VI hereof and will not
be deemed to be a Sub‐Servicer under this Agreement.  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 into such facility.

(b)        If an advancing facility is entered into, then the Master Servicer shall not
be permitted to reimburse itself under any Section specified or for any amount specified by the Advancing Person in the notice
described under Section 3.27(a) above and acknowledged by the Master Servicer prior to the remittance to the Trust Fund, but
instead the Master Servicer shall include such amounts in the applicable remittance to the Trustee made pursuant to Section
3.10(a).  The Trustee is hereby authorized to pay to the Advancing Person reimbursements for Advances and Servicing Advances
from the Distribution Account to the same extent the Master Servicer would have been permitted to reimburse itself for such
Advances and/or Servicing Advances in accordance with the specified Sections had the Master Servicer itself made such Advance or
Servicing Advance.  The Trustee is hereby authorized to pay directly to the Advancing Person such portion of the Servicing Fee
as the parties to any advancing facility may agree.

(c)        All Advances and Servicing Advances made pursuant to the terms of this
Agreement shall be deemed made and shall be reimbursed on a “first in‐first out” (FIFO) basis.

Section 3.28          Policy; Claims Under the PMI Policy

Notwithstanding anything to the contrary elsewhere in
this Article III, the Master Servicer shall not agree to any modification or assumption of a PMI Mortgage Loan or take any
other action with respect to a  PMI Mortgage Loan that could result in denial of coverage under the PMI Policy.  The
Master Servicer shall notify the PMI Insurer that the Trustee, as trustee on behalf of the Certificateholders, is the insured, as
that term is defined in the PMI Policy, of each PMI Mortgage Loan.  The Master Servicer shall, on behalf of the Trustee,
prepare and file on a timely basis with the PMI Insurer, with a copy to the Trustee, all claims which may be made under the PMI
Policy with respect to the PMI Mortgage Loans.  The Master Servicer shall take all actions required under the PMI Policy as a
condition to the payment of any such claim.  Any amount received from the PMI Insurer with respect to any such PMI Mortgage
Loan shall be deposited by the Master Servicer, no later than two Business Days following receipt thereof, into the Collection
Account.  On each Distribution Date, the Trustee shall pay to the PMI Insurer the PMI Insurer Fee for such Distribution Date
from the amounts on deposit in the Distribution Account prior to making any distributions to the Certificateholders.

Section 3.29          Reserved.

Section 3.30          Cap Agreement.

(a)        The Depositor hereby directs the Trustee to execute and deliver on behalf of
the Trust the Cap Agreement and authorizes the Trustee to perform its obligations thereunder on behalf of the Trust in accordance
with the terms of the Cap Agreement. 

(b)        [Reserved].

(c)        In the event that the Cap Agreement is canceled or otherwise terminated for
any reason (other than the exhaustion of the interest rate protection provided thereby), the Depositor shall, to the extent a
replacement contract is available, direct the Trustee to obtain from a counterparty designated by the Depositor a replacement
contract comparable to the Cap Agreement (which both such counterparty and such replacement contract shall be acceptable to the
Trustee and the Holders of the Certificates entitled to at least 50% of the Voting Rights) providing interest rate
protection which is equal to the then-existing protection provided by the Cap Agreement, provided, however, that if the cost of any
such replacement contract providing the same interest rate protection would be greater than the amount of any early termination
payment received by the Trustee under the Cap Agreement, the amount of interest rate protection provided by such replacement
contract may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of such
early termination payment.

ARTICLE IV

FLOW OF FUNDS

Section 4.01          Distributions.

(a)        On each Distribution Date, the Trustee shall withdraw from the Distribution
Account that portion of the Available Funds for such Distribution Date consisting of the Group I Interest Remittance
Amount and 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 I Interest Remittance Amount or
the Group II Interest Remittance Amount remaining for such Distribution Date:

(i)         The Group I Interest Remittance Amount shall be distributed
as follows:

(A)       first, concurrently, to the Class
I‐A1 Certificates and the Class I‐A2 Certificates, the Monthly Interest Distributable Amount and any Unpaid Interest
Shortfall Amount for such Classes, in each case allocated between the Class I‐A1 Certificates and the Class I‐A2
Certificates, pro rata, based on their respective entitlements; and

(B)       second, concurrently, to the Class
II‐A1 Certificates and the Class II‐A2 Certificates, the Monthly Interest Distributable Amount and any Unpaid Interest
Shortfall Amount for such Classes, in each case to the extent not paid pursuant to Section 4.01(a)(ii)(A) below, allocated between
the Class II‐A1 Certificates and the Class II‐A2 Certificates, pro rata, based on their respective
entitlements.

(ii)        The Group II Interest Remittance Amount shall be distributed as
follows:

(A)       first, concurrently, to the Class
II‐A1 Certificates and the Class II‐A2 Certificates, the Monthly Interest Distributable Amount and any Unpaid Interest
Shortfall Amount for such Classes, in each case allocated between the Class II‐A1 Certificates and the Class II‐A2
Certificates, pro rata, based on their respective entitlements; and

(B)       second, concurrently, to the Class
I‐A1 Certificates and the Class I‐A2 Certificates, the Monthly Interest Distributable Amount and any Unpaid Interest
Shortfall Amount for such Classes, in each case to the extent not paid pursuant to Section 4.01(a)(i)(A) above, allocated
between the Class I‐A1 Certificates and the Class I‐A2 Certificates, pro rata, based on their respective
entitlements.

(iii)       The sum of any Group I Interest Remittance Amount and Group II
Interest Remittance Amount remaining undistributed following the distributions pursuant to clauses (i) and (ii) above
shall be distributed as follows:

first, to the Class A‐3 Certificates, the Monthly Interest
Distributable Amount and any Unpaid Interest Shortfall Amount for such Class;

second, to the Class M-1 Certificates, the related Monthly Interest
Distributable Amount;

third, to the Class M‐2 Certificates, the related Monthly Interest
Distributable Amount;

fourth, to the Class M‐3 Certificates, the related Monthly Interest
Distributable Amount;

fifth, to the Class M‐4 Certificates, the related Monthly Interest
Distributable Amount;

sixth, to the Class M‐5 Certificates, the related Monthly Interest
Distributable Amount;

seventh, to the Class M‐6 Certificates, the related Monthly Interest
Distributable Amount;

eighth, to the Class M-7 Certificates, the related Monthly Interest
Distributable Amount; and

ninth, to the Class B Certificates, the related Monthly Interest
Distributable Amount.

(iv)       Any Group I Interest Remittance Amount or any Group II Interest
Remittance Amount remaining undistributed following distributions pursuant to clause (iii) above shall be used in determining the
amount of Net Monthly Excess Cashflow, if any, for such Distribution Date.

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

(i)         first,

(A)       (x)        an amount equal to
the Group I Principal Distribution Amount shall be distributed as follows:

           
(I)        to the Class I‐A1 Certificates, until the Certificate Principal Balance thereof
has been reduced to zero; then

 

            (II)      
to the Class I‐A2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and then

(y)        any portion of the Group II
Principal Distribution Amount distributable pursuant to Section 4.01(b)(i)(B)(x), below, that remains following distribution to the
Group II Senior Certificates shall be distributed as set forth in Section 4.01(b)(i)(A)(x), above;

(B)       (x)        an amount equal to
the Group II Principal Distribution Amount shall be distributed as follows:

           
(I)        to the Class II‐A1 Certificates, until the Certificate Principal Balance
thereof has been reduced to zero; then

            (II)      
to the Class II‐A2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
then

(y)        any portion of the Group I
Principal Distribution Amount distributable pursuant to Section 4.01(b)(i)(A)(x), above, that remains following distribution to the
Group I Senior Certificates, shall be distributed as set forth in Section 4.01(b)(i)(B)(x) above.

(ii)        second, the sum of any Group I Principal Distribution
Amount and Group II Principal Distribution Amount remaining undistributed following the distributions pursuant to Section
4.01(b)(i) shall be distributed in the following order of priority:

first, to the Class A‐3 Certificates, until the Certificate
Principal Balance thereof has been reduced to zero;

second, to the Class M‐1 Certificates, until the Certificate
Principal Balance thereof has been reduced to zero;

third, to the Class M‐2 Certificates, until the Certificate
Principal Balance thereof has been reduced to zero;

fourth, to the Class M‐3 Certificates, until the Certificate
Principal Balance thereof has been reduced to zero;

fifth, to the Class M‐4 Certificates, until the Certificate
Principal Balance thereof has been reduced to zero;

sixth, to the Class M‐5 Certificates, until the Certificate
Principal Balance thereof has been reduced to zero;

seventh, to the Class M‐6 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; and

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

(iii)       Any principal remaining undistributed pursuant to Sections 4.01(b)(i) and
4.01(b)(ii) above shall be used in determining the amount of Net Monthly Excess Cashflow, if any, for such Distribution Date.

(c)        On each Distribution Date (a) on or after the Stepdown Date and
(b) on which a Trigger Event is not in effect, the Class A Certificates, the Class M Certificates and the Class B Certificates
shall be entitled to receive distributions in respect of principal to the extent of the Group I Principal Distribution
Amount and the Group II Principal Distribution Amount in the following amounts and order of priority:

(i)         first,

(A)       the Group I Principal Distribution Amount
shall be distributed as follows: 

first, to the Group I Senior Certificates, the Group I Senior Principal
Distribution Amount to be distributed as follows:

(I)        to the Class I‐A1 Certificates, until
the Certificate Principal Balance thereof has been reduced to zero; then

(II)       to the Class I‐A2 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero; and then

second, to the Group II Senior Certificates, the Group II Senior Principal
Distribution Amount, to the extent not paid pursuant to Section 4.01(c)(i)(B) below to be distributed as follows: 

(I)        to the Class II‐A1 Certificates, until
the Certificate Principal Balance thereof has been reduced to zero; and then

(II)       to the Class II‐A2 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero.

(B)       the Group II Principal Distribution Amount
shall be distributed as follows: 

first, to the Group II Senior Certificates, the Group II Senior Principal
Distribution Amount, to be distributed as follows:

(I)        to the Class II‐A1 Certificates, until
the Certificate Principal Balance thereof has been reduced to zero; then

(II)       to the Class II‐A2 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero; and then

second, to the Group I Senior Certificates, the Group I Senior Principal
Distribution Amount, to the extent not paid pursuant to Section 4.01(c)(i)(A) above to be distributed as follows:

(I)        to the Class I‐A1 Certificates, until
the Certificate Principal Balance thereof has been reduced to zero; and then

(II)       to the Class I‐A2 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero.

(ii)        second, the sum of any Group I Principal Distribution
Amount and Group II Principal Distribution Amount remaining undistributed following the distribution pursuant to Section
4.01(c)(i) shall be distributed in the following order of priority:

first, to the Class A‐3 Certificates, the Class A‐3 Principal
Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

second, to the Class M‐1 Certificates, the Class M‐1 Principal
Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

third, to the Class M‐2 Certificates, the Class M‐2 Principal
Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

fourth, to the Class M‐3 Certificates, the Class M‐3 Principal
Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

fifth, to the Class M‐4 Certificates, the Class M‐4 Principal
Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

sixth, to the Class M‐5 Certificates, the Class M‐5 Principal
Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

seventh, to the Class M‐6 Certificates, the Class M‐6
Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;

eighth, to the Class M‐7 Certificates, the Class M‐7 Principal
Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and

ninth, to the Class B Certificates, the Class B Principal Distribution
Amount, until the Certificate Principal Balance thereof has been reduced to zero.

(iii)       Any principal remaining undistributed following distributions pursuant to
Sections 4.01(c)(i) and 4.01(c)(ii) shall be used in determining the amount of Net Monthly Excess Cashflow, if any, for such
Distribution Date.

(d)        (i)         On each Distribution Date,
any Net Monthly Excess Cashflow shall be paid in the following order of priority, in each case to the extent of the Net Monthly
Excess Cashflow remaining undistributed:

(a)        to the Class or Classes of Certificates then entitled to receive distributions
in respect of principal, in an amount equal to the sum of any Extra Principal Distribution Amount and the Remaining Principal
Distribution Amount for such Distribution Date, payable to such Class or Classes of Certificates as part of the Group I Principal
Distribution Amount or the Group II Principal Distribution Amount, as applicable, pursuant to Section 4.01(b) or Section
4.01(c) above, as applicable;

(b)        concurrently, to the Senior Certificates, in an amount equal to the
Unpaid Interest Shortfall Amount, if any, for such Classes for such Distribution Date to the extent remaining unpaid after
distribution of the Group I Interest Remittance Amount and the Group II Interest Remittance Amount on such
Distribution Date, allocated among such classes, pro rata, based on their respective entitlements;

(c)        to the Class A-3 Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date to the extent remaining unpaid after distribution of the
Group I Interest Remittance Amount and the Group II Interest Remittance Amount on such Distribution Date;

(d)        to the Class A‐3 Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(e)        to the Class M‐1 Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date;

(f)         to the Class M‐1 Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(g)        to the Class M‐2 Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date;

(h)        to the Class M‐2 Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(i)         to the Class M‐3 Certificates, in an amount equal to the Unpaid
Interest Shortfall Amount, if any, for such Class for such Distribution Date;

(j)         to the Class M‐3 Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(k)        to the Class M‐4 Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date;

(l)         to the Class M‐4 Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(m)       to the Class M‐5 Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date;

(n)        to the Class M‐5 Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(o)        to the Class M‐6 Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date;

(p)        to the Class M‐6 Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(q)        to the Class M-7 Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date;

(r)        to the Class M-7 Certificates, in an amount equal to the Allocated Realized
Loss Amount, if any, for such Class for such Distribution Date;

(s)        to the Class B Certificates, in an amount equal to the Unpaid Interest
Shortfall Amount, if any, for such Class for such Distribution Date;

(t)         to the Class B Certificates, in an amount equal to the Allocated
Realized Loss Amount, if any, for such Class for such Distribution Date;

(u)        to the Reserve Fund, the amount equal to the difference between (x) any excess
of the Net WAC Rate Carryover Amount, if any, with respect to the Class A Certificates, the Class M Certificates and the Class B
Certificates for such Distribution Date over any amounts on deposit in the Reserve Fund on such Distribution Date with respect to
the Cap Agreement and (y) any amounts deposited in the Reserve Fund pursuant to this Section 4.01(d)(i)(u) that were not
distributed on prior Distribution Dates (or, if no Net WAC Rate Carryover Amounts are payable to such Classes of Certificates on
such Distribution Date, to the Reserve Fund, an amount such that when added to other amounts already on deposit in the Reserve
Fund, the aggregate amount on deposit therein is equal to $1,000);

(v)        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 REMIC PX, as holder of
the Class P Interest, in reduction of the Uncertificated Principal Balance thereof, until the Uncertificated Principal Balance
thereof is reduced to zero;

(w)       to REMIC CX, as holder of the Class C Interest, the Monthly Interest Distributable
Amount for the Class C Interest plus, until the Uncertificated Principal Balance of the Class C Interest is reduced to zero, any
Overcollateralization Release Amount for such Distribution Date (in both cases, net of such portion of amounts payable pursuant to
this clause (w) that were paid pursuant to clause (u) above); and

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

(ii)        On each Distribution Date, after making the distributions of the Available
Funds as provided in this Section 4.01 and after depositing in the Reserve Fund any payments received under the Cap Agreement, the
Trustee shall withdraw from the Reserve Fund the amounts on deposit therein and shall distribute such amounts in the following
order of priority:

(a)        first, amounts in the Reserve Fund received with respect to the Cap
Agreement that are based on a notional amount in the Cap Agreement equal to or less than the aggregate Certificate Principal
Balance of the Class A Certificates, the Class M Certificates and the Class B Certificates shall be distributed first,
concurrently, to the Senior Certificates, up to the amount of the related Net WAC Rate Carryover Amount, allocated among the Senior
Certificates, pro rata, based on their Net WAC Rate Carryover Amounts; then, to the Offered Subordinate Certificates, up to
the amount of the related Net WAC Rate Carryover Amount, in the following order of priority:  first to the Class
A‐3 Certificates, second to the Class M‐1 Certificates, third to the Class M‐2 Certificates,
fourth to the Class M‐3 Certificates, fifth to the Class M‐4 Certificates, sixth to the Class
M‐5 Certificates, seventh to the Class M‐6 Certificates, eighth to the Class M-7 Certificates, and
ninth to the Class B Certificates; and then, to the Class C Certificates, in each case, to the extent of such amounts
received with respect to the Cap Agreement remaining in the Reserve Fund.

(b)        second, amounts deposited in the Reserve Fund pursuant to Section
4.01(d)(i)(u) shall be distributed first, concurrently, to the Senior Certificates, up to the amount of the related Net WAC Rate
Carryover Amount to the extent not paid pursuant to clause (a) above, allocated among the Senior Certificates, pro rata,
based on their Net WAC Rate Carryover Amounts; then, to the Offered Subordinate Certificates, up to the amount of the related Net
WAC Rate Carryover Amount to the extent not paid pursuant to clause (a) above, in the following order of priority: 
first to the Class A‐3 Certificates, second to the Class M‐1 Certificates, third to the Class
M‐2 Certificates, fourth to the Class M‐3 Certificates, fifth to the Class M‐4 Certificates,
sixth to the Class M‐5 Certificates, seventh to the Class M‐6 Certificates, eighth to the Class
M-7 Certificates and ninth to the Class B Certificates, in each case to the extent of such amounts remaining in the Reserve
Fund.

(c)        third, any Class C Excess Cap Amount for such Distribution Dates shall
be distributed to the Class C Certificates.

On the Distribution Date on which the Certificate
Principal Balance of the Class A Certificates, the Class M Certificates and the Class B Certificates has been reduced to zero,
after making all other distributions on such Distribution Date (including to the Class A Certificates, the Class M Certificates and
the Class B Certificates out of the Reserve Fund), the Trustee shall distribute to the Class C Certificates all remaining amounts
on deposit in the Reserve Fund.

(iii)       On each Distribution Date, all amounts representing Prepayment Charges in respect
of the Mortgage Loans received during the related Prepayment Period shall be withdrawn from the Distribution Account and
distributed by the Trustee to the Class P Interest, and shall not be available for distribution to any other Class of
Certificates.  On each Distribution Date, all amounts representing any Master Servicer Prepayment Charge Payment Amounts paid
by or collected by the Master Servicer during the related Prepayment Period shall be withdrawn from the Distribution Account and
distributed by the Trustee to the Class P Interest, and shall not be available for distribution to any other Class of
Certificates.  The payment of the foregoing amounts in respect of such Regular Interests shall not reduce the Uncertificated
Principal Balance thereof.

(e)        Without limiting the provisions of Section 9.01(b), by acceptance of the Class
R Certificates the Holders of the Class R Certificates agree, and it is the understanding of the parties hereto, for so long as any
of the NIM Notes are outstanding, to pledge their rights to receive any amounts otherwise distributable to the Holders of the Class
R Certificates (and such rights are hereby assigned and transferred) to the Holders of the Class C Certificates to be paid to the
Holders of the Class C Certificates.  By acceptance of the Class R Certificates, the Holders of the Class R Certificates
direct the Trustee to pay any amounts due to the Holders of the Class R Certificates on the first Distribution Date to the Holders
of the Class C Certificates.

(f)         All distributions made with respect to each Class of Certificates on
each Distribution Date shall be allocated pro rata among the outstanding Certificates in such Class based on their
respective Percentage Interests.  Payments in respect of each Class of Certificates on each Distribution Date will be made to
the Holders of the respective Class of record on the related Record Date (except as otherwise provided in this Section 4.01 or
Section 9.01 respecting the final distribution on such Class), based on the aggregate Percentage Interest represented by their
respective Certificates, and shall be made by wire transfer of immediately available funds to the account of any such Holder at a
bank or other entity having appropriate facilities therefor, if such Holder shall have so notified the Trustee in writing at least
five Business Days prior to the Record Date immediately prior to such Distribution Date and is the registered owner of Certificates
having an initial aggregate Certificate Principal Balance or Notional Amount that is in excess of the lesser of (i) $5,000,000
or (ii) two‐thirds of the Original Class Certificate Principal Balance or Original Class Notional Amount of such Class
of Certificates, or otherwise by check mailed by first class mail to the address of such Holder appearing in the Certificate
Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of
such Certificate at the Corporate Trust Office of the Trustee or such other location specified in the notice to Certificateholders
of such final distribution.

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, the Master Servicer or the Seller shall have any
responsibility therefor except as otherwise provided by applicable law.

(g)        The rights of the Certificateholders to receive distributions in respect of
the Certificates, and all interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. 
None of the Holders of any Class of Certificates, the Trustee or the Master Servicer shall in any way be responsible or liable to
the Holders of any other Class of Certificates in respect of amounts properly previously distributed on the
Certificates.

(h)        Except as otherwise provided in Section 9.01, whenever the Trustee expects
that the final distribution with respect to any Class of Certificates shall be made on the next Distribution Date, the Trustee
shall, no later than three (3) days before the related Distribution Date, mail to the NIMS Insurer and each Holder on such date of
such Class of Certificates a notice to the effect that:

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

(ii)        no interest shall accrue on such Certificates from and after the end of the
related Accrual Period.

Any funds not distributed to any Holder or Holders of
Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates
shall, on such date, be set aside and held in trust by the Trustee and credited to the account of the appropriate
non‐tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to this Section 4.01(h)
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Trustee shall mail
a second notice to the remaining non‐tendering Certificateholders to surrender their Certificates for cancellation in order
to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates
shall not have been surrendered for cancellation, the Trustee shall, directly or through an agent, mail a final notice to the
remaining non‐tendering Certificateholders concerning surrender of their Certificates but shall continue to hold any
remaining funds for the benefit of non‐tendering Certificateholders.  The costs and expenses of maintaining the funds in
trust and of contacting such Certificateholders shall be paid out of the assets remaining in such trust fund.  If within one
year after the final notice any such Certificates shall not have been surrendered for cancellation, the Trustee shall pay to Lehman
Brothers Inc. and WaMu Capital Corp., equally, all such amounts, and all rights of non‐tendering Certificateholders in or to
such amounts shall thereupon cease.  No interest shall accrue or be payable to any Certificateholder on any amount held in
trust by the Trustee as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 4.01(h).

(i)         Notwithstanding anything to the contrary herein, (i) in no event
shall the Certificate Principal Balance of an Offered Subordinate Certificate be reduced more than once in respect of any
particular amount both (a) allocated to such Certificate in respect of Realized Losses pursuant to Section 4.06 and
(b) distributed to such Certificate in reduction of the Certificate Principal Balance thereof pursuant to this Section 4.01,
and (ii) in no event shall the Uncertificated Principal Balance of a REMIC Regular Interest be reduced more than once in
respect of any particular amount both (a) allocated to such REMIC Regular Interest in respect of Realized Losses pursuant to
Section 4.06 and (b) distributed on such REMIC Regular Interest in reduction of the Uncertificated Principal Balance thereof
pursuant to Section 4.05.

(j)         Any amounts distributed to REMIC CX on any Distribution Date in respect
of the Class C Interest under Section 4.01(d)(i) shall, on such Distribution Date, be distributed by REMIC CX to the Holders of the
Class C Certificates.  Any amounts remaining in REMIC CX shall be distributed to the Holders of the Class R-CX Certificates in
respect of the Class R-CX Interest.  Any amounts distributed to REMIC PX on any Distribution Date in respect of the Class P
Interest shall, on such Distribution Date, be distributed by REMIC PX to the Holders of the Class P Certificates.  Any amounts
remaining in REMIC PX shall be distributed to the Holders of the Class R-PX Certificates in respect of the Class R-PX
Interest.  For the avoidance of doubt, the provisions of Sections 4.01(f), 4.01(g) and 4.01(h) shall apply to the Class C
Certificates and the Class P Certificates.

Section 4.02         
Preference Claims.

The Trustee shall promptly notify the NIMS Insurer of
any proceeding or the institution of any action, of which a Responsible Officer of the Trustee has actual knowledge, seeking the
avoidance as a preferential transfer under applicable bankruptcy, insolvency, receivership or similar law (a “Preference
Claim”) of any distribution made with respect to the Class C Certificates or the Class P Certificates.  Each Holder of
the Class C Certificates or the Class P Certificates, by its purchase of such Certificates, the Master Servicer and the Trustee
hereby agree that the NIMS Insurer may at any time during the continuation of any proceeding relating to a Preference Claim direct
all matters relating to such Preference Claim, including, without limitation, (i) the direction of any appeal of any order
relating to such Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending any such
appeal.  In addition and without limitation of the foregoing, the NIMS Insurer shall be subrogated to the rights of the Master
Servicer, the Trustee and each Holder of the Class C Certificates and the Class P Certificates in the conduct of any such
Preference Claim, including, without limitation, all rights of any party to an adversary proceeding action with respect to any
court order issued in connection with any such Preference Claim; provided, however, that the NIMS Insurer will not have any rights
with respect to any Preference Claim set forth in this paragraph unless the Trustee, as indenture trustee or indenture
administrator with respect to the Insured NIM Notes or the holder of any Insured NIM Notes has been required to relinquish a
distribution made on the Class C Certificates, the Class P Certificates or the Insured NIM Notes, as applicable, and the NIMS
Insurer made a payment in respect of such relinquished amount.

Section 4.03          Statements.

(a)        On each Distribution Date, based, as applicable, on information provided to it
by the Master Servicer, the Trustee shall prepare and make available by electronic medium (as set forth in the penultimate
paragraph of this Section 4.03(a)) to each Holder of the Regular Certificates, the Trustee, the Master Servicer, the NIMS Insurer
and the Rating Agencies, a statement as to the distributions made on such Distribution Date:

(i)           the amount of the distribution made on such Distribution
Date to the Holders of each Class of 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 Master 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 Overcollateralized Amount, the Overcollateralization Release
Amount, the Overcollateralization Deficiency Amount and the Overcollateralization Target Amount as of such Distribution Date and
the Excess Overcollateralized Amount for the Mortgage Pool, for such Distribution Date;

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

(v)          reserved;

(vi)          the aggregate amount of Advances for the related Due
Period;

(vii)         the aggregate Stated Principal Balance of the Mortgage Loans at the
Close of Business at the end of the related Due Period;

(viii)        the number, aggregate principal balance, weighted average remaining term to
maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Determination Date;

(ix)          the number and aggregate unpaid principal balance of Mortgage
Loans (a) delinquent 30‐59 days, (b) delinquent 60‐89 days, (c) delinquent 90 or more days in each case,
as of the last day of the preceding calendar month provided, however that any aggregate unpaid principal balance of Mortgage Loans
shall be reported as of the last day of the related Due Period, (d) as to which foreclosure proceedings have been commenced
and (e) with respect to which the related Mortgagor has filed for protection under applicable bankruptcy laws, with respect to
whom bankruptcy proceedings are pending or with respect to whom bankruptcy protection is in force;

(x)          with respect to any Mortgage Loan that became an REO Property
during the preceding Prepayment Period, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the date
it became an REO Property;

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

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

(xiii)        by Loan Group and in the aggregate, the aggregate amount of Realized Losses
incurred during the related Prepayment Period and the cumulative amount of Realized Losses;

(xiv)        the aggregate amount of Extraordinary Trust Fund expenses withdrawn from the
Collection Account or the Distribution Account for such Distribution Date;

(xv)         the Certificate Principal Balance of the Class A Certificates, the
Class M Certificates, the Class B Certificates and the Class C Certificates, after giving effect to the distributions made on such
Distribution Date, and the Notional Amount of the Class C Certificates, after giving effect to the distributions made on such
Distribution Date;

(xvi)        the Monthly Interest Distributable Amount in respect of the Class A
Certificates, the Class M Certificates, the Class B Certificates and the Class C Certificates for such Distribution Date and the
Unpaid Interest Shortfall Amount, if any, with respect to the Class A Certificates, the Class M Certificates and the Class B
Certificates for such Distribution Date;

(xvii)       the aggregate amount of any Prepayment Interest Shortfalls for such Distribution
Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.24, and the aggregate amount of any Relief
Act Interest Shortfalls for such Distribution Date;

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

(xix)        the related Net WAC Rate Carryover Amount for the Class A Certificates, the
Class M Certificates and the Class B Certificates, if any, for such Distribution Date and the amount remaining unpaid after
reimbursements therefor on such Distribution Date;

(xx)         the Trustee Fee on such Distribution Date;

(xxi)        whether a Stepdown Date or a Trigger Event has occurred;

(xxii)       the Available Funds;

(xxiii)      the respective Pass‐Through Rates applicable to the Class A Certificates, the
Class M Certificates, the Class B Certificates and the Class C Certificates for such Distribution Date and the Pass‐Through
Rate applicable to the Class A Certificates, the Class M Certificates and the Class B Certificates for the immediately succeeding
Distribution Date;

(xxiv)      reserved;

(xxv)       any other information that is required by the Code and regulations thereunder to
be made available to Certificateholders;

(xxvi)      the amount on deposit in the Reserve Fund;

(xxvii)     (A) the dollar amount of payments received related to claims under the PMI Policy during the
related Prepayment Period (and the number of Mortgage Loans to which such payments related) and (B) the aggregate dollar amount of
payments received related to claims under the PMI Policy since the Cut-off Date (and the number of Mortgage Loans to which such
payments related);

(xxviii)     (A) the dollar amount of claims made under the PMI Policy that were denied during the
related Prepayment Period (and the number of Mortgage Loans to which such denials related) and (B) the aggregate dollar amount of
claims made under the PMI Policy that were denied since the Cut-off Date (and the number of Mortgage Loans to which such denials
related);

(xxix)      for such Distribution Date, the amount of any payment made by the Cap Provider under
the Cap Agreement; and

(xxx)       the amount of Subsequent Recoveries and Gross Subsequent Recoveries for the
related Prepayment Period and the cumulative amount of Subsequent Recoveries and Gross Subsequent Recoveries in the aggregate and
for each of Loan Group I and Loan Group II.

The Trustee shall make such statement (and, at its
option, any additional files containing the same information in an alternative format) available each month to Certificateholders,
the Master Servicer, the NIMS Insurer and the Rating Agencies via the Trustee’s internet website.  The Trustee’s
internet website shall initially be located at https://www.tss.db.com/invr.  Assistance in using the website can be obtained
by calling the Trustee’s customer service desk at 1‐800‐735‐7777.  Parties that are unable to use the
above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service
desk and indicating such.  The Trustee shall have the right to change the way such statements are distributed in order to make
such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate
notification to all above parties regarding any such changes.

In the case of information furnished pursuant to
subclauses (i) through (iii) 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 Closing Date.

(b)        Within a reasonable period of time after the end of each calendar year, the
Trustee shall, upon written request, furnish to each Person who at any time during the calendar year was a Certificateholder of a
Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person
a statement containing the information set forth in subclauses (i) through (iii) 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 forward to the Holders of the
Residual Certificates and the NIMS Insurer 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 each Person who at any time during the calendar year was a Holder of a Residual Certificate, 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 Holder of a Residual Certificate.  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.

(e)        On each Distribution Date the Trustee shall provide Bloomberg Financial
Markets, L.P.  (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date,
using a format and media mutually acceptable to the Trustee and Bloomberg.

Section 4.04          Remittance Reports; Advances.

(a)        Within one Business Day after each Determination Date, but in no event later
than such date which would allow the Trustee to submit a claim to the NIMS Insurer under the Indenture, the Master Servicer shall
deliver to the NIMS Insurer and the Trustee by telecopy or electronic mail (or by such other means as the Master Servicer, the NIMS
Insurer and the Trustee, as the case may be, may agree from time to time) a Remittance Report with respect to the related
Distribution Date.  Not later than each Master Servicer Remittance Date (or, in the case of certain information, as agreed
between the Trustee and the Master Servicer, not later than four Business Days after the end of each Due Period), the Master
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 make the distributions contemplated by Section 4.01 and to prepare the statements to
Certificateholders contemplated by Section 4.03.  The Trustee shall not be responsible to recompute, recalculate or verify any
information provided to it by the Master Servicer.

(b)        The amount of Advances to be made by the Master Servicer for any Distribution
Date shall equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of Monthly Payments (with each interest
portion thereof net of the related Servicing Fee), due on the related Due Date in respect of the Mortgage Loans, which Monthly
Payments were delinquent as of the close of business on the related Determination Date, plus (ii) with respect to each REO
Property, which REO Property was acquired during or prior to the related Prepayment Period and as to which such REO Property an REO
Disposition did not occur during the related Prepayment Period, an amount equal to the excess, if any, of the Monthly Payments
(with each interest portion thereof net of the related Servicing Fee) that would have been due on the related Due Date in respect
of the related Mortgage Loans, over the net income from such REO Property transferred to the Distribution Account pursuant to
Section 3.23 for distribution on such Distribution Date.

On or before 3:00 p.m. New York time on the Master
Servicer Remittance Date, the Master 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
Master 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 Master Servicer with respect to the Mortgage Loans and REO
Properties.  Any amounts held for future distribution and so used shall be appropriately reflected in the Master
Servicer’s records and replaced by the Master Servicer by deposit in the Collection Account on or before any future Master
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 Master 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 Master Servicer by telecopy by
the close of business on any Master Servicer Remittance Date in the event that the amount remitted by the Master Servicer to the
Trustee on such date is less than the Advances required to be made by the Master Servicer for the related Distribution
Date. 

(c)        The obligation of the Master Servicer to make such Advances is mandatory,
notwithstanding any other provision of this Agreement but subject to Section 4.04(d) below, and, with respect to any Mortgage Loan,
shall continue until the payment of the Mortgage Loan in full or the recovery of all Liquidation Proceeds thereon.

(d)        Notwithstanding anything herein to the contrary, no Advance or Servicing
Advance shall be required to be made hereunder by the Master Servicer if such Advance or Servicing Advance would, if made,
constitute a Nonrecoverable Advance.  The determination by the Master 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 Master Servicer delivered to the NIMS Insurer, the Depositor and the Trustee.

Section 4.05          Distributions on the REMIC Regular Interests.

(a)        On each Distribution Date, the Trustee shall cause the sum of the Group I
Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal
Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular
Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the
Class R‐1 Interest), as the case may be:

(i)         first, to the Holders of REMIC 1 Regular Interests LT1-AA, LT1-IA1,
LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-B, LT1-ZZ, pro rata, an
amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B)
any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued
Interest in respect of REMIC 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Amount is
less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum
LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interests
LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7 and LT1-B in the same
proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;

(ii)        second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular
Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX,
pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such
Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;

(iii)       third, an amount equal to 50% of the remainder of the Available Funds for such
Distribution Date after the distributions in clauses (i) and (ii), allocated as follows:

(a)        98.00% to the Holders of REMIC 1
Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC
1 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 1 Regular Interest LT1-P,
until $100 has been distributed pursuant to this clause;

(b)        to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1,
LT1-IIA2, LT1-A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7 and LT1-B, 1.00% of such remainder, in the same proportion
as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1
Regular Interests are reduced to zero;

(c)        to the Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% of such remainder,
until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then

(d)        any remaining amount to the Holders of the Class R Certificates (in respect of
the Class R‐1 Interest);

(iv)       fourth, an amount equal to 50% of the remainder of the Available Funds for such
Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows:

(a)        first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular
Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the
Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “GRP” equal to 0.01% of
the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution
Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “SUB”
equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of
the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group
immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date,
the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder
of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have
been reduced to zero; and

(b)        any remaining amount to the Holders of the Class R Certificates (in respect of
the Class R-1 Interest); and

(v)        On each Distribution Date, all amounts representing Prepayment Charges in
respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC
1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce
the Uncertificated Principal Balance thereof.

Section 4.06          Allocation of Realized Losses.

(a)        Prior to each Determination Date, the Master Servicer shall determine as
to each Mortgage Loan and REO Property:  (i) the total amount of Realized Losses, if any, incurred in connection with any
Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized
Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and
allocable to principal.  Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage
Loan:  (i) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during
the related Prepayment Period; and (ii) the total amount of Realized Losses, if any, incurred in connection with Debt Service
Reductions in respect of Monthly Payments due during the related Due Period.  The information described in the two preceding
sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers’ Certificate delivered to the NIMS
Insurer and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (i) in the
case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (ii) in
the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred.

(b)        If on any Distribution Date after giving effect to all Realized Losses
incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect
to the Class A Certificates, the Class M Certificates and the Class B Certificates on such Distribution Date, the Uncertificated
Principal Balance of the Class C Interest is equal to zero, Realized Losses equal to the Undercollateralized Amount shall be
allocated by the Trustee on such Distribution Date as follows:  first, to the Class B Certificates, until the Certificate
Principal Balance thereof has been reduced to zero, second, to the Class M‐7 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero, third, to the Class M‐6 Certificates, until the Certificate Principal Balance
thereof has been reduced to zero, fourth, to the Class M‐5 Certificates, until the Certificate Principal Balance thereof has
been reduced to zero, fifth, to the Class M‐4 Certificates until the Certificate Principal Balance thereof has been reduced
to zero, sixth, to the Class M‐3 Certificates until the Certificate Principal Balance thereof has been reduced to zero,
seventh, to the Class M‐2 Certificates until the Certificate Principal Balance thereof has been reduced to zero, eighth to
the Class M-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero, and ninth, to the Class A-3
Certificates until the Certificate Principal Balance thereof has been reduced to zero.  All Realized Losses to be allocated to
the Certificate Principal Balances of the Offered Subordinate Certificates on any Distribution Date shall be so allocated after the
actual distributions to be made on such date as provided in Section 4.01.  All references above to the Certificate Principal
Balance of the Offered Subordinate Certificates shall be to the Certificate Principal Balance of the Offered Subordinate
Certificates immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses or increase
thereof by any Subsequent Recoveries, in each case to be allocated to such Offered Subordinate Certificates on such Distribution
Date.

Any allocation of Realized Losses to an Offered Subordinate Certificate on any Distribution Date shall be made by
reducing the Certificate Principal Balance thereof by the amount so allocated.  No allocations of any Realized Losses shall be
made to the Senior Certificates or the Class P Certificates.  Any Realized Losses that reduce the distributions in respect of
and/or the Uncertificated Principal Balance of the Class C Interest, shall be allocated by the Trustee to reduce the distributions
in respect of and/or the Certificate Principal Balance of the Class C Certificates.

(c)        (i)         50% of all Realized
Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC 1 Regular Interests
in the specified percentages, as follows:

first, to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest
LT1-ZZ up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively;

second, to the Uncertificated Principal Balances of the REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest
LT1-ZZ up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively;

third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-B and
REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-B has been reduced to zero;

fourth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-M7 and
REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M7 has been reduced to zero;

fifth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-M6 and
REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M6 has been reduced to zero;

sixth, to the Uncertificated Principal Balances of (i) REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-M5
and REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M5 has been reduced to zero;

seventh, to the Uncertificated Principal Balances of (i) REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest
LT1-M4 and REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1
Regular Interest LT1-M4 has been reduced to zero;

eighth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-M3 and
REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M3 has been reduced to zero;

ninth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-M2 and
REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M2 has been reduced to zero;

tenth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-M1 and
REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-M1 has been reduced to zero; and

eleventh, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-A3
and REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
Interest LT1-A3 has been reduced to zero.

(ii)        50% of all Realized Losses on the Mortgage Loans shall be allocated by
the Trustee on each Distribution Date to REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular
Interest LT1-2GRP, REMIC 1 Regular Interest LT1-2SUB, and REMIC 1 Regular Interest LT1-XX, as follows:

after all distributions have been made on such Distribution Date, Realized Losses shall be applied in such a manner as
to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “GRP” equal
to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current
Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation
“SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related
Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to
such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding
Distribution Date, the least amount of Realized Loss shall be allocated such that the REMIC 1 Subordinated Ratio is maintained);
and then to REMIC 1 Regular Interest LT1-XX.

(d)        If on any Distribution Date Allocated Realized Loss Amounts are to be
reinstated due to Subsequent Recoveries, the Allocated Realized Loss Amounts shall be reinstated by the Trustee on such
Distribution Date to increase the Certificate Principal Balances of the Offered Subordinate Certificates in the following order of
priority, in each case until the related Allocated Realized Loss Amount has been reduced to zero:  first, to the Class
A‐3 Certificates, second to the Class M‐1 Certificates, third to the Class M‐2 Certificates,
fourth to the Class M‐3 Certificates, fifth to the Class M‐4 Certificates, sixth to the Class
M‐5 Certificates, seventh to the Class M‐6 Certificates, eighth to the Class M-7 Certificates and
ninth to the Class B Certificates.  All Subsequent Recoveries to be allocated to the Certificate Principal Balances of
the Offered Subordinate Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on
such date as provided in Section 4.01.  All references above to the Certificate Principal Balance of the Offered
Subordinate Certificates shall be to the Certificate Principal Balance of the Offered Subordinate Certificates immediately prior to
the relevant Distribution Date, before reduction thereof by any Realized Losses or increase thereof by any Subsequent Recoveries,
in each case to be allocated to the Offered Subordinate Certificates on such Distribution Date.

Any Allocated Realized Loss Amounts to be reinstated to a Certificate on any Distribution Date due to Subsequent
Recoveries shall be made by increasing the Certificate Principal Balance thereof by the amount so reinstated.  No allocations
of any Subsequent Recoveries shall be made to the Senior Certificates or the Class P Certificates. 

(e)        If on any Distribution Date Subsequent Recoveries occurred in the related
Prepayment Period, the amount of such Subsequent Recoveries shall be allocated among the REMIC 1 Regular Interests as
follows:

(i)         50% of the Subsequent Recoveries from both Loan Groups shall be
allocated among the REMIC 1 Regular Interests in the same proportions and amounts, but in the reverse order, as Realized Losses
were allocated under Section 4.06(c)(i).

(ii)        50% of the Subsequent Recoveries from both Loan Groups shall be allocated in
the same proportions, but in reverse order, as the Realized Losses were allocated under Section 4.06(c)(ii).

Section 4.07          Compliance with Withholding Requirements.

Notwithstanding any other provision of this Agreement,
the Trustee shall comply with all federal withholding requirements respecting payments to Certificateholders of interest or
original issue discount that the Trustee reasonably believes are applicable under the Code.  The consent of Certificateholders
shall not be required for such withholding.  In the event the Trustee does withhold any amount from interest or original issue
discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Trustee shall
indicate the amount withheld to such Certificateholders.

Section 4.08          Commission Reporting. 

(a)        Within 15 days after each Distribution Date, the Trustee shall, in accordance
with industry standards and applicable regulations, file with the Commission via the Electronic Data Gathering Analysis and
Retrieval system, a Form 8‐K with a copy of the statement to Certificateholders for such Distribution Date as an Exhibit
thereto.  Prior to January 30, in the year following the year of execution of this Agreement, the Trustee shall file in
accordance with industry standards a Form 15 Suspension Notification with respect to the Trust Fund, if applicable, unless notified
by the Depositor by January 10 or the preceding Business Day of such year not to file such a Form 15 with respect to the Trust
Fund.  Prior to March 30, in the year following the year of execution of this Agreement, the Depositor shall execute and the
Trustee shall file a Form 10‐K, in substance conforming to industry standards and applicable regulations, with respect to the
Trust Fund together with the accompanying certification described below.  The Trustee shall provide the Form 10‐K to the
Depositor by March 20 (or the preceding Business Day if such day is not a Business Day) of the year that such Form 10‐K is
required to be filed.  The Depositor shall execute such Form 10‐K and return the original to the Trustee by March 25 (or
the preceding Business Day if such day is not a Business Day).  The Trustee shall prepare, execute, file and deliver on behalf
of the Depositor Form 8-Ks required to be filed under the Exchange Act so long as no certification in respect of such Form 8-K is
required by the Commission.  The Depositor shall prepare and the appropriate person shall execute, in accordance with the
Exchange Act or any other applicable law, any certification required under the Exchange Act or any other applicable law to
accompany the Form 10‐K or any other periodic report.  The Depositor hereby grants to the Trustee a limited power of
attorney to execute and file each such document on behalf of the Depositor, provided, however, that the Trustee shall not execute
the Form 10-K on behalf of the Depositor.  Such power of attorney shall continue until the earlier of (i) receipt by the
Trustee from the Depositor of written termination of such power of attorney and (ii) the termination of the Trust Fund. 
The Depositor agrees to promptly furnish to the Trustee, from time to time upon request, such further information, reports and
financial statements within its control related to this Agreement and the Mortgage Loans as the Trustee reasonably deems
appropriate to prepare and file all necessary reports with the Commission.  The Trustee shall have no responsibility to file
any items other than those specified in this Section.

ARTICLE V

THE CERTIFICATES

Section 5.01          The Certificates.

(a)        The Certificates in the aggregate will represent the entire beneficial
ownership interest in the Mortgage Loans and all other assets included in REMIC 1.

The Certificates will be substantially in the forms
annexed hereto as Exhibits A‐1 through A‐18.  The Certificates of each Class will be issuable in registered
form only, in denominations of authorized Percentage Interests as described in the definition thereof.  Each Certificate will
share ratably in all rights of the related Class.

Upon original issue, the Certificates shall be executed
by the Trustee and authenticated and delivered by the Trustee, to or upon the order of the Depositor.  The Certificates shall
be executed and attested by manual or facsimile signature on behalf of the Trustee by an authorized signatory.  Certificates
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Trustee shall bind the
Trustee, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such Certificates.  No Certificate shall be entitled
to any benefit under this Agreement or be valid for any purpose, unless there appears on such Certificate a certificate of
authentication substantially in the form provided herein executed by the Trustee by manual signature, and such certificate of
authentication 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.

(b)        The Book Entry Certificates shall initially be issued as one or more
Certificates held by the Book‐Entry Custodian or, if appointed to hold such Certificates as provided below, the Depository
and registered in the name of the Depository or its nominee and, except as provided below, registration of the Book‐Entry
Certificates may not be transferred by the Trustee except to another Depository that agrees to hold the Book‐Entry
Certificates for the respective Certificate Owners with Ownership Interests therein.  The Certificate Owners shall hold their
respective Ownership Interests in and to the Book‐Entry Certificates through the book‐entry facilities of the
Depository and, except as provided below, shall not be entitled to definitive, fully registered Certificates (“Definitive
Certificates”) in respect of such Ownership Interests.  All transfers by Certificate Owners of their respective
Ownership Interests in the Book‐Entry Certificates shall be made in accordance with the procedures established by the
Depository Participant or brokerage firm representing such Certificate Owner.  Each Depository Participant shall only transfer
the Ownership Interests in the Book‐Entry Certificates of Certificate Owners it represents or of brokerage firms for which it
acts as agent in accordance with the Depository’s normal procedures.  The Trustee is hereby initially appointed as the
Book‐Entry Custodian and hereby agrees to act as such in accordance herewith and in accordance with the agreement that it has
with the Depository authorizing it to act as such.  The Book‐Entry Custodian may, and if it is no longer qualified to
act as such, the Book‐Entry Custodian shall, appoint, by a written instrument delivered to the Depositor, the Master Servicer
and if the Trustee is not the Book‐Entry Custodian, the Trustee and any other transfer agent (including the Depository or any
successor Depository) to act as Book‐Entry Custodian under such conditions as the predecessor Book‐Entry Custodian and
the Depository or any successor Depository may prescribe, provided that the predecessor Book‐Entry Custodian shall not be
relieved of any of its duties or responsibilities by reason of any such appointment of other than the Depository.  If the
Trustee resigns or is removed in accordance with the terms hereof, successor Trustee or, if it so elects, the Depository shall
immediately succeed to its predecessor’s duties as Book‐Entry Custodian.  The Depositor shall have the right to
inspect, and to obtain copies of, any Certificates held as Book‐Entry Certificates by the Book‐Entry
Custodian.

The Trustee, the Master Servicer, the NIMS Insurer and
the Depositor may for all purposes (including the making of payments due on the Book‐Entry Certificates) deal with the
Depository as the authorized representative of the Certificate Owners with respect to the Book‐Entry Certificates for the
purposes of the exercise by Certificateholders of the rights of Certificateholders hereunder.  The rights of Certificate
Owners with respect to the Book‐Entry Certificates shall be limited to those established by law and agreements between such
Certificate Owners and the Depository Participants and brokerage firms representing such Certificate Owners.  The Depositor is
hereby authorized to execute and deliver on behalf of the Trust the Letter of Representations to be submitted on behalf of the
Trust to the Depository and to perform the obligations of the Issuer (as defined in the Letter of Representations)
thereunder.  The Trustee is hereby authorized to execute and deliver as agent of the Trust the Letter of Representations to be
submitted on behalf of the Trust to the Depository and to perform the obligations of the Agent (as defined in the Letter of
Representations) thereunder.  Multiple requests and directions from, and votes of, the Depository as Holder of the
Book‐Entry Certificates with respect to any particular matter shall not be deemed inconsistent if they are made with respect
to different Certificate Owners.  The Trustee may establish a reasonable record date in connection with solicitations of
consents from or voting by Certificateholders and shall give notice to the Depository of such record date.

If (i)(A) the Depositor advises the Trustee in
writing that the Depository is no longer willing or able to properly discharge its responsibilities as Depository, and (B) the
Depositor is unable to locate a qualified successor, (ii) the Depositor notifies the Trustee and the Depository of its intent
to terminate the book-entry system through the Depository and, upon receipt of notice of such intent from the Depository, the
Depository Participants with a position in the Book Entry Certificates agree to initiate such termination, or (iii) after the
occurrence of a Master Servicer Event of Default, Certificate Owners representing in the aggregate not less than 51% of the
Ownership Interests of the Book‐Entry Certificates advise the Trustee through the Depository, in writing, that the
continuation of a book‐entry system through the Depository is no longer in the best interests of the Certificate Owners, the
Trustee shall notify all Certificate Owners, through the Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same.  Upon surrender to the Trustee of the Book‐Entry
Certificates by the Book‐Entry Custodian or the Depository, as applicable, accompanied by registration instructions from the
Depository for registration of transfer, the Trustee shall issue the Definitive Certificates.  Such Definitive Certificates
will be issued in minimum denominations of $25,000, except that any beneficial ownership that was represented by a Book‐Entry
Certificate in an amount less than $25,000 immediately prior to the issuance of a Definitive Certificate shall be issued in a
minimum denomination equal to the amount represented by such Book‐Entry Certificate.  None of the Depositor, the Master
Servicer or the Trustee shall be liable for any delay in the delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions.  Upon the issuance of Definitive Certificates all references herein to
obligations imposed upon or to be performed by the Depository shall be deemed to be imposed upon and performed by the Trustee, to
the extent applicable with respect to such Definitive Certificates, and the Trustee shall recognize the Holders of the Definitive
Certificates as Certificateholders hereunder.

Section 5.02          Registration of Transfer and Exchange of
Certificates.

(a)        The Trustee shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in accordance with the provisions of Section 8.12 a Certificate Register for the Certificates in which,
subject to such reasonable regulations as it may prescribe, the Trustee shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided.

(b)        No transfer, sale, pledge or other disposition of any Class C Certificate,
Class P Certificate or Residual Certificate shall be made unless such disposition is exempt from the registration requirements of
the Securities Act of 1933, as amended (the “1933 Act”), and any applicable state securities laws or is made in
accordance with the 1933 Act and laws.  In the event of any such transfer of any Class C Certificate, Class P Certificate or
Residual Certificate (other than in connection with (i) the initial transfer of any Class C Certificate, Class P Certificate or
Residual Certificates by the Depositor to the Seller, (ii) the transfer of any Class C Certificate, Class P Certificate or Residual
Certificates by the Seller to an Affiliate of the Seller or to a trust, the depositor of which is an Affiliate of the Seller, (iii)
the transfer of any Class C Certificate, Class P Certificate or Residual Certificates by an Affiliate of the Seller to one or more
entities sponsored by such Affiliate or to a trust, the depositor of which is one or more entities sponsored by such Affiliate or
(iv) a subsequent transfer of any Class C Certificates, Class P Certificates or Residual Certificates to the Seller or its designee
by such entity or trust described in clauses (ii) or (iii) above to which the Certificates were previously transferred in reliance
on clauses (ii) or (iii) above) (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 Class C
Certificate, Class P Certificate or Residual Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trustee, the Depositor and the Trust Fund 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.

(c)        Each Transferee of a Class A Certificate, Class M Certificate or Class B
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 as defined below, (b) it has
acquired and is holding such Certificate in reliance on DOL Authorization Number 2003-14E (2003) and Prohibited Transaction
Exemption (“PTE”) 91-14 at 56 F.R. 7413 (February 22, 1991), as such PTE is further amended by PTE 2000‐58,
65 F. R. 67765 (November 13, 2000) and PTE 2002‐41, 67 F.R. 163 (August 22, 2002) (the
“Exemption”), and that it understands that there are certain conditions to the availability of the Exemption including
that the Cap Agreement is an “eligible yield supplement agreement” within the meaning of PTE 2000-58 and 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 U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95‐60, and (iii) the
conditions set forth in Sections I and III of PTCE 95‐60 have been satisfied. 

No transfer of a Class C Certificate, Class P
Certificate or Residual Certificate or any interest therein shall be made to any Plan subject to ERISA or Section 4975 of the Code,
any Person acting, directly or indirectly, on behalf of any such Plan or any Person acquiring such Certificates with “Plan
Assets” of a Plan within the meaning of the Department of Labor regulation promulgated at 29 C.F.R.
§ 2510.3‐101 (“Plan Assets”) unless the Depositor, the Trustee and the Master Servicer are provided
with an Opinion of Counsel which establishes to the satisfaction of the Depositor, the Trustee and the Master Servicer 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 Master 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 Master Servicer, the Trustee
or the Trust Fund.  Neither an Opinion of Counsel nor any certification will be required in connection with the (i) initial
transfer of any Class C Certificate, Class P Certificate or Residual Certificates by the Depositor to the Seller, (ii) the transfer
of any Class C Certificate, Class P Certificate or Residual Certificates by the Seller to an Affiliate of the Seller or to a trust,
the depositor of which is an Affiliate of the Seller, (iii) the transfer of any Class C Certificates, Class P Certificates or
Residual Certificates by an Affiliate of the Seller to one or more entities sponsored by such Affiliate or to a trust the depositor
of which is one or more entities sponsored by such Affiliate or (iv) a subsequent transfer of any Class C Certificates, Class P
Certificates or Residual Certificates to the Seller or its designee by such entity or trust described in clauses (ii) or (iii)
above to which the Certificates were previously transferred in reliance on clauses (ii) or (iii) above (in which case, the
Depositor, the Seller, any such Affiliate and such entities sponsored by such Affiliate shall have deemed to have represented that
the applicable transferee 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 Depositor of the status
of each transferee, the Seller or such an Affiliate.  Each transferee of a Class C Certificate, Class P Certificate or
Residual Certificate shall sign a letter substantially in the form of Exhibit I to demonstrate its compliance with this
Section 5.02(c) (other than in connection with the (i) initial transfer of any Class C Certificate, Class P Certificate or Residual
Certificates by the Depositor to the Seller, (ii) the transfer of any Class C Certificate, Class P Certificate or Residual
Certificates by the Seller to an Affiliate of the Seller or to a trust, the depositor of which is an Affiliate of the Seller, (iii)
the transfer of any Class C Certificates, Class P Certificates or Residual Certificates by an Affiliate of the Seller to one or
more entities sponsored by such Affiliate or to a trust the depositor of which is one or more entities sponsored by such Affiliate
or (iv) a subsequent transfer of any Class C Certificates, Class P Certificates or Residual Certificates to the Seller or its
designee by such entity or trust described in clauses (ii) or (iii) above to which the Certificates were previously transferred in
reliance on clauses (ii) or (iii) above). 

If any Certificate or any interest therein is acquired
or held in violation of the provisions of the 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 preceding paragraph shall indemnify and hold harmless the Depositor, the Master Servicer, the Trustee and the
Trust Fund from and against any and all liabilities, claims, costs or expenses incurred by those parties as a result of that
acquisition or holding.

(d)        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 not be
under any liability to any Person for any registration of transfer of a Residual Certificate that is in fact not permitted by this
Section or for making any distributions due on 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 will provide to the Internal Revenue
Service, and to the persons designated in Section 860E(e)(3) of the Code, information needed to compute the tax imposed under
Section 860E(e)(1) of the Code on such transfer.

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, in form and substance
satisfactory to the Trustee, (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 any of the Other NIM Notes, the Insured NIM
Notes (without giving effect to any insurance policy issued by the NIMS Insurer) or 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)        Subject to the preceding subsections, upon surrender for registration of
transfer of any Certificate at any office or agency of the Trustee designated from time to time for such purpose pursuant to
Section 8.12, the Trustee shall execute and authenticate and deliver, in the name of the designated Transferee or Transferees, one
or more new Certificates of the same Class of a like aggregate Percentage Interest.

(f)         At the option of the Holder thereof, any Certificate may be exchanged
for other Certificates of the same Class with authorized denominations and a like aggregate Percentage Interest, upon surrender of
such Certificate to be exchanged at any office or agency of the Trustee maintained for such purpose pursuant to Section 8.12. 
Whenever any Certificates are so surrendered for exchange the Trustee shall execute, authenticate and deliver the Certificates
which the Certificateholder making the exchange is entitled to receive.  Every Certificate presented or surrendered for
transfer or exchange shall (if so required by the Trustee) be duly endorsed by, or be accompanied by a written instrument of
transfer in the form satisfactory to the Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing.

(g)        No service charge shall be made for any registration of transfer or exchange
of Certificates of any Class, but the Trustee 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 Trustee 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 Trustee or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and
(ii) there is delivered to the Trustee and the Depositor and (in the case of a Class C Certificate or Class P Certificate) the
NIMS Insurer such security or indemnity as may be required by them to save each of them, and the Trust Fund, harmless, then, in the
absence of notice to the Trustee that such Certificate has been acquired by a bona fide purchaser, the Trustee shall execute,
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
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) 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 Master Servicer, the Depositor, the Trustee, the
NIMS Insurer and any agent of the Master Servicer, the Depositor, the Trustee or the NIMS Insurer 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 Master Servicer, the Depositor, the Trustee, the
NIMS Insurer nor any agent of any of them shall be affected by notice to the contrary.

ARTICLE VI

THE MASTER SERVICER AND THE DEPOSITOR

Section 6.01          Liability of the Master Servicer and the
Depositor.

The Depositor and the Master Servicer each shall be
liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement and undertaken hereunder
by the Depositor and the Master Servicer herein.

Section 6.02          Merger or Consolidation of the Depositor or the Master
Servicer.

Subject to the following paragraph, the Depositor will
keep in full effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its
incorporation.  Subject to the following paragraph, the Master Servicer will keep in full effect its existence, rights and
franchises as a corporation under the laws of the jurisdiction of its incorporation and its qualification as an approved
conventional seller/servicer for Fannie Mae or Freddie Mac in good standing.  The Depositor and the Master Servicer each will
obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

The Depositor or the Master Servicer may be merged or
consolidated with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person
resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding
to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, 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 or surviving Person to the Master Servicer
shall be qualified to service mortgage loans on behalf of Fannie Mae or Freddie Mac; and provided further that the Rating
Agencies’ ratings of the Other NIM Notes, the Class A Certificates, the Class M Certificates and the Class B Certificates and
the shadow rating of the Insured NIM Notes (without giving effect to any insurance policy issued by the NIMS Insurer) in effect
immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced by
a letter to such effect from the Rating Agencies to the Trustee).

Section 6.03          Limitation on Liability of the Depositor, the Master
Servicer and Others.

None of the Depositor, the Master Servicer or any of the
directors, officers, employees or agents of the Depositor or the Master Servicer shall be under any liability to the Trust Fund or
the Certificateholders for any action taken or for refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Master Servicer
or any such person against any breach of warranties, representations or covenants made herein, or against any specific liability
imposed on the Master Servicer or the Depositor, as applicable, pursuant hereto, or against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard
of obligations and duties hereunder.  The Depositor, the Master Servicer and any director, officer, employee or agent of the
Depositor or the Master Servicer may rely in good faith on any document of any kind which, prima facie, is properly executed
and submitted by any Person respecting any matters arising hereunder.  The Depositor, the Master Servicer and any director,
officer, employee or agent of the Depositor or the Master Servicer shall be indemnified and held harmless by the Trust Fund against
any loss, liability or expense incurred in connection with any legal action relating to this Agreement or the Certificates, other
than any loss, liability or expense relating to any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or
expense shall be otherwise reimbursable pursuant to this Agreement) or any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and
duties hereunder.  Neither the Depositor nor the Master Servicer shall be under any obligation to appear in, prosecute or
defend any legal action unless such action is related to its respective duties under this Agreement and, in its opinion, does not
involve it in any expense or liability; provided, however, that each of the Depositor and the Master Servicer may in its discretion
undertake any such action which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder.  In such event, unless the Depositor or the Master
Servicer acts without the consent of Holders of Certificates entitled to at least 51% of the Voting Rights (which consent shall not
be necessary in the case of litigation or other legal action by either to enforce their respective rights or defend themselves
hereunder), the legal expenses and costs of such action and any liability resulting therefrom (except any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of
reckless disregard of obligations and duties hereunder) shall be expenses, costs and liabilities of the Trust Fund, and the
Depositor and the Master 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 Master Servicer (except the Trustee to the extent it
has succeeded the Master Servicer as required hereunder) indemnifies and holds the Trustee, the Depositor and the Trust Fund
harmless against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and
any other costs, fees and expenses that the Trustee, the Depositor or the Trust Fund may sustain in any way related to the failure
of the Master Servicer to perform its duties and service the Mortgage Loans in compliance with the terms of this Agreement. 
The Master Servicer shall immediately notify the Trustee, the NIMS Insurer and the Depositor if a claim is made that may result in
such claims, losses, penalties, fines, forfeitures, legal fees or related costs, judgments, or any other costs, fees and expenses,
and the Master Servicer shall assume (with the consent of the Trustee) 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 Master Servicer, the Trustee, the Depositor and/or the Trust Fund in respect of such claim.  The
provisions of this paragraph shall survive the termination of this Agreement and the payment of the outstanding
Certificates.

Section 6.04          Limitation on Resignation of Master Servicer.

The Master 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 (ii) with the written consent of the Trustee and the NIMS Insurer and written confirmation from each
Rating Agency (which confirmation shall be furnished to the Depositor and the Trustee) that such resignation will not cause such
Rating Agency to reduce the then current rating of any of the Other NIM Notes, the Class A Certificates, the Class M Certificates
or the Class B Certificates or the shadow rating of the Insured NIM Notes (without giving effect to any insurance policy issued by
the NIMS Insurer).  Any such determination pursuant to clause (i) of the preceding sentence permitting the resignation of
the Master Servicer shall be evidenced by an Opinion of Counsel to such effect obtained at the expense of the Master Servicer and
delivered to the Trustee.  No resignation of the Master Servicer shall become effective until the Trustee or a successor
servicer reasonably acceptable to the NIMS Insurer shall have assumed the Master Servicer’s responsibilities, duties,
liabilities (other than those liabilities arising prior to the appointment of such successor) and obligations under this
Agreement.

Except as expressly provided herein, the Master Servicer
shall not assign or transfer any of its rights, benefits or privileges hereunder to any other Person, nor delegate to or
subcontract with, nor authorize or appoint any other Person to perform any of the duties, covenants or obligations to be performed
by the Master Servicer hereunder.  The foregoing prohibition on assignment shall not prohibit the Master Servicer from
designating a Sub‐Servicer as payee of any indemnification amount payable to the Master Servicer hereunder; provided,
however, that as provided in Section 3.06 hereof, no Sub‐Servicer shall be a third‐party beneficiary hereunder and the
parties hereto shall not be required to recognize any Sub‐Servicer as an indemnitee under this Agreement.  If, pursuant
to any provision hereof, the duties of the Master Servicer are transferred to a successor master servicer, the entire amount of the
Servicing Fee and other compensation payable to the Master Servicer pursuant hereto shall thereafter be payable to such successor
master servicer.

Section 6.05          Rights of the Depositor, the NIMS Insurer and the
Trustee in Respect of the Master Servicer.

The Master Servicer shall afford (and any
Sub‐Servicing Agreement shall provide that each Sub‐Servicer shall afford) the Depositor, the NIMS Insurer and the
Trustee, upon reasonable notice, during normal business hours, access to all records maintained by the Master Servicer (and any
such Sub‐Servicer) in respect of the Master Servicer’s rights and obligations hereunder and access to officers of the
Master Servicer (and those of any such Sub‐Servicer) responsible for such obligations.  Upon request, the Master
Servicer shall furnish to the Depositor, the NIMS Insurer and the Trustee its (and any such Sub‐Servicer’s) most recent
financial statements and such other information relating to the Master Servicer’s capacity to perform its obligations under
this Agreement that it possesses.  To the extent such information is not otherwise available to the public, the Depositor, the
NIMS Insurer and the Trustee shall not disseminate any information obtained pursuant to the preceding two sentences without the
Master Servicer’s (or any such Sub‐Servicer’s) written consent, except as required pursuant to this Agreement or
to the extent that it is necessary to do so (i) in working with legal counsel, auditors, taxing authorities or other
governmental agencies, rating agencies or reinsurers or (ii) pursuant to any law, rule, regulation, order, judgment, writ,
injunction or decree of any court or governmental authority having jurisdiction over the Depositor, the NIMS Insurer, the Trustee
or the Trust Fund, and in either case, the Depositor or the Trustee, as the case may be, shall use, and the NIMS Insurer shall be
deemed to have agreed with the parties hereto to use, its best efforts to assure the confidentiality of any such disseminated
non‐public information.  The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer
under this Agreement and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the
Master Servicer under this Agreement or exercise the rights of the Master Servicer under this Agreement; provided that the Master
Servicer shall not be relieved of any of its obligations under this Agreement by virtue of such performance by the Depositor or its
designee.  The Depositor shall not have any responsibility or liability for any action or failure to act by the Master
Servicer and is not obligated to supervise the performance of the Master Servicer under this Agreement or otherwise.

ARTICLE VII

DEFAULT

Section 7.01          Master Servicer Events of Default.

“Master Servicer Event of Default,” wherever
used herein, means any one of the following events:

(i)         any failure by the Master Servicer to remit to the Trustee for
distribution to the Certificateholders any payment (other than an Advance required to be made from its own funds on any Master
Servicer Remittance Date pursuant to Section 4.04) required to be made under the terms of the Certificates and this Agreement which
continues unremedied for a period of one Business Day after the date upon which written notice of such failure, requiring the same
to be remedied, shall have been given to the Master Servicer by the Depositor, the Trustee (in which case notice shall be provided
by telecopy), or to the Master Servicer, the Depositor and the Trustee by the NIMS Insurer or the Holders of Certificates entitled
to at least 25% of the Voting Rights; or

(ii)        any failure on the part of the Master Servicer duly to observe or perform in
any material respect any of the covenants or agreements on the part of the Master Servicer contained in this Agreement which
continues unremedied for a period of 45 days (30 days in the case of any failure to maintain a Sub‐Servicing Agreement with
an eligible Sub‐Servicer to the extent required in accordance with Section 3.02(c)) after the earlier of (i) the date on
which written notice of such failure, requiring the same to be remedied, shall have been given to the Master Servicer by the
Depositor or the Trustee, or to the Master Servicer, the Depositor and the Trustee by the NIMS Insurer or the Holders of
Certificates entitled to at least 25% of the Voting Rights and (ii) actual knowledge of such failure by a Servicing
Representative of the Master Servicer; or

(iii)       a decree or order of a court or agency or supervisory authority having
jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar
law or the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceeding, or for the winding‐up or liquidation of its affairs, shall have been entered against the
Master Servicer and if such proceeding is being contested by the Master Servicer in good faith, such decree or order shall have
remained in force undischarged or unstayed for a period of 60 days or results in the entry of an order for relief or any such
adjudication or appointment; or

(iv)       the Master Servicer shall consent to the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to it or of or relating to all or substantially all of its property; or

(v)        the Master Servicer shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an
assignment for the benefit of its creditors; or

(vi)       any failure by the Master Servicer of the Master Servicer Termination Test;
or

(vii)      any failure of the Master Servicer to make, or cause an Advancing Person to make, any
Advance on any Master Servicer Remittance Date required to be made from its own funds pursuant to Section 4.04 which continues
unremedied until 3:00 p.m. New York time on the Business Day immediately following the Master Servicer Remittance Date;
or

(viii)      the Master Servicer ceases to be an approved seller or servicer of Fannie
Mae.

If a Master Servicer Event of Default described in
clauses (i) through (vi) of this Section shall occur, then, and in each and every such case, so long as such Master Servicer Event
of Default shall not have been remedied, the Depositor or the Trustee may, and at the written direction of the NIMS Insurer or the
Holders of Certificates entitled to at least 51% of Voting Rights, the Trustee shall, by notice in writing to the NIMS Insurer and
the Master Servicer (and to the Depositor if given by the Trustee or to the Trustee if given by the Depositor), terminate all of
the rights and obligations of the Master Servicer in its capacity as Master Servicer under this Agreement, to the extent permitted
by law, and in and to the Mortgage Loans and the proceeds thereof.  If a Master Servicer Event of Default described in clauses
(vii) or (viii) hereof shall occur, the Trustee shall, by notice in writing to the Master Servicer (delivered immediately by
facsimile and effective on the date of acknowledgement of receipt in the case of a Master Servicer Event of Default described in
clause (vii)), the NIMS Insurer and the Depositor, terminate all of the rights and obligations of the Master Servicer in its
capacity as Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof.  On or after the
receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Agreement, whether
with respect to the Certificates (other than as a Holder of any Certificate) or the Mortgage Loans or otherwise, shall pass to and
be vested in the Trustee pursuant to and under this Section and, without limitation, the Trustee is hereby authorized and
empowered, as attorney‐in‐fact or otherwise, to execute and deliver on behalf of and at the expense of the Master
Servicer, 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 or assignment of the Mortgage
Loans and related documents, or otherwise.  The Master Servicer agrees, at its sole cost and expense, promptly (and in any
event no later than ten Business Days subsequent to such notice) to provide the Trustee with all documents and records requested by
it to enable it to assume the Master Servicer’s functions under this Agreement, and to cooperate with the Trustee in
effecting the termination of the Master Servicer’s responsibilities and rights under this Agreement, including, without
limitation, the transfer within one Business Day to the Trustee for administration by it of all cash amounts which at the time
shall be or should have been credited by the Master Servicer to the Collection Account held by or on behalf of the Master Servicer,
or any REO Account or Servicing Account held by or on behalf of the Master Servicer or thereafter be received with respect to the
Mortgage Loans or any REO Property (provided, however, that the Master Servicer shall continue to be entitled to receive all
amounts accrued or owing to it under this Agreement on or prior to the date of such termination, whether in respect of Advances or
otherwise, and shall continue to be entitled to the benefits of Section 6.03, notwithstanding any such termination, with respect to
events occurring prior to such termination).  For purposes of this Section 7.01, the Trustee shall not be deemed to have
knowledge of a Master Servicer Event of Default unless a Responsible Officer of Trustee assigned to and working in the
Trustee’s Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such a
Master Servicer Event of Default is received by the Trustee and such notice references the Certificates, any of the Trust REMICs or
this Agreement.

The Trustee shall be entitled to be reimbursed by the
Master Servicer (or by the Trust Fund if the Master Servicer is unable to fulfill its obligations hereunder) for all costs
associated with the transfer of servicing from the predecessor master servicer, including without limitation, any 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
to service the Mortgage Loans properly and effectively.

Section 7.02          Trustee to Act; Appointment of Successor.

(a)        On and after the time the Master Servicer receives a notice of termination,
the Trustee shall be the successor in all respects to the Master Servicer in its capacity as Master 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 and arising thereafter, which shall be assumed by the Trustee (except for any representations or warranties of the
Master Servicer under this Agreement, the responsibilities, duties and liabilities contained in Section 2.03(c) and its obligation
to deposit amounts in respect of losses pursuant to Section 3.12) by the terms and provisions hereof including, without limitation,
the Master Servicer’s obligations to make Advances pursuant to Section 4.04; provided, however, that if the Trustee is
prohibited by law or regulation from obligating itself to make advances regarding delinquent Mortgage Loans, then the Trustee shall
not be obligated to make Advances pursuant to Section 4.04; and provided further, that any failure to perform such duties or
responsibilities caused by the Master Servicer’s failure to provide information required by Section 7.01 shall not be
considered a default by the Trustee as successor to the Master Servicer hereunder; provided, however, it is understood and
acknowledged by the parties that there will be a period of transition (not to exceed 90 days) before the servicing transfer is
fully effected.  As compensation therefor, the Trustee shall be entitled to the Servicing Fee and all funds relating to the
Mortgage Loans to which the Master Servicer would have been entitled if it had continued to act hereunder (other than amounts which
were due or would become due to the Master Servicer prior to its termination or resignation).  Notwithstanding anything herein
to the contrary, in no event shall the Trustee be liable for any Servicing Fee or for any differential in the amount of the
Servicing Fee paid hereunder and the amount necessary to induce any successor Master Servicer to act as successor Master Servicer
under this Agreement and the transactions set forth or provided for herein.  After the Master Servicer receives a notice of
termination, notwithstanding the above and subject to the next paragraph, the Trustee may, if it shall be unwilling to so act, or
shall, if it is unable to so act or if it is prohibited by law from making advances regarding delinquent Mortgage Loans, or if the
NIMS Insurer or the Holders of Certificates entitled to at least 51% of the Voting Rights so request in writing to the Trustee,
promptly appoint, or petition a court of competent jurisdiction to appoint, an established mortgage loan servicing institution
acceptable to each Rating Agency, having a net worth of not less than $15,000,000 and reasonably acceptable to the NIMS Insurer, as
the successor to the Master Servicer under this Agreement in the assumption of all or any part of the responsibilities, duties or
liabilities of the Master Servicer under this Agreement.

No appointment of a successor to the Master Servicer
under this Agreement shall be effective until the assumption by the successor of all of the Master Servicer’s
responsibilities, duties and liabilities hereunder.  In connection with such appointment and assumption described herein, the
Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Master Servicer as
such hereunder.  The Depositor, the Trustee and such successor shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession.  Pending appointment of a successor to the Master Servicer under this
Agreement, the Trustee shall act in such capacity as hereinabove provided.

Upon removal or resignation of the Master Servicer, the
Trustee, with the cooperation of the Depositor, (x) shall solicit bids for a successor Master Servicer as described below and
(y) pending the appointment of a successor Master Servicer as a result of soliciting such bids, shall serve as Master Servicer
of the Mortgage Loans serviced by such predecessor Master Servicer.  The Trustee shall solicit, by public announcement, bids
from housing and home finance institutions, banks and mortgage servicing institutions meeting the qualifications set forth in the
first paragraph of this Section 7.02 (including the Trustee or any affiliate thereof).  Such public announcement shall specify
that the successor Master Servicer shall be entitled to the servicing compensation agreed upon between the Trustee, the successor
Master Servicer and the Depositor; provided, however, that no such fee shall exceed the Servicing Fee.  Within thirty days
after any such public announcement, the Trustee with the cooperation of the Depositor, shall negotiate in good faith and effect the
sale, transfer and assignment of the servicing rights and responsibilities hereunder to the qualified party submitting the highest
satisfactory bid as to the price they will pay to obtain such servicing.  The Trustee, upon receipt of the purchase price
shall pay such purchase price to the Master Servicer being so removed, after deducting from any sum received by the Trustee from
the successor to the Master Servicer in respect of such sale, transfer and assignment all costs and expenses of any public
announcement and of any sale, transfer and assignment of the servicing rights and responsibilities reasonably incurred
hereunder.  After such deductions, the remainder of such sum shall be paid by the Trustee to the Master Servicer at the time
of such sale.

(b)        If the Master Servicer fails to remit to the Trustee for distribution to the
Certificateholders any payment required to be made under the terms of this Agreement (for purposes of this Section 7.02(b), a
“Remittance”) because the Master Servicer is the subject of a proceeding under the Bankruptcy Code and the making of
such Remittance is prohibited by Section 362 of the Bankruptcy Code, the Trustee shall upon written notice of such prohibition,
regardless of whether it has received a notice of termination under Section 7.01, shall be treated as though it had succeeded to
the Master Servicer and shall advance the amount of such Remittance by depositing such amount in the Distribution Account on the
related Distribution Date.  The Trustee shall be obligated to make such advance only if (i) such advance, in the good
faith judgment of the Trustee can reasonably be expected to be ultimately recoverable from Stayed Funds and (ii) the Trustee
is not prohibited by law from making such advance or obligating itself to do so.  Upon remittance of the Stayed Funds to the
Trustee or the deposit thereof in the Distribution Account by the Master Servicer, a trustee in bankruptcy or a federal bankruptcy
court, the Trustee may recover the amount so advanced, without interest, by withdrawing such amount from the Distribution Account;
however, nothing in this Agreement shall be deemed to affect the Trustee’s rights to recover from the Master Servicer’s
own funds interest on the amount of any such advance.  If the Trustee at any time makes an advance under this subsection which
it later determines in its good faith judgment will not be ultimately recoverable from the Stayed Funds with respect to which such
advance was made, the Trustee shall be entitled to reimburse itself for such advance, without interest, by withdrawing from the
Distribution Account, out of amounts on deposit therein, an amount equal to the portion of such advance attributable to the Stayed
Funds.

Section 7.03          Notification to Certificateholders.

(a)        Upon any termination of the Master Servicer pursuant to Section 7.01 above or
any appointment of a successor to the Master Servicer pursuant to Section 7.02 above, the Trustee shall give prompt written notice
thereof to Certificateholders at their respective addresses appearing in the Certificate Register and to the NIMS
Insurer. 

(b)        Not later than the later of 60 days after the occurrence of any event, which
constitutes or which, with notice or lapse of time or both, would constitute a Master Servicer Event of Default or five days after
a Responsible Officer of the Trustee becomes aware of the occurrence of such an event, the Trustee shall transmit by mail to all
Holders of Certificates and to the NIMS Insurer notice of each such occurrence, unless such default or Master Servicer Event of
Default shall have been cured or waived.

Section 7.04          Waiver of Master Servicer Events of Default.

The Holders representing at least 66% of the Voting
Rights evidenced by all Classes of Certificates affected by any default or Master Servicer Event of Default hereunder may, with the
consent of the NIMS Insurer, waive such default or Master Servicer Event of Default; provided, however, that a
default or Master Servicer Event of Default under clause (i) or (vii) of Section 7.01 may be waived only by all of the Holders
of the Regular Certificates and the NIMS Insurer (as evidenced by the written consent of the NIMS Insurer).  Upon any such
waiver of a default or Master Servicer Event of Default, such default or Master Servicer Event of Default shall cease to exist and
shall be deemed to have been remedied for every purpose hereunder.  No such waiver shall extend to any subsequent or other
default or Master Servicer Event of Default or impair any right consequent thereon except to the extent expressly so
waived.

ARTICLE VIII

THE TRUSTEE

Section 8.01          Duties of Trustee.

The Trustee, prior to the occurrence of a Master
Servicer Event of Default and after the curing of all Master Servicer Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this Agreement.  During a Master Servicer Event of
Default, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care
and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.  Any permissive right of the Trustee enumerated in this Agreement shall not be construed as a duty.

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.  If any such instrument is found not to conform to the requirements of this Agreement in a
material manner, the Trustee shall take such action as it deems appropriate to have the instrument corrected, and if the instrument
is not corrected to the Trustee’s satisfaction, the Trustee will provide notice thereof to the Certificateholders.

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

(i)         Prior to the occurrence of a Master Servicer Event of Default, and after
the curing of all such Master Servicer Events of Default 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 that conform 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 or Responsible Officers of the Trustee unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts; and

(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 Holders of
Certificates entitled to at least 25% of the Voting Rights relating to the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under 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 conclusively upon and shall be fully
protected in acting or refraining from acting upon any resolution, Officers’ Certificate, certificate of auditors or any
other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or
document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and the manner
of obtaining consents and evidencing the authorization of the execution thereof 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 trusts 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 NIMS Insurer or the Certificateholders, pursuant to the provisions of this Agreement, unless the
NIMS Insurer or such Certificateholders shall have offered to the Trustee security or indemnity satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or thereby; nothing contained herein shall, however, relieve the
Trustee of the obligation, upon the occurrence of a Master Servicer Event of Default (which has not been cured or waived), to
exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs;

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

(v)        Prior to the occurrence of a Master Servicer Event of Default hereunder and
after the curing of all Master Servicer Events of Default which may have occurred, the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the NIMS Insurer or the
Holders of Certificates entitled to at least 25% of the Voting Rights; provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in
the opinion of the Trustee not reasonably assured to the Trustee by the NIMS Insurer or such Certificateholders, the Trustee may
require reasonable indemnity against such expense, or liability from the NIMS Insurer or such Certificateholders as a condition to
taking any such action;

(vi)       The Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents custodians, nominees or attorneys and shall not be responsible for any willful
misconduct or negligence of such agents, custodians, nominees or attorneys (as long as such agents, custodians, nominees or
attorneys are appointed with due and proper care);

(vii)      The Trustee shall not be personally liable for any loss resulting from the investment of
funds held in the Collection Account at the direction of the Master Servicer pursuant to Section 3.12; and

(viii)      Except as otherwise expressly provided herein, none of the provisions of this Agreement
shall require the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers (not including expenses,
disbursements and advances incurred or made by the Trustee including the compensation and the expenses and disbursements of its
agents and counsel, in the ordinary course of the Trustee’s performance in accordance with the provisions of this Agreement)
if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or
liability is not assured to it.

(b)        All rights of action under this Agreement or under any of the Certificates,
enforceable by the Trustee may be enforced by it without the possession of any of the Certificates, or the production thereof at
the trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought
in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

Section 8.03          Trustee Not Liable for Certificates or Mortgage
Loans.

The recitals contained herein and in the Certificates
(other than the signature of the Trustee, the execution and authentication of the Trustee on the Certificates, the acknowledgments
of the Trustee contained in Article II and the representations and warranties of the Trustee in Section 8.13) shall be taken
as the statements of the Depositor, and the Trustee shall not assume any responsibility for their correctness.  The Trustee
makes no representations or warranties as to the validity or sufficiency of this Agreement (other than as specifically set forth in
Section 8.13) or of the Certificates (other than execution and authentication of the Trustee on the Certificates) or of any
Mortgage Loan or related document.  The Trustee shall not be accountable for the use or application by the Depositor of any of
the Certificates or of the proceeds of the Certificates, or for the use or application of any funds paid to the Depositor or the
Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master Servicer,
other than any funds held by or on behalf of the Trustee in accordance with Section 3.10.

Section 8.04          Trustee May Own Certificates.

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

Section 8.05          Trustee’s Fees and Expenses.

(a)        On the Closing Date, the Depositor shall pay to the Trustee as specified in a
separate agreement between the Depositor and the Trustee.  The Trustee shall withdraw from the Distribution Account on each
Distribution Date and pay to itself the Trustee Fee for such Distribution Date and one day’s interest earnings (net of
losses) on amounts on deposit in the Distribution Account.  The right to receive the Trustee Fee may not be transferred in
whole or in part except in connection with the transfer of all of the Trustee’s responsibilities and obligations under this
Agreement. 

The Trustee, and 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, disbursements and advances incurred or made by the Trustee, including the compensation and the expenses and disbursements
of its agents and counsel, in the ordinary course of the Trustee’s performance in accordance with the provisions of this
Agreement) incurred by the Trustee arising out of or in connection with the acceptance or administration of its obligations
(including, without limitation, its obligation to enter into the Cap Agreement) and duties under this Agreement, other than any
loss, liability or expense (i) in any way relating to the failure of the Master Servicer to perform its duties and service the
Mortgage Loans in compliance with the terms of this Agreement, (ii) that constitutes a specific liability of the Trustee
pursuant to Section 10.01(c) or (iii) any loss, liability or expense incurred by reason of willful misfeasance, bad faith or
negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties hereunder, including
as a result of a breach of the Trustee’s obligations under Article X hereof.  Any amounts payable to the Trustee or
any director, officer, employee or agent of the Trustee in respect of the indemnification provided by this paragraph (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.  Such indemnity shall survive the termination of this Agreement and the resignation of the Trustee.

As a limitation on the foregoing with respect to certain
expenses of the Trustee, the Trustee shall receive from the Trust Fund amounts with respect to indemnification for counsel fees and
expenses (collectively, “Legal Fees”) in connection with any third‐party litigation or other claims alleging
violations of laws or regulations relating to consumer lending and/or servicing of the Trust Fund (collectively, “Third Party
Claims”) in an amount not greater than $25,000 per month, and $600,000 in the aggregate (with amounts in excess of $25,000
for any month carried‐forward to subsequent months, until the $600,000 aggregate maximum is reached).  The Trustee shall
have no obligation to incur additional expenses for which reimbursement is limited pursuant to this paragraph in excess of the
aggregate limit set forth above unless it has received reasonable security or indemnity for such additional expenses.  The
Certificateholders shall hold the Trustee harmless for any consequences to such Certificateholders resulting from any failure of
the Trustee to incur any such additional expenses in excess of the aforementioned aggregate limit.

(b)        Without limiting the Master Servicer’s indemnification obligations under
Section 6.03, the Master Servicer agrees to indemnify the Trustee from, and hold it harmless against, any loss, liability or
expense resulting from a breach of the Master 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.  Any payment under
this Section 8.05(b) made by the Master Servicer to the Trustee shall be from the Master 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 a
corporation or an association (other than the Depositor, the Seller, the Master Servicer or any Affiliate of the foregoing)
organized and doing business under the laws of any state or the United States of America, 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 corporation or association publishes reports of conditions at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined
capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its
most recent report of conditions so published.  In case at any time the Trustee shall cease to be eligible in accordance with
the provisions of this Section, 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 trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Master Servicer and the
Certificateholders.  Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by
written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee and to the successor Trustee
acceptable to the NIMS Insurer and to the Holders of Certificates entitled to at least 51% of the Voting Rights.  A copy of
such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor.  If no successor
Trustee shall have been so appointed and have 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, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer, may
remove the Trustee and the Depositor may appoint a successor Trustee, acceptable to the NIMS Insurer and to the Holders of
Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, which instrument shall be
delivered to the Trustee so removed and to the successor Trustee.  A copy of such instrument shall be delivered to the
Certificateholders and the Master Servicer by the Depositor.

The Holders of Certificates entitled to at least 51% of
the Voting Rights, with the consent of the NIMS Insurer, may at any time remove the Trustee and appoint a successor Trustee by
written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their
attorneys‐in‐fact duly authorized, one complete set of which instruments shall be delivered to the Depositor, one
complete set to the Trustee so removed and one complete set to the successor so appointed.  A copy of such instrument shall be
delivered to the NIMS Insurer, the Certificateholders and the Master Servicer by the Depositor. 

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

Section 8.08          Successor Trustee.

Any successor Trustee appointed as provided in Section
8.07 shall execute, acknowledge and deliver to the Depositor, 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 the like effect as if originally named as Trustee herein.  The predecessor
Trustee shall deliver to the successor Trustee all Mortgage Files and related documents and statements, as well as all moneys, held
by it hereunder (other than any Mortgage Files at the time held by a Custodian, which Custodian shall become the agent of any
successor Trustee hereunder), and the Depositor and the predecessor Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for more 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 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 ratings of any of the Other NIM
Notes or of any Class of Certificates or of the shadow ratings of the Insured NIM Notes (without giving effect to any insurance
policy issued by the NIMS Insurer) by any Rating Agency, as evidenced by a letter from each Rating Agency.

Upon acceptance of appointment by a successor Trustee as
provided in this Section, the Depositor shall mail notice of the succession of such Trustee hereunder to all Holders of
Certificates at their addresses as shown in the Certificate Register.  If the Depositor fails to mail such notice within 10
days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the
expense of the Depositor.

Section 8.09          Merger or Consolidation of Trustee.

Any corporation or association into which the Trustee
may be merged or converted or with which it may be consolidated or any corporation or association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation or association succeeding to the business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation or association shall be eligible under the
provisions of Section 8.06, 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 hereof, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of REMIC 1, or property securing the
same may at the time be located, the Master Servicer 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 REMIC 1, and to vest
in such Person or Persons, in such capacity, such title to REMIC 1, or any part thereof and, subject to the other provisions of
this Section 8.10, such powers, duties, obligations, rights and trusts as the Master Servicer and the Trustee may consider
necessary or desirable.  If the Master Servicer shall not have joined in such appointment or the NIMS Insurer shall not have
approved such appointment within 15 days after the receipt by it of a request so to do, or in case a Master Servicer Event of
Default 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 hereunder and no notice to Holders of Certificates of the appointment of co‐trustee(s) or separate trustee(s)
shall be required under Section 8.08 hereof.  If such appointment is at the request of the Master Servicer then any expense of
the Trustee shall be deemed a Servicing Advance for all purpose of this Agreement, otherwise it will be an expense of the Trustee
and will be payable out of the Trustee’s funds.

In the case of any appointment of a co‐trustee or
separate trustee pursuant to this Section 8.10 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,
except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed by the Trustee
(whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to REMIC 1, or
any portion thereof in any such jurisdiction) shall be exercised and performed by such separate trustee or co‐trustee at the
direction of the 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 trust 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.

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          Appointment of Custodians.

The Trustee may, with the consent of the Depositor and
the Master Servicer, appoint one or more Custodians to hold all or a portion of the Mortgage Files as agent for the Trustee, by
entering into a Custodial Agreement.  The Trustee shall initially serve as the Custodian and this Agreement shall serve as the
Custodial Agreement.  The appointment of any Custodian may at any time be terminated and a substitute Custodian appointed
therefor upon the reasonable request of the Master Servicer to the Trustee and the consent of the NIMS Insurer, the consent to
which shall not be unreasonably withheld.  The Trustee shall pay any and all fees and expenses of any Custodian (other than
the Washington Mutual Custodian) in accordance with each Custodial Agreement.  Subject to Article VIII hereof, the
Trustee agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions thereof against the
Custodian for the benefit of the Certificateholders having an interest in any Mortgage File held by such Custodian.  Each
Custodian shall be a depository institution or trust company subject to supervision by federal or state authority, shall have
combined capital and surplus of at least $10,000,000 and shall be qualified to do business in the jurisdiction in which it holds
any Mortgage File.  Each Custodial Agreement may be amended only as provided in Section 11.01.  In no event shall the
appointment of any Custodian pursuant to a Custodial Agreement diminish the obligations of the Trustee hereunder.  The Trustee
shall at all times remain responsible under the terms of this Agreement notwithstanding the fact that certain duties have been
assigned to the Custodian (other than the Washington Mutual Custodian), but only to the extent the Trustee is responsible for its
own acts hereunder.  Any documents delivered by the Depositor or the Master Servicer to a Custodian other than the Trustee, if
any, shall be deemed to have been delivered to the Trustee for all purposes hereunder; and any documents held by such a Custodian,
if any, shall be deemed to be held by the Trustee for all purposes hereunder.  In order to comply with its duties under the
U.S. Patriot Act, the Custodian shall obtain and verify certain information and documentation from the other parties to this
Agreement, including, but not limited to, such parties’ name, address, and other identifying information.

Section 8.12          Appointment of Office or Agency.

The Trustee will appoint an office or agency in the City
of New York where the Certificates may be surrendered for registration of transfer or exchange, and presented for final
distribution, and where notices and demands to or upon the Trustee in respect of the Certificates and this Agreement may be
served.  As of the Closing Date, the Trustee designates its offices located at the office of Trustee’s agent, located at
DTC Transfer Agent Services, 55 Water Street, Jeanette Park Entrance, New York, NY  10041 for such purpose.

Section 8.13          Representations and Warranties of the Trustee.

The Trustee hereby represents and warrants to the Master
Servicer and the Depositor, as of the Closing Date, that:

(i)         it is a national banking association duly organized, validly existing
and in good standing under the laws of the United States.

(ii)        the execution and delivery of this Agreement, and the performance and
compliance with the terms of this Agreement, will not violate its charter or bylaws or constitute a default (or an event which,
with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or
other instrument to which it is a party or which is applicable to it or any of its assets.

(iii)       it has the full power and authority to enter into and consummate all transactions
contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement.

(iv)       this Agreement, assuming due authorization, execution and delivery by the Master
Servicer and the Depositor, constitutes its valid, legal and binding obligation, enforceable against it in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, receivership, reorganization, moratorium and other laws
affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law.

ARTICLE IX

TERMINATION

Section 9.01          Termination Upon Purchase or Liquidation of All
Mortgage Loans.

(a)        Subject to Section 9.02, the respective obligations and responsibilities under
this Agreement of the Depositor, the Master Servicer and the Trustee (other than the obligations of the Master Servicer to the
Trustee pursuant to Section 8.05 and of the Master Servicer to provide for and the Trustee to make payments in respect of the REMIC
1 Regular Interests, REMIC 2 Regular Interests and the Classes of Certificates as hereinafter set forth) shall terminate upon the
payment to the Certificateholders and the deposit of all amounts held by or on behalf of the Trustee and required hereunder to be
so paid or deposited on the Distribution Date coinciding with or following the earlier to occur of (i) the purchase by the
Terminator (as defined below) of all Mortgage Loans and each REO Property remaining in REMIC 1 and (ii) the final payment or
other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in REMIC 1; provided,
however, that 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, living
on the date hereof.  The purchase by the Terminator of all Mortgage Loans and each REO Property remaining in REMIC 1 shall be
at a price (the “Termination Price”) equal to (a) if the Terminator is the Master Servicer, 100% of the aggregate
Stated Principal Balance of all the Mortgage Loans included in REMIC 1 and accrued interest on the Stated Principal Balance of each
such Mortgage Loan at the applicable Net Mortgage Rate in effect from time to time from the Due Date as to which interest was last
paid by the related Mortgagor or by an advance by the Master Servicer to but not including the first day of the month in which such
purchase is to be effected, plus the appraised value of each REO Property, if any, included in REMIC 1, such appraisal to be
conducted by an appraiser selected by the Terminator in its reasonable discretion and (b) if the Terminator is the NIMS
Insurer, the greater of (A) the aggregate Purchase Price of all the Mortgage Loans included in REMIC 1, plus the appraised
value of each REO Property, if any, included in REMIC 1, such appraisal to be conducted by an appraiser selected by the Terminator
in its reasonable discretion, and (B) the aggregate fair market value of all of the assets of REMIC 1 (as determined by the
Terminator, 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 Certificateholders pursuant to the third paragraph of this Section 9.01), and any additional amounts necessary to
pay all interest accrued on, as well as amounts necessary to pay in full the principal balance of, the NIM Notes and any amounts
necessary to reimburse the NIMS Insurer for all amounts paid under the NIMs insurance policy and any other amounts reimbursable or
otherwise payable to the NIMS Insurer, in each case, with interest thereon at the applicable rate set forth in the Indenture and to
the extent not previously reimbursed or paid.

(b)        The Master Servicer shall have the right and, if the Master Servicer does not
exercise such right, the NIMS Insurer, shall have the right (the party exercising such right, the “Terminator”) to
purchase all of the Mortgage Loans and each REO Property remaining in REMIC 1 pursuant to clause (i) of the preceding
paragraph no later than the Determination Date in the month immediately preceding the Distribution Date on which the Certificates
will be retired; provided, however, that the Terminator may elect to purchase all of the Mortgage Loans and each REO Property
remaining in REMIC 1 pursuant to clause (i) of the preceding paragraph only if the aggregate Stated Principal Balance of the
Mortgage Loans and each REO Property remaining in the Trust Fund at the time of such election is equal to or less than 10% of the
Cut-off Date Principal Balance of the Closing Date Mortgage Loans.  Additionally, if the Terminator is the Master Servicer,
the Terminator may elect to  purchase all of the Mortgage Loans and each REO Property in REMIC 1 pursuant to clause (i) of the
preceding paragraph only if (A) the Termination Price is (1) equal to or less than the aggregate fair market value of all of the
assets of REMIC 1 (as determined by the Terminator, 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 Certificateholders pursuant to Section 9.01(c)) and (2) will result in
distributions on the Certificates sufficient (together with all amounts received under the Indenture other than on account of the
Certificates) to pay all interest accrued on, as well as amounts necessary to pay in full the principal balance of, the NIM Notes
and any amounts necessary to reimburse the NIMS Insurer for all amounts paid under the NIMs insurance policy and any other amounts
reimbursable or otherwise payable to the NIMS Insurer, in each case, with interest thereon at the applicable rate set forth in the
Indenture and to the extent not previously reimbursed or paid (unless the NIMS Insurer consents to a lesser Termination Price) and
(B) the NIMS Insurer (or if there is no NIMS Insurer, the holders of all of the outstanding NIM Notes) consents to such
purchase, unless no NIM Notes are outstanding and no amounts are owed to the NIMS Insurer as provided in the Indenture.  By
acceptance of the Residual Certificates, the Holders of the Residual Certificates agree for so long as any NIM Notes are
outstanding, in connection with any termination hereunder, to assign and transfer any amounts in excess of par, and to the extent
received in respect of such termination, to pay any such amounts to the Holders of the Class C Certificates. 

(c)        Notice of the liquidation of the REMIC 1 Regular Interests shall be given
promptly by the Trustee by letter to Certificateholders mailed (a) in the event such notice is given in connection with the
purchase of the Mortgage Loans and each REO Property by the Terminator, not earlier than the 15th day and not later than the 25th
day of the month next preceding the month of the final distribution on the Certificates or (b) otherwise during the month of
such final distribution on or before the Determination Date in such month, in each case specifying (i) the Distribution Date
upon which the Trust Fund will terminate and final payment in respect of the REMIC 1 Regular Interests and the related Certificates
will be made upon presentation and surrender of the related Certificates at the office of the Trustee therein designated,
(ii) the amount of any such final payment, (iii) that no interest shall accrue in respect of the REMIC 1 Regular
Interests or the related Certificates from and after the Accrual Period relating to the final Distribution Date therefor and
(iv) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office of the Trustee designated in such notice for purposes of such
surrender.  The Trustee shall remit to the Master Servicer from such funds deposited in the Distribution Account (i) any
amounts which the Master Servicer would be permitted to withdraw and retain from the Collection Account pursuant to Section 3.11
and (ii) any other amounts otherwise payable by the Trustee to the Master Servicer from amounts on deposit in the Distribution
Account pursuant to the terms of this Agreement, in each case prior to making any final distributions pursuant to Section 9.01(d)
below.  Upon certification to the Trustee by a Servicing Representative of the making of such final deposit, the Trustee shall
promptly release or cause to be released to the Terminator the Mortgage Files for the remaining Mortgage Loans, and the Trustee
shall execute all assignments, endorsements and other instruments necessary to effectuate such transfer.

(d)        Upon presentation of the Certificates by the Certificateholders on the final
Distribution Date, the Trustee shall distribute to each Certificateholder so presenting and surrendering its Certificates the
amount otherwise distributable on such Distribution Date in accordance with Section 4.01 in respect of the Certificates so
presented and surrendered.  Any funds not distributed to any Holder or Holders of Certificates being retired on such
Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside
and held in trust by the Trustee and credited to the account of the appropriate non‐tendering Holder or Holders.  If any
Certificates as to which notice has been given pursuant to this Section 9.01 shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Trustee shall mail a second notice to the remaining
non‐tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution
with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for
cancellation, the Trustee shall, directly or through an agent, mail a final notice to remaining related non‐tendering
Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining the funds in trust and
of contacting such Certificateholders shall be paid out of the assets remaining in the trust funds.  If within one year after
the final notice any such Certificates shall not have been surrendered for cancellation, the Trustee shall pay to Lehman Brothers
Inc. and WaMu Capital Corp., equally, all such amounts, and all rights of non‐tendering Certificateholders in or to such
amounts shall thereupon cease.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust by
the Trustee as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in
accordance with this Section 9.01.

Immediately following the deposit of funds in trust
hereunder in respect of the Certificates, the Trust Fund shall terminate.

Section 9.02          Additional Termination Requirements.

(a)        In the event that the Terminator purchases all the Mortgage Loans and each REO
Property or the final payment on or other liquidation of the last Mortgage Loan or REO Property remaining in REMIC 1 pursuant to
Section 9.01, the Trust Fund shall be terminated in accordance with the following additional requirements:

(i)         The Trustee shall specify the first day in the 90‐day liquidation
period in a statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury regulation Section 1.860F‐l
and shall satisfy all requirements of a qualified liquidation under Section 860F of the Code and any regulations thereunder with
respect to each Trust REMIC, as evidenced by an Opinion of Counsel delivered to the Trustee and the Depositor obtained at the
expense of the Terminator;

(ii)        During such 90‐day liquidation period, and at or prior to the time of
making of the final payment on the Certificates, the Trustee shall sell all of the assets of REMIC 1 to the Terminator for cash;
and

(iii)       At the time of the making of the final payment on the Certificates, the Trustee
shall distribute or credit, or cause to be distributed or credited, to the Holders of the Residual Certificates all cash on hand in
the Trust Fund (other than cash retained to meet claims), and the Trust Fund shall terminate at that time. 

(b)        At the expense of the Terminator, the Trustee shall prepare or cause to be
prepared the documentation required in connection with the adoption of a plan of liquidation of each Trust REMIC pursuant to the
Section 9.02(a).

(c)        By their acceptance of Certificates, the Holders thereof hereby agree to
authorize the Trustee to specify the 90‐day liquidation period for each Trust REMIC, which authorization shall be binding
upon all successor Certificateholders.

ARTICLE X

REMIC PROVISIONS

Section 10.01     
REMIC Administration.

(a)        The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code
and, if necessary, under applicable state law.  Each such election will be made on Form 1066 or other appropriate federal tax
or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the
calendar year in which the Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to
the NIMS Insurer.  For the purposes of the REMIC election in respect of REMIC 1, the REMIC 1 Regular Interests shall be
designated as the Regular Interests in REMIC 1 and the Class R‐1 Interest shall be designated as the Residual Interest in
REMIC 1.  For the purposes of the REMIC election in respect of REMIC 2, (i) the Regular Certificates (other than the Class C
Certificates and the Class P Certificates) and the REMIC 2 Regular Interests shall be designated as the Regular Interests in REMIC
2 and (ii) the Class R-2 Interest shall be designated as the Residual Interest in REMIC 2.  For the purposes of the REMIC
election in respect of REMIC CX, the Class C Certificates shall be designated as the Regular Interests in REMIC CX and the Class
R‐CX Interest shall be designated as the Residual Interest in REMIC CX.  For the purposes of the REMIC election in
respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R‐PX
Interest shall be designated as the Residual Interest in REMIC PX.  The Trustee shall not permit the creation of any
“interests” in REMIC 1, REMIC 2, REMIC CX or REMIC PX (within the meaning of Section 860G of the Code) other than the
REMIC 1 Regular Interests, the REMIC 2 Regular Interests and the interests represented by the Certificates.

(b)        The Closing Date is hereby designated as the “Startup Day” of each
Trust REMIC within the meaning of Section 860G(a)(9) of the Code.

(c)        The Trustee shall pay, out of funds on deposit in the Distribution Account,
any and all expenses relating to any tax audit of the Trust Fund (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) unless such expenses, professional fees or any administrative or judicial proceedings are incurred by reason of the
Trustee’s willful misfeasance, bad faith or negligence.  The Trustee, as agent for each Trust REMIC’s tax matters
person, shall (i) act on behalf of the Trust Fund in relation to any tax matter or controversy involving any Trust REMIC and
(ii) represent the Trust Fund in any administrative or judicial proceeding relating to an examination or audit by any
governmental taxing authority with respect thereto and will be entitled to reimbursement from the Trust Fund for any expenses
incurred by the Trustee in connection therewith unless such administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority is incurred by reason of the Trustee’s willful misfeasance, bad faith or
negligence.  The holder of the largest Percentage Interest of the Class R Certificates shall be designated, in the manner
provided under Treasury regulations Section 1.860F‐4(d) and Treasury regulations Section 301.6231(a)(7)‐1, as the tax
matters person of each Trust REMIC created hereunder other than REMIC CX and REMIC PX.  The holder of the largest Percentage
Interest of the Class R-CX Certificates shall be designated, in the manner provided under Treasury regulations Section 1.860F-4(d)
and Treasury regulations Section 301.6231(a)(7)-1, as the tax matters person of REMIC CX.  The holder of the largest
Percentage Interest of the Class R-PX Certificates shall be designated, in the manner provided under Treasury regulations Section
1.860F-4(d) and Treasury regulations Section 301.6231(a)(7)-1, as the tax matters person of REMIC PX.  By its acceptance
thereof, each such holder hereby agrees to irrevocably appoint the Trustee or an Affiliate as its agent to perform all of the
duties of the tax matters person of each respective REMIC.

(d)        The Trustee shall prepare, sign and file in a timely manner, all of the Tax
Returns in respect of each REMIC created hereunder, copies of which Tax Returns shall be promptly furnished to the NIMS
Insurer.  The expenses of preparing and filing such returns shall be borne by the Trustee without any right of reimbursement
therefor.  The Master Servicer shall provide on a timely basis to the Trustee or its designee such information with respect to
the assets of the Trust Fund as is in its possession and reasonably required by the Trustee to enable it to perform its respective
obligations under this Article.

(e)        The Trustee shall perform on behalf of each Trust 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, as required
by the Code, the REMIC Provisions or such other compliance guidance, the Trustee shall provide (i) to any Transferor of a
Residual Certificate (or other person designated in Section 860E(e)(3) of the Code) and to the Internal Revenue Service such
information as is necessary for the computation of any tax relating to the transfer of a Residual Certificate to any Person who is
not a Permitted Transferee, (ii) to the Certificateholders such information or reports as are required by the Code or the
REMIC Provisions including reports relating to interest, original issue discount and market discount or premium (using the
Prepayment Assumption as required) and (iii) to the Internal Revenue Service the name, title, address and telephone number of
the person who will serve as the representative of each Trust REMIC.  The Master Servicer shall provide on a timely basis to
the Trustee such information with respect to the assets of the Trust Fund, including, without limitation, the Mortgage Loans, as is
in its possession and reasonably required by the Trustee to enable it to perform its obligations under this subsection.  In
addition, the Depositor shall provide or cause to be provided to the Trustee, within ten (10) days after the Closing Date, all
information or data that the Trustee reasonably determines to be relevant for tax purposes as to the valuations and issue prices of
the Certificates, including, without limitation, the price, yield, prepayment assumption and projected cash flow of the
Certificates.  The Depositor shall also provide such information or data to the NIMS Insurer.

(f)         The Trustee shall take such action and shall cause each Trust REMIC
created hereunder to take such action as shall be necessary to create or maintain the status thereof as a REMIC under the REMIC
Provisions (and the Master Servicer shall assist the Trustee, to the extent reasonably requested by the Trustee to do specific
actions in order to assist in the maintenance of such status).  The Trustee shall not take any action, cause the Trust Fund 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 any Trust REMIC as a REMIC or (ii) result in the imposition of a tax
upon the Trust Fund (including but not limited to the tax on prohibited transactions set forth in Section 860F(a) of the Code and
the tax on contributions to a REMIC set forth in Section 860G(d) of the Code) (either such event, an “Adverse REMIC
Event”) unless the Trustee and the NIMS Insurer have received an Opinion of Counsel, addressed to the Trustee and the NIMS
Insurer (at the expense of the party seeking to take such action but in no event at the expense of the Trustee) to the effect that
the contemplated action will not, with respect to any Trust REMIC, endanger such status or result in the imposition of such a tax,
nor shall the Master Servicer take or fail to take any action (whether or not authorized hereunder) as to which the Trustee has
advised it in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect
to such action; provided that the Master Servicer may conclusively rely on such Opinion of Counsel and shall incur no liability for
its action or failure to act in accordance with such Opinion of Counsel.  The Trustee shall deliver to the NIMS Insurer a copy
of any such advice or opinion.  In addition, prior to taking any action with respect to any Trust REMIC or the assets thereof,
or causing any Trust REMIC to take any action, which is not contemplated under the terms of this Agreement, the Master Servicer
will consult with the Trustee or its designee, in writing, with respect to whether such action could cause an Adverse REMIC Event
to occur with respect to a Trust REMIC, and the Master Servicer shall not take any such action or cause any Trust REMIC to take any
such action as to which the Trustee has advised it in writing that an Adverse REMIC Event could occur; provided that the Master
Servicer may conclusively rely on such writing and shall incur no liability for its action or failure to act in accordance with
such writing.  The Trustee may consult with counsel to make such written advice, and the cost of same shall be borne by the
party seeking to take the action not permitted by this Agreement, but in no event shall such cost be an expense of the
Trustee.  At all times as may be required by the Code, the Trustee will ensure that substantially all of the assets of REMIC 1
will consist of “qualified mortgages” as defined in Section 860G(a)(3) of the Code and “permitted
investments” as defined in Section 860G(a)(5) of the Code.

(g)        If any tax is imposed on prohibited transactions of any Trust REMIC created
hereunder pursuant to Section 860F(a) of the Code, on the net income from foreclosure property of  any such REMIC pursuant to
Section 860G(c) of the Code, or on any contributions to any such REMIC after the Startup Day therefor pursuant to Section 860G(d)
of the Code, or if any other tax is imposed by the Code or any applicable provisions of state or local tax laws, such tax shall be
charged (i) to the Trustee pursuant to Section 10.03 hereof, if such tax arises out of or results from a breach by the Trustee
of any of its obligations under this Article X, (ii) to the Master Servicer pursuant to Section 10.03 hereof, if such tax
arises out of or results from a breach by the Master Servicer of any of its obligations under Article III or this
Article X, or (iii) otherwise against amounts on deposit in the Distribution Account and shall be paid by withdrawal
therefrom.

(h)        On or before April 15 of each calendar year commencing after the date of this
Agreement, the Trustee shall deliver to the Master Servicer, the NIMS Insurer and each Rating Agency a Certificate from a
Responsible Officer of the Trustee stating the Trustee’s compliance with this Article X.

(i)         The Trustee shall, for federal income tax purposes, maintain books and
records with respect to each Trust REMIC on a calendar year and on an accrual basis.

(j)         Following the Startup Day, the Trustee shall not accept any
contributions of assets to any Trust REMIC other than in connection with any Qualified Substitute Mortgage Loan delivered in
accordance with Section 2.03 unless it shall have received an Opinion of Counsel to the effect that the inclusion of such assets in
the Trust Fund will not cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding or
subject any Trust REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or
ordinances.

(k)        Neither the Trustee nor the Master Servicer shall enter into any arrangement
by which any Trust REMIC will receive a fee or other compensation for services or permit any Trust REMIC to receive any income from
assets other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
investments” as defined in Section 860G(a)(5) of the Code.

Section 10.02     
Prohibited Transactions and Activities.

None of the Depositor, the Master Servicer or the
Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure of a
Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of
foreclosure, (ii) the bankruptcy of REMIC 1, (iii) the termination of REMIC 1 pursuant to Article IX of this
Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant
to Article II or III of this Agreement), nor acquire any assets for any Trust REMIC (other than REO Property acquired in
respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Collection Account or the Distribution Account
for gain, nor accept any contributions to any Trust REMIC after the Closing Date (other than a Qualified Substitute Mortgage Loan
delivered in accordance with Section 2.03), unless it and the NIMS Insurer have received an Opinion of Counsel, addressed to the
Trustee and the NIMS Insurer (at the expense of the party seeking to cause such sale, disposition, substitution, acquisition or
contribution but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution
will not (a) affect adversely the status of any Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject to a
tax on “prohibited transactions” or “contributions” pursuant to the REMIC Provisions.

Section 10.03     
Trustee, Master Servicer and Depositor Indemnification.

(a)        The Trustee agrees to indemnify the Trust Fund, the Depositor and the Master
Servicer for any taxes and costs including, without limitation, any reasonable attorneys’ fees imposed on or incurred by the
Trust Fund, the Depositor or the Master Servicer as a result of a breach of the Trustee’s covenants set forth in this
Article X or any state, local or franchise taxes imposed upon the Trust as a result of the location of the Trustee.

(b)        The Master Servicer agrees to indemnify the Trust Fund, the Depositor and the
Trustee for any taxes and costs including, without limitation, any reasonable attorneys’ fees imposed on or incurred by the
Trust Fund, the Depositor or the Trustee as a result of a breach of the Master Servicer’s covenants set forth in
Article III or this Article X or any state, local or franchise taxes imposed upon the Trust as a result of the location
of the Master Servicer or any subservicer.

(c)        The Depositor agrees to indemnify the Trust Fund, the Master Servicer and the
Trustee for any taxes and costs including, without limitation, any reasonable attorneys’ fees imposed on or incurred by the
Trust Fund, the Master Servicer or the Trustee as a result of a breach of the Depositor’s covenants set forth in this
Article X.

ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01     
Amendment.

This Agreement or any Custodial Agreement may be amended
from time to time by the Depositor, the Master Servicer, the Trustee and, if applicable, the Custodian, with the consent of the
NIMS Insurer, and without the consent of any of the Certificateholders, (i) to cure any ambiguity or defect, (ii) to
correct, modify or supplement any provisions herein (including to give effect to the expectations of Certificateholders), or in any
Custodial Agreement, (iii) to modify, eliminate or add to any of its provisions to such extent as shall be necessary or
desirable to maintain the qualification of the Trust Fund as a REMIC at all times that any Certificate is outstanding or to avoid
or minimize the risk of the imposition of any tax on the Trust Fund pursuant to the Code that would be a claim against the Trust
Fund, provided that the Trustee, the NIMS Insurer, the Depositor and the Master Servicer have received an Opinion of Counsel to the
effect that (A) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the
imposition of any such tax and (B) such action will not adversely affect the status of the Trust Fund as a REMIC or adversely
affect in any material respect the interest of any Certificateholder or (iv) to make any other provisions with respect to
matters or questions arising under this Agreement or in any Custodial Agreement which shall not be inconsistent with the provisions
of this Agreement or such Custodial Agreement, provided that, in each case, such action shall not, as evidenced by an Opinion of
Counsel delivered to the parties hereto and the NIMS Insurer, adversely affect in any material respect the interests of any
Certificateholder and, provided, further, that (A) such action will not affect in any material respect the permitted
activities of the Trust and (B) such action will not increase in any material respect the degree of discretion which the
Master Servicer is allowed to exercise in servicing the Mortgage Loans.  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 shall be
required to address the effect of any such amendment on any such consenting Certificateholder.

This Agreement or any Custodial Agreement may also be
amended from time to time by the Depositor, the Master Servicer, the Trustee and, if applicable, the Custodian, with the consent of
the NIMS Insurer, and with the consent of the Holders of Certificates entitled to at least 66% of the Voting Rights, for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or any
Custodial Agreement or of modifying in any manner the rights of the Holders of Certificates; provided, however, that no such
amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments received on Mortgage Loans which are
required to be distributed on any Certificate without the consent of the Holder of such Certificate, (ii) adversely affect in
any material respect the interests of the Holders of any Class of Certificates in a manner, other than as described in (i), without
the consent of the Holders of Certificates of such Class evidencing at least 66% of the Voting Rights allocated to such Class, or
(iii) modify the consents required by the immediately preceding clauses (i) and (ii) without the consent of the
Holders of all Certificates then outstanding.  Notwithstanding any other provision of this Agreement, for purposes of the
giving or withholding of consents pursuant to this Section 11.01, Certificates registered in the name of the Depositor or the
Master Servicer or any Affiliate thereof shall be entitled to Voting Rights with respect to matters affecting such
Certificates. 

Notwithstanding any contrary provision of this
Agreement, the Trustee and the NIMS Insurer shall be entitled to receive an Opinion of Counsel to the effect that such amendment
will not result in the imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions or cause any Trust REMIC to fail
to qualify as a REMIC at any time that any Certificates are outstanding.

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

It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of any proposed amendment, but it shall be sufficient if
such consent shall approve the substance thereof.  The manner of obtaining such consents and of evidencing the authorization
of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trustee may
prescribe.

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

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

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 Master 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.

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 Master Servicer, Long Beach Mortgage Company, 1400
South Douglass Road, Suite 100, Anaheim, California 92868, Attention:  General Counsel (telecopy number:  (206)
554-2717), or such other address or telecopy number as may hereafter be furnished to the other parties hereto in writing by the
Master Servicer, (b) in the case of the Trustee, Deutsche Bank National Trust Company, 1761 St. Andrew Place, Santa Ana,
California 92705‐4934, Attention:  Trust Administration Services LB0406 (telecopy number (714) 247‐6478) or such
other address or telecopy number as may hereafter be furnished to the other parties hereto in writing by the Trustee, (c) in
the case of the Depositor, Long Beach Securities Corp., 1400 South Douglass Road, Suite 100, Anaheim, California 92869,
Attention:  General Counsel (telecopy number:  (206) 554-2717), or such other address or telecopy number as may be
furnished to the other parties hereto in writing by the Depositor, and (d) in the case of the NIMS Insurer, the NIMS
Insurer’s address or telecopy number as set forth in the Indenture, or such other addresses or telecopy number as may be
furnished to the other parties thereto 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 Master Servicer default shall be given by telecopy and by certified mail.  Any notice so mailed
within the time prescribed in this Agreement shall be conclusively presumed to have duly been given when mailed, whether or not the
Certificateholder receives such notice.  A copy of any notice required to be telecopied hereunder shall also be mailed to the
appropriate party in the manner set forth above.

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     
Notice to the Rating Agencies and the NIMS Insurer.

The Trustee shall use its best efforts promptly to
provide notice to the Rating Agencies and the NIMS Insurer with respect to each of the following of which it has actual
knowledge:

1.         Any
amendment to this Agreement;

2.         The
occurrence of any Master Servicer Event of Default that has not been cured or waived;

3.         The
resignation or termination of the Master Servicer or the Trustee;

4.         The
repurchase or substitution of Mortgage Loans pursuant to or as contemplated by Section 2.03;

5.         The
final payment to the Holders of any Class of Certificates;

6.         Any
change in the location of the Collection Account or the Distribution Account;

7.         The
Trustee were it to succeed as Master Servicer, is unable to make advances regarding delinquent Mortgage Loans; and

8.         The
filing of any claim under the Master Servicer’s blanket bond and errors and omissions insurance policy required by Section
3.14 or the cancellation or material modification of coverage under any such instrument.

In addition, the Trustee shall promptly make available
to each Rating Agency copies of each Statement to Certificateholders described in Section 4.03 hereof and the Master Servicer shall
promptly furnish to each Rating Agency copies of the following:

1.         each
annual statement as to compliance described in Section 3.20 hereof;

2.         each
annual independent public accountants’ servicing report described in Section 3.21 hereof.

Any such notice pursuant to this Section 11.07 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 Fitch, Inc., One State Street Plaza, New York, New York 10004, Standard & Poor’s Rating
Services, Inc., 55 Water Street, New York, New York 10041 and the NIMS Insurer at the address provided in Section 11.05.

In addition, each party hereto agrees that it will
furnish or make available to the NIMS Insurer a copy of any opinions, notices, reports, schedules, certificates, statements, rating
confirmation letters or other information that are furnished hereunder to the Trustee or the Certificateholders.

Section 11.08     
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 11.09      Third-Party
Beneficiaries.

The NIMS Insurer shall be deemed a third‐party
beneficiary of this Agreement, and shall be entitled to enforce such rights, in each case, as if it were a party hereto. 
Notwithstanding anything to the contrary anywhere in this Agreement, all rights of the NIMS Insurer hereunder (i) shall be
suspended whenever rights of the NIMS Insurer under the Indenture (other than the right to consent to amendments to the Indenture)
are suspended and (ii) except in the case of any right to indemnification hereunder shall permanently terminate upon the later
to occur of (A) the payment in full of the Insured NIM Notes as provided in the Indenture and (B) the payment in full to
the NIMS Insurer of any amounts owed to the NIMS Insurer as provided in the Indenture.

Section 11.10     
Grant of Security Interest.

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

 

IN WITNESS WHEREOF, the Depositor, the Master 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.

LONG
BEACH SECURITIES CORP.,

  as
Depositor

 

By:  /s/ Deven Patel

Name:     Deven Patel

Title:        Authorized Officer

 

LONG
BEACH MORTGAGE COMPANY,

  as
Master Servicer

 

By: /s/ Deven Patel

Name:     Deven Patel

Title:        Assistant Vice President

 

DEUTSCHE BANK NATIONAL TRUST COMPANY,

  as
Trustee

  

By:  /s/ Ronaldo Reyes

Name:     Ronaldo Reyes

Title:        Assistant Vice President

 

By:  /s/ Valerie
Delgado

Name:     Valerie Delgado

Title:        Associate

 

 

STATE OF
CALIFORNIA                 )

                                                      
)  ss.:

COUNTY OF
ORANGE                   
) 

On October 19, 2004 before me,
Kathy Atkinson, personally appeared Deven Patel, personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person whose name
is subscribed to the within instrument and acknowledged to me that he executed
the same in his authorized capacity, and that by his signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the
instrument.

WITNESS my hand and official seal.

 

Signature /s/ Kathy Atkinson

Kathy Atkinson

Commission # 1491546

Notary Public - California

Orange County

My Comm. Expires May 25, 2008

 

(Seal)

 

STATE OF
CALIFORNIA                )

                                                      )  ss.:

COUNTY OF                                  
)

 

On October 19, 2004 before me,
Curtis Hall, personally appeared RONALDO REYES, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed
the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS my hand and official seal. 

Signature /s/ Curtis Hall

 

Curtis M. Hall

Commission # 1476974

Notary Public - California

Los Angeles County

My Comm. Expires Mar 16, 2008

 

(Seal)

 
STATE
OF                                         
)

                                                         
)  ss.:

COUNTY
OF                                     
)

 

On October 19, 2004 before me,
Curtis Hall, personally appeared VALERIE DELGADO, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed
the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS my hand and official seal.

Signature /s/ Curtis Hall

 

Curtis M. Hall

Commission # 1476974

Notary Public - California

Los Angeles County

My Comm. Expires Mar 16, 2008

 

(Seal)

 

EXHIBIT
A-1

 

CLASS I-A1
CERTIFICATES

 

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

 

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

 

	
Certificate No.

	
:

	
1

	
Cut-off Date

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
I-A1

	
Assumed Maturity Date

	
:

	
November, 2034

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class I-A1

 

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, fixed rate and adjustable rate mortgage loans (the
“Mortgage Loans”)

 

LONG BEACH
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-A1
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-A1 Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Master 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-A1 Certificate (obtained by
dividing the Denomination of this Class I-A1 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class I-A1 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-A1
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-A1 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-A1 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST
2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

 

This is one of the Class I-A1 Certificates referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
I-A1 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 denomi-nations 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-2

 

CLASS IA-2
CERTIFICATES

 

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

 

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

 

	
Certificate No.

	
:

	
1

	
Cut-off Date

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
IA-2

	
Assumed Maturity Date

	
:

	
November, 2034

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class IA-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, fixed rate and adjustable rate mortgage loans (the
“Mortgage Loans”)

 

LONG BEACH
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 IA-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 IA-2 Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Master 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 IA-2 Certificate (obtained by
dividing the Denomination of this Class IA-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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class IA-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 IA-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 IA-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 IA-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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST
2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class IA-2 Certificates

 referenced in the within-mentioned

 Agreement

By                                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
IA-2 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 denomi-nations 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

 EXHIBIT
A-3

 

CLASS II-A1
CERTIFICATES

 

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

 

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

 

	
Certificate No.

	
:

	
1

	
Cut-off Date

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
II-A1

	
Assumed Maturity Date

	
:

	
November, 2034

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class II-A1

 

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, fixed rate and adjustable rate mortgage loans (the
“Mortgage Loans”)

 

LONG BEACH
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-A1
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-A1 Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Master 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-A1 Certificate (obtained by
dividing the Denomination of this Class II-A1 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class II-A1 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-A1
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-A1 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-A1 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST
2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class II-A1 Certificates

 referenced in the within-mentioned

 Agreement

By                                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
II-A1 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 denomi-nations 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-4

 

CLASS II-A2
CERTIFICATES

 

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

 

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

 

	
Certificate No.

	
:

	
1

	
Cut-off Date

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
II-A2

	
Assumed Maturity Date

	
:

	
November, 2034

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class II-A2

 

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, fixed rate and adjustable rate mortgage loans (the
“Mortgage Loans”)

 

LONG BEACH
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-A2
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-A2 Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Master 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-A2 Certificate (obtained by
dividing the Denomination of this Class II-A2 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class II-A2 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-A2
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-A2 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-A2 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST
2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class II-A2 Certificates

 referenced in the within-mentioned

 Agreement

By                                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
II-A2 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 denomi-nations 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT A-5

CLASS A-3 CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS I-A2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES AND THE CLASS II-A2 CERTIFICATES TO THE EXTENT DESCRIBED IN
THE POOLING AND SERVICING AGREEMENT REFERRED TO 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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
A-3

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class 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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 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 A-3 Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Master 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 A-3 Certificate (obtained by dividing the
Denomination of this Class 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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 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 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 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class A-3 Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
A-3 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT A-6

 CLASS M-1
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, AND THE CLASS A-3
CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO 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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
M-1

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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.

 

                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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class M-1 Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
M-1 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-7

 

CLASS M-2
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 CERTIFICATES
AND THE CLASS M-1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO 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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
M-2

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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.

 

                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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class M-2 Certificates

 referenced in the within-mentioned Agreement

By                                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
M-2 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-8

 

CLASS M-3
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 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.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
M-3

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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.

 

                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:  October
__, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class M-3 Certificates

 referenced in the within-mentioned Agreement

By                                                                                                           

                 Authorized Signatory of

                 Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
M-3 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-9

 

CLASS M-4
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 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.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
M-4

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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.

 

                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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class M-4 Certificates

 referenced in the within-mentioned Agreement

By                                                                                                           

                 Authorized Signatory of

                 Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
M-4 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-10

 

CLASS M-5
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 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.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
M-5

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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.

 

                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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class M-5 Certificates

 referenced in the within-mentioned Agreement

By                                                                           

                 Authorized Signatory of

                 Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
M-5 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-11

 

CLASS M-6
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 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.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
M-6

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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.

 

                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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class M-6 Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                 Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
M-6 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-12

 

CLASS M-7
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 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.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
M-7

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master 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 Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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.

 

                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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class M-7 Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                 Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
M-7 Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-13

 

CLASS B
CERTIFICATES

 

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

 

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS I-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 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.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[____]%

	
Initial Pass-Through Rate

	
:

	
Variable

	
CUSIP

	
:

	
[____]

	
Class

	
:

	
B

	
Assumed Maturity Date

	
:

	
November, 2034

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class B

 

evidencing the Percentage Interest in the distributions allocable to the Certificates
of the above-referenced Class with respect to the Trust consisting of first lien, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 B
Certificate at any time may be less than the Initial Certificate Principal Balance set forth on the face hereof, as described
herein.  This Class B Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Master Servicer or the Trustee referred to below or any of their respective affiliates.

 

                This certifies that Cede &
Co. is the registered owner of the Percentage Interest evidenced by this Class B Certificate (obtained by dividing the Denomination
of this Class B Certificate by the Original Class Certificate Principal Balance) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Long Beach Securities Corp. (the “Depositor”).  The
Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004 (the “Agreement”) among the
Depositor, Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank National Trust
Company, as trustee (the “Trustee”).  To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.  This Class B Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Class B Certificate by virtue of the acceptance hereof assents
and by which such Holder is bound.

 

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

 

                This Class B Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

 

 

                IN WITNESS WHEREOF, the Trustee,
on behalf of the Trust has caused this Certificate to be duly executed.

 

Dated:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class B Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                 Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
B Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-14

 

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-A1
CERTIFICATES, THE CLASS IA-2 CERTIFICATES, THE CLASS II-A1 CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS A-3 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 B CERTIFICATES TO THE EXTENT DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

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

 

	
Certificate No.

	
:

	
1

	
Cut-off Date

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Original Certificate Principal Balance

	
:

	
$[_______]

	
Initial Notional Amount of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Notional Amount of this Class

	
:

	
$[_______]

	
Percentage

	
:

	
[____]%

	
Pass-Through Rate

	
:

	
Variable

	
Class

	
:

	
C

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master Servicer or the Trustee referred to below or any of their respective affiliates.

 

                This certifies that TFINN Co. (on
behalf of Lehman Pass-Through Securities 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 Notional Amount) in certain
distributions with respect to a Trust consisting primarily of the Mortgage Loans deposited by Long Beach Securities Corp. (the
“Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004
(the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class C Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Class C
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

 

                No transfer of a Certificate of
this Class shall be made unless such transfer is made pursuant to an effective registration statement under the Act and any
applicable state securities laws or is exempt from the registration requirements under said Act and such laws.  In the event
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 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 Master 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(c) 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class C Certificates

 referenced in the within-mentioned Agreement

By                                                                           

                 Authorized Signatory of

                 Deutsche Bank National Trust
Company,

                 as Trustee

 

[Reverse of Class
C Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee, the NIMS Insurer, if any, and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS
Insurer, if any, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and
neither the Depositor, the Master Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any
notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-15

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Initial Certificate Principal Balance of this Certificate (“Denomination”)

	
:

	
$[_______]

	
Original Class Certificate Principal Balance of this Class

	
:

	
$[_______]

	
Percentage Interest

	
:

	
[_______]%

	
Class

	
:

	
P

 

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable rate mortgage loans
(the “Mortgage Loans”)

 

LONG BEACH
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 Master Servicer or the Trustee referred to below or any of their respective affiliates.

 

                This certifies that TFINN Co. (on
behalf of Lehman Pass-Through Securities 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 Long Beach Securities
Corp. (the “Depositor”).  The Trust was created pursuant to a Pooling and Servicing Agreement dated as of October
1, 2004 (the “Agreement”) among the Depositor, Long Beach Mortgage Company, as master servicer (the “Master
Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Class 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 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 Master 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(c) 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class P Certificates

 referenced in the within-mentioned Agreement

By                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

 

[Reverse of Class
P Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement.  Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or
in lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS Insurer, if any, may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Depositor, the Master
Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-16

 

CLASS R
CERTIFICATES

 

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS
CERTIFICATE REPRESENTS “RESIDUAL INTERESTS” IN TWO SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” 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.

 

NO TRANSFER OF THIS CERTIFICATE TO A “DISQUALIFIED
ORGANIZATION,” AS SUCH TERM IS DEFINED IN SECTION 860E OF THE CODE, SHALL BE MADE.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Percentage Interest

	
:

	
[_______]%

	
Class

	
:

	
R

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

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, fixed rate and adjustable
rate mortgage loans (the “Mortgage Loans”)

 

LONG BEACH
SECURITIES CORP., as Depositor

 

                This Certificate does not
evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Master Servicer or the Trustee referred
to below or any of their respective affiliates.

 

                This certifies that TFINN Co. (on
behalf of Lehman Pass-Through Securities 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 Long Beach Securities Corp. (the “Depositor”).  The Trust
was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004 (the “Agreement”) among the
Depositor, Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank National Trust
Company, as trustee (the “Trustee”).  To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

 

                This Certificate does not have a
principal balance or pass-through rate and will be entitled to distributions only to the extent set forth in the Agreement. 
In addition, any distribution of the proceeds of any remaining assets of the Trust will be made only upon presentment and surrender
of this Certificate at the office or agency designated 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 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 Master 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(c) 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 Disqualified Organization 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:  October __, 2004

 

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class R Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

[Reverse of Class
R Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS Insurer, if any, may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Depositor, the Master
Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                By acceptance of the Class R
Certificates the Holders of the Class R Certificates agree that for so long as any of the NIM Notes are outstanding or any amounts
are reimbursable or payable to the NIMS Insurer, if any, in accordance with the terms of the Indenture, in connection with any
amounts distributable to the Holders of the Class R Certificates pursuant to Section 4.01(d)(i)(v) of the Agreement, their rights
to receive the amounts so distributable are assigned and transferred and any such amounts shall be paid by the Trustee out of the
Trust Fund, and to the extent received by the Holders of the Class R Certificates they shall pay any such amounts, to the Holders
of the Class C Certificates.  By acceptance of the Class R Certificates, the Holders of the Class R Certificates direct the
Trustee to pay any amounts due to the Holders of the Class R Certificates on the first Distribution Date to the Holders of the
Class C Certificates.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

 

EXHIBIT
A-17

CLASS R-CX
CERTIFICATES

 

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS
CERTIFICATE REPRESENTS 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-CX CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES
NOT BEAR INTEREST AND WILL NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

 

NO TRANSFER OF THIS CERTIFICATE TO A “DISQUALIFIED
ORGANIZATION,” AS SUCH TERM IS DEFINED IN SECTION 860E OF THE CODE, SHALL BE MADE.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Percentage Interest

	
:

	
[_______]%

	
Class

	
:

	
R-CX

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class R-CX

 

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, fixed rate and adjustable
rate mortgage loans (the “Mortgage Loans”)

 

LONG BEACH
SECURITIES CORP., as Depositor

 

                This Certificate does not
evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Master Servicer or the Trustee referred
to below or any of their respective affiliates.

 

                This certifies that TFINN Co. (on
behalf of Lehman Pass-Through Securities 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 Long Beach Securities Corp. (the “Depositor”).  The Trust
was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004 (the “Agreement”) among the
Depositor, Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank National Trust
Company, as trustee (the “Trustee”).  To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

 

                This Certificate does not have a
principal balance or pass-through rate and will be entitled to distributions only to the extent set forth in the Agreement. 
In addition, any distribution of the proceeds of any remaining assets of the Trust will be made only upon presentment and surrender
of this Certificate at the office or agency designated 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 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 Master 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(c) 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 Disqualified Organization acquires an Ownership Interest on a Class R-CX 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class R-CX Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

[Reverse of Class
R-CX Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS Insurer, if any, may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Depositor, the Master
Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

EXHIBIT
A-18

CLASS R-PX
CERTIFICATES

 

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS
CERTIFICATE REPRESENTS 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-PX CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES
NOT BEAR INTEREST AND WILL NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

 

NO TRANSFER OF THIS CERTIFICATE TO A “DISQUALIFIED
ORGANIZATION,” AS SUCH TERM IS DEFINED IN SECTION 860E OF THE CODE, SHALL BE MADE.

 

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

	
:

	
With respect to any Mortgage Loan, October 1, 2004

	
First Distribution Date

	
:

	
November 26, 2004

	
Percentage Interest

	
:

	
[_______]%

	
Class

	
:

	
R-PX

 

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

Class R-PX

 

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, fixed rate and adjustable
rate mortgage loans (the “Mortgage Loans”)

 

LONG BEACH
SECURITIES CORP., as Depositor

 

                This Certificate does not
evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Master Servicer or the Trustee referred
to below or any of their respective affiliates.

 

                This certifies that TFINN Co. (on
behalf of Lehman Pass-Through Securities 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 Long Beach Securities Corp. (the “Depositor”).  The Trust
was created pursuant to a Pooling and Servicing Agreement dated as of October 1, 2004 (the “Agreement”) among the
Depositor, Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank National Trust
Company, as trustee (the “Trustee”).  To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

 

                This Certificate does not have a
principal balance or pass-through rate and will be entitled to distributions only to the extent set forth in the Agreement. 
In addition, any distribution of the proceeds of any remaining assets of the Trust will be made only upon presentment and surrender
of this Certificate at the office or agency designated 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 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 Master 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(c) 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 Disqualified Organization acquires an Ownership Interest on a Class R-PX 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:  October __, 2004

LONG BEACH MORTGAGE LOAN TRUST 2004‐6

 

By:           DEUTSCHE BANK NATIONAL TRUST COMPANY

not in its individual capacity, but solely as

Trustee

 

 

By                                                                                                           

 

This is one of the
Class R-PX Certificates

 referenced in the within-mentioned Agreement

By                                                                                           

                 Authorized Signatory of

                Deutsche Bank National Trust
Company,

                 as Trustee

 

[Reverse of Class
R-PX Certificate]

 

Long Beach
Mortgage Loan Trust 2004‐6

Asset-Backed Certificates,

Series 2004‐6

 

                This Certificate is one of a duly
authorized issue of Certificates designated as Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed Certificates, Series
2004‐6 (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust created by the Agreement.

 

                The Certificateholder, by its
acceptance of this Certificate, agrees that it will look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

 

                This Certificate does not purport
to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Trustee.

 

                Pursuant to the terms of the
Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day then the first
Business Day following such Distribution Date (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to Holders of Certificates of the Class to which this Certificate belongs on such Distribution Date pursuant to the
Agreement.

 

                Distributions on this Certificate
shall be made by check or money order mailed to the address of the person entitled thereto as it appears on the Certificate
Register or by wire transfer or otherwise, as set forth in the Agreement.  The final distribution on each Certificate will be
made in like manner, but only upon presentment and surrender of such Certificate at the office or agency of the Trustee specified
in the notice to Certificateholders of such final distribution.

 

                The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the Trustee and of
Holders of the requisite percentage of the Percentage Interests of each Class of Certificates affected by such amendment, as
specified in the Agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

 

                As provided in the Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at the office or agency maintained by the Trustee
accompanied by a written instrument of transfer in form satisfactory to the Trustee 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 Master
Servicer, the Trustee and any agent of the Depositor, the Master Servicer, the Trustee or the NIMS Insurer, if any, may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Depositor, the Master
Servicer, the Trustee, the NIMS Insurer, if any, nor any such agent shall be affected by any notice to the contrary.

 

                On any Distribution Date
following the date at which the remaining Stated Principal Balance of the Mortgage Loans and REO Properties is equal to or less
than 10% of the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master Servicer or the NIMS Insurer, if
any, may purchase, in whole, from the Trust the Mortgage Loans in the manner and 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 and (iii) the Distribution Date for the Certificates in November, 2034.

 

                Capitalized terms used herein
that are defined in the Agreement shall have the meanings ascribed to them in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

 

 

ASSIGNMENT

 

                FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

                                                                                                                                                                                                               

                                                                                                                                                                                                                

                 (Please print or typewrite name and
address including postal zip code of assignee)

 

the Percentage Interest evidenced by the within
Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register
of the Trust.

 

                I (We) further direct the Trustee
to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the
following address:

 

 

Dated:                                                                     

                                                                                

Signature by or on behalf of assignor

 

DISTRIBUTION
INSTRUCTIONS

 

                The assignee should include the
following for purposes of distribution:

                Distributions shall be made, by
wire transfer or otherwise, in immediately available funds to
                                                  

                                                                                                                                                                                                              

 for the account of
                                                                                                                                                                                
,

account number
                                                                                                                                                                                    
,

 or, if mailed by check, to 
_________________________________________________________________________________________               
..

                                                                                                                                                                                                             

 Applicable statements should be mailed to
                                                                                                                                            

                                                                                                                                                                                                              
.. 

                This information is provided by
                                                                                                                                           
,

the assignee named above, or
                                                                                                                                                               
,

as its agent.

 

 

EXHIBIT B

Form of Cap
Agreement

Multicurrency-Cross Border)

ISDA 

International Swap Dealers
Association, Inc.

MASTER
AGREEMENT

dated as of October 25,
2004

 

	

LEHMAN BROTHERS

 SPECIAL FINANCING INC.

	

and

	

LONG BEACH
MORTGAGE LOAN TRUST 2004-6

 

have entered and/or anticipate entering into
one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes
the schedule  (the “Schedule”), and  the documents and other confirming evidence (each a
“Confirmation”) exchanged between the parties confirming those Transactions.

 

Accordingly, the parties agree as
follows:3⁄4

 

1.                             Interpretation

 

(a)           Definitions.  The terms defined in
Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master Agreement.

 

(b)           Inconsistency.  In the event of
any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will
prevail.  In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including
the Schedule), such Confirmation will prevail for the purposes of the relevant Transaction.

 

(c)           Single Agreement.  All Transactions are
entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties
(collectively referred to as this “Agreement”), and the parties would not otherwise enter into any
Transactions.

 

2.             Obligations

 

(a)           General Conditions.

 

(i)   Each party will make each
payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

 

(ii)  Payments under this Agreement will
be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. 
Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the
manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this
Agreement.

 

(iii)   Each obligation of each party under Section 2(a)(i) is
subject to  (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party
has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction
has occurred or been effectively designated and (3) each other applicable condition precedent specified in this
Agreement.

 

Copyright ã 1992 by International Swap Dealers Association, Inc.

 

(b)           Change of Account.  Either party may change its
account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the
scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable
objection to such change.

 

(c)           Netting.  If on any date amounts would
otherwise be payable:—

 

(i)            in the same currency; and

 

(ii)           in respect of the same Transaction,

 

by each party to the other, then, on such
date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the
aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been
payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to
pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.

 

The parties may elect in respect of two or
more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in
respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction.  The election
may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the
Transactions identified as being subject to the election, together with the starting date (in which case subparagraph
(ii) above will not, or will cease to, apply to such Transactions from such date).  This election may be made separately
for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and
receive payments or deliveries.

 

(d)           Deduction or Withholding for Tax.

 

(i)            Gross-Up.  All payments under this
Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is
required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect.
 If a party is so required to deduct or withhold, then that party (“X”) will:—

 

(1)           promptly notify the other party (“Y”) of such
requirement;

 

(2)           pay to the relevant authorities the full amount required to
be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y
under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving
notice that such amount has been assessed against Y;

 

(3)           promptly forward to Y an official receipt (or a certified
copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and

 

(4)           if such Tax is an Indemnifiable Tax, pay to Y, in addition
to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net
amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y
would have received had no such deduction or withholding been required.  However, X will not be required to pay any additional
amount to Y to the extent that it would not be required to be paid but for:—

 

(A)          the failure by Y to comply with or perform any agreement contained
in Section 4(a)(i), 4(a)(iii) or 4(d); or

 

(B)           the failure of a representation made by Y pursuant to
Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a
taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax
Law.

 

(ii)           Liability.  If: —

 

(1)           X is required by any applicable law, as modified by the
practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be
required to pay an additional amount to Y under Section 2(d)(i)(4);

 

(2)           X does not so deduct or withhold; and

 

(3)           a liability resulting from such Tax is assessed directly
against X,

 

then, except to the extent Y
has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability
(including any related liability for interest, but including any related liability for penalties only if Y has failed to comply
with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

 

(e)           Default Interest, Other Amounts.  Prior
to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party that
defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be
required to pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency
as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual
payment, at the Default Rate.  Such interest will be calculated on the basis of daily compounding and the actual number of
days elapsed.  If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party defaults in the performance of any obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

 

3.             Representations

 

Each party represents to the other party
(which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the
case of the representations in Section 3(f), at all times until the termination of this Agreement) that:—

 

(a)           Basic Representations.

 

(i)            Status.  It is duly organized and
validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good
standing;

 

(ii)           Powers.  It has the power to execute
this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any
other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations
under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all
necessary action to authorise such execution, delivery and performance;

 

(iii)          No Violation or Conflict.  Such execution,
delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents,
any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets;

 

(iv)          Consents.  All governmental and other consents
that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party
have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and

 

(v)           Obligations Binding.  Its obligations
under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations,
enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or
similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

 

(b)           Absence of Certain Events.  No Event of
Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and
no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or
any Credit Support

Document to which it is a party.

 

(c)           Absence of Litigation.  There is not
pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or
before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity
or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its
obligations under this Agreement or such Credit Support Document.

 

(d)           Accuracy of Specified Information.  All
applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of
this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every
material respect.

 

(e)           Payer Tax Representation.  Each
representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and
true.

 

(f)            Payee Tax Representations.  Each
representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and
true.

 

4.             Agreements

 

Each party agrees with the other that, so
long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a
party:—

 

(a)           Furnish Specified Information.  It will
deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the
other party reasonably directs:—

 

(i)            any forms, documents or certificates relating to
taxation specified in the Schedule or any Confirmation;

 

(ii)           any other documents specified in the Schedule or any
Confirmation, and

 

(iii)          upon reasonable demand by such other party, any form or document
that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a
payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of
any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or
document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such
form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be
delivered with any reasonably required certification,

 

in each case by the date specified in the
Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

 

(b)           Maintain Authorisations.  It will use all
reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be
obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable
efforts to obtain any that may become necessary in the future.

 

(c)           Comply with Laws.  It will comply in all
material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair
its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party.

 

(d)           Tax Agreement.  It will give notice of
any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

 

(e)           Payment of Stamp Tax.  Subject to
Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or in
which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax
Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect
of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp
Tax Jurisdiction with respect to the other party.

 

5.             Events of Default and Termination
Events

 

(a)           Events of Default.  The occurrence at any
time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of
any of the following events constitutes an event of default (an “Event of Default”) with respect to such
party:—

 

(i)            Failure to Pay or Deliver.  Failure
by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required
to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to
the party;

 

(ii)           Breach of Agreement.  Failure by the
party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or
delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under
Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such
failure is not remedied on or before the thirtieth day after notice of such failure is given to the party;

 

(iii)          Credit Support Default.

 

(1)           Failure by the party or any Credit Support Provider of such
party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit
Support Document if such failure is continuing after any applicable grace period has elapsed;

 

(2)           the expiration or termination of such Credit Support
Document or the failing or ceasing of such Credit Support Document to be in full force and effect for the purpose of this Agreement
(in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each
Transaction to which such Credit Support Document relates without the written consent of the other party; or

 

(3)           the party or such Credit Support Provider disaffirms,
disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document:

 

(iv)          Misrepresentation.  A representation (other
than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or
any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been made or repeated;

 

(v)           Default under Specified Transaction.  The
party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified
Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an
acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any
applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date
of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business
Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or
in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on
its behalf);

 

(vi)          Cross Default.  If “Cross Default”
is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other
similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any
applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of
them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the
Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and
payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party,
such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date
thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving
effect to any applicable notice requirement or grace period);

 

(vii)         Bankruptcy.  The party, any Credit Support Provider
of such party or any applicable Specified Entity of such party: —

 

(1)           is dissolved (other than pursuant to a consolidation,
amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its
creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented
for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such
proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making
of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30
days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation
(other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or
substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its
assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each
case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any
jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

 

(viii)        Merger Without Assumption.  The party or any Credit
Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its
assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer: —

 

(1)           the resulting, surviving or transferee entity fails to
assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to
which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party
to this Agreement; or

 

(2)           the benefits of any Credit Support Document fail to extend
(without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations
under this Agreement.

 

(b)           Termination Events.  The occurrence at
any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party
of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is
specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be
applicable, a Credit Event Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if the
event is specified pursuant to (v) below:—

 

(i)            Illegality.  Due to the adoption
of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or
any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law
after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which
will be the Affected Party): —

 

(1)           to perform any absolute or contingent obligation to make a
payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material
provision of this Agreement relating to such Transaction; or

 

(2)           to perform, or for any Credit Support Provider of such party
to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support
Document relating to such Transaction;

 

(ii)           Tax Event.  Due to (x) any action taken
by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the
party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled
Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from
which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under
Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under
Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

 

(iii)          Tax Event Upon Merger.  The party (the
“Burdened Party”) on the next succeeding Scheduled Payment Date will either (i) be required to pay an additional
amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any
Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of
Section 2(d)(i)(4)(A) or (B)).  in either case as a result of a party consolidating or amalgamating with, or merging
with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such
action does not constitute an event described in Section 5(a)(viii);

 

(iv)          Credit Event Upon Merger.  If “Credit
Event Upon Merger” is specified in the Schedule as applying to the party, such party (“X”), any Credit
Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or
transfers all or substantially all its assets to, another entity and such action does not constitute an event described in
Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of
X, such Credit Support Provider or such Specified Entity as the case may be, immediately prior to such action (and, in such event,
X or its successor or transferee, as appropriate, will be the Affected Party); or

 

(v)           Additional Termination Event.  If any
“Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of
such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event
in the Schedule or such Confirmation).

 

(c)           Event of Default and Illegality.  If an
event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will
be treated as an illegality and will not constitute an Event of Default.

 

6.             Early Termination

 

(a)           Right to Terminate Following Event of
Default.  If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred
and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the
Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions.  If, however, “Automatic Early Termination” is
specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an Event of Default specified in
Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party
of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

 

(b)           Right to Terminate Following Termination
Event.

 

(i)            Notice.  If a Termination Event
occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that
Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other
party may reasonably require.

 

(ii)           Transfer to Avoid Termination Event.  If
either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event
Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate
an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a
loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all
its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so
that such Termination Event ceases to exist.

 

If the Affected Party is not
able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other
party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).

 

Any such transfer by a party
under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which
consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions
with the transferee on the terms proposed.

 

(iii)          Two Affected Parties.  If an Illegality under
Section 5(b)(i)(l) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to
reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination
Event.

 

(iv)          Right to Terminate.  If: —

 

(1)           a transfer under Section 6(b)(ii) or an agreement
under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days
after an Affected Party gives notice under Section 6(b)(i); or

 

(2)           an illegality under Section 5(b)(i)(2), a Credit Event
Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected
Party,

 

either party in the case of
an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an
Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of
a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more than 20 days
notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the
day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

 

(c)           Effect of Designation.

 

(i)            If notice designating an Early Termination Date is
given under Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or not the
relevant Event of Default or Termination Event is then continuing.

 

(ii)           Upon the occurrence or effective designation of an Early
Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions
will be required to be made, but without prejudice to the other provisions of this Agreement.  The amount, if any, payable in
respect of an Early Termination Date shall be determined pursuant to Section 6(e).

 

(d)           Calculations.

 

(i)            Statement.  On or as soon as
reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if
any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such
calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details
of the relevant account to which any amount payable to it is to be paid.  In the absence of written confirmation from the
source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be
conclusive evidence of the existence and accuracy of such quotation.

 

(ii)           Payment Date.  An amount calculated as
being due in respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the
amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of
Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the
case of an Early Termination Date which is designated as a result of a Termination Event).  Such amount will be paid together
with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination
Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the
Applicable Rate.  Such interest will be calculated on the basis of daily compounding and the actual number of days
elapsed.

 

(e)           Payments on Early Termination.  If an
Early Termination Date occurs, the following provisions shall apply based on the parties’ election in the Schedule of a
payment measure, either “Market Quotation’ or “Loss”, and a payment method, either the “First
Method” or the “Second Method”.  If the parties fail to designate a payment measure or payment method in the
Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall
apply.  The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will
be subject to any Set-off.

 

(i)            Events of Default.  If the Early
Termination Date results from an Event of Default: —

 

(1)           First Method and Market Quotation.  If the First
Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of
(a) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and
the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (b) the Termination Currency
Equivalent of the Unpaid Amounts owing to the Defaulting Party.

 

(2)           First Method and Loss.  if the First Method and
Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss
in respect of this Agreement.

 

(3)           Second Method and Market Quotation.  If the
Second Method and Market Quotation apply, an amount will be payable equal to (a) the sum of the Settlement Amount (determined
by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid
Amounts owing to the Non-defaulting Party less (b) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party.  If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is
a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party.

 

(4)           Second Method and Loss.  If the Second Method
and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement.  If
that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the
Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party.

 

(ii)           Termination Events.  If the Early
Termination Date results from a Termination Event: —

 

(1)           One Affected Party.  If there is one Affected
Party, the amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or
Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting
Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if
Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated
Transactions.

 

(2)           Two Affected Parties.  If there are two Affected
Parties: —

 

(A)          if Market Quotation applies, each party will determine a
Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of
(a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”)
and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency
Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y;
and

 

(B)           if Loss applies, each party will determine its Loss in
respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions)
and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss
(“X”) and the Loss of the pasty with the lower Loss (“Y”).

 

If the amount payable is a
positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y.

 

(iii)          Adjustment for Bankruptcy.  In circumstances
where an Early Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount
determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect
any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period
from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).

 

(iv)          Pre-Estimate.  The parties agree that if
Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a
penalty.  Such amount is payable for the loss of bargain and the loss of protection against future risks and except as
otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such
losses.

 

7.             Transfer.

 

Subject to Section 6(b)(ii), neither
this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or
otherwise) by either party without the prior written consent of the other party, except that: —

(a)           a party may make such a transfer of this Agreement pursuant
to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another
entity (but without prejudice to any other right or remedy under this Agreement); and

 

(b)           a party may make such a transfer of all or any part of its
interest in any amount payable to it from a Defaulting Party under Section 6(e).

 

Any purported transfer that is not in
compliance with this Section will be void.

 

8.             Contractual Currency

 

(a)           Payment in the Contractual Currency. 
Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the
“Contractual Currency”).  To the extent permitted by applicable law, any obligation to make payments under this
Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual
Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a
reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the
Contractual Currency of all amounts payable in respect of this Agreement.  If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required
to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual
Currency as may be necessary to compensate for the shortfall.  If for any reason the amount in the Contractual Currency so
received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will
refund promptly the amount of such excess.

 

(b)           Judgments.  To the extent permitted by
applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the
payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination
in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount
described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such
party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund
promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such
other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the
Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the
rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order
actually received by such party.  The term “rate of exchange” includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the Contractual Currency.

 

(c)           Separate Indemnities.  To the extent
permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this
Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by
the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any
other sums payable in respect of this Agreement.

 

(d)           Evidence of Loss.  For the purpose of
this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or
purchase been made.

 

9.             Miscellaneous

 

(a)           Entire Agreement.  This Agreement
constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral
communication and prior writings with respect thereto.

 

(b)           Amendments.  No amendment, modification
or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile
transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic
messaging system.

 

(c)           Survival of Obligations.  Without
prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of
any Transaction.

 

(d)           Remedies Cumulative.  Except as provided
in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any
rights, powers, remedies and privileges provided by law.

 

(e)           Counterparts and Confirmations.

 

(i)            This Agreement (and each amendment, modification and
waiver iii respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will
be deemed an original.

 

(ii)           The parties intend that they are legally bound by the terms
of each Transaction from the moment they agree to those terms (whether orally or otherwise).  A Confirmation shall he entered
into as soon as practicable and may he executed and delivered in counterparts (including by facsimile transmission) or be created
by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be
sufficient for all purposes to evidence a binding supplement to this Agreement.  The parties will specify therein or through
another effective means that any such counterpart, telex or electronic message constitutes a Confirmation.

 

(f)            No Waiver of Rights.  A failure or
delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a
single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of
that right, power or privilege or the exercise of any other right, power or privilege.

 

(g)           Headings.  The headings used in this
Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in
interpreting this Agreement.

 

10.          Offices; Multibranch Parties

 

(a)           If Section 10(a) is specified in the
Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of
such party, the obligations of such party are the same as if it had entered into the Transaction through its head or home
office.  This representation will be deemed to be repeated by such party on each date on which a Transaction is entered
into.

 

(b)           Neither party may change the Office through which it makes
and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the other
party.

 

(c)           If a party is specified as a Multibranch Party in the
Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the
Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified
in the relevant Confirmation.

 

11.          Expenses

 

A Defaulting Party will, on demand, indemnify
and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax,
incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support
Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not
limited to, costs of collection.

 

12.          Notices

 

(a)           Effectiveness.  Any notice or other
communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication
under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as
indicated:—

 

(i)            if in writing and delivered in person or by courier,
on the date it is delivered;

 

(ii)           if sent by telex, on the date the recipient’s
answerback is received;

 

(iii)          if sent by facsimile transmission, on the date that transmission
is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be
on the sender and will not be met by a transmission report generated by the sender’s facsimile machine);

 

(iv)          if sent by certified or registered mail (airmail, if overseas) or
the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or

 

(v)           if sent by electronic messaging system, on the date that
electronic message is received,

 

unless the date of that delivery (or
attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted)
or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed
given and effective on the first following day that is a Local Business Day.

 

(b)           Change of Addresses.  Either party may by
notice to the other change the address, telex or facsimile number or electronic messaging system details at which notices or other
communications are to be given to it.

 

13.          Governing Law and Jurisdiction

 

(a)           Governing Law.  This Agreement will be
governed by and construed in accordance with the law specified in the Schedule.

 

(b)           Jurisdiction.  With respect to any suit,
action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:—

 

(i)            submits to the jurisdiction of the English courts, if
this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New
York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to
be governed by the laws of the State of New York; and

 

(ii)           waives any objection which it may have at any time to the
laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an
inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party.

 

Nothing in this Agreement precludes either
party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law,
the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification,
extension or re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

 

(c)           Service of Process.  Each party
irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings.  If for any reason any party’s Process Agent is unable to act as such,
such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other
party.  The parties irrevocably consent to service of process given in the manner provided for notices in
Section 12.  Nothing in this Agreement will affect the right of either party to serve process in any other manner
permitted by law.

 

(d)           Waiver of Immunities.  Each party
irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from
(i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any
judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and
irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any
Proceedings.

 

14.          Definitions.

 

As used in this Agreement:—

 

“Additional Termination
Event” has the meaning specified in Section 5(b).

 

“Affected
Party” has the meaning specified in Section 5(b).

 

“Affected
Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or
Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other
Termination Event, all Transactions.

 

“Affiliate”
means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity
that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. 
For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the entity or
person.

 

“Applicable
Rate” means:—

 

(a)           in respect of obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Defaulting Party.  the Default Rate;

 

(b)           in respect of an obligation to pay an amount under
Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that
amount is payable, the Default Rate;

 

(c)           in respect of all other obligations payable or deliverable
(or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and

 

(d)           in all other cases, the Termination Rate.

 

“Burdened
Party” has the meaning specified in Section 5(b).

 

“Change in Tax
Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any
law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant
Transaction is entered into.

 

“Consent”
includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

 

“Credit Event Upon
Merger” has the meaning specified in Section 5(b).

 

“Credit Support
Document” means any agreement or instrument that is specified as such in this Agreement.

 

“Credit Support
Provider” has the meaning specified in the Schedule.

 

“Default
Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant
payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum.

 

“Defaulting
Party” has the meaning specified in Section 6(a).

 

“Early Termination
Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

 

“Event of
Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

 

“Illegality”
has the meaning specified in Section 5(b).

 

“Indemnifiable
Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but
for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the
recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised,
present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of
business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed,
delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document).

 

“Law”
includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority) and “lawful” and “unlawful” will be construed
accordingly.

 

“Local Business
Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings
in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i).  in the
place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or
determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment,
in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of
such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i),
in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and (d) in relation to
Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.

 

“Loss”
means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination
Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which
case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated
Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without
duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related
trading position (or any gain resulting from any of them).  Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the
relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or (3) or
6(e)(ii)(2)(A) applies.  Loss does not include a party’s legal fees and out-of-pocket expenses referred to under
Section 11.  A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable.  A party may (but need not) determine its Loss
by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets.

 

“Market
Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an
amount determined on the basis of quotations from Reference Market-makers.  Each quotation will be for an amount, if any, that
would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of
an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such
party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would
have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation
was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under
Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after that date.  For this purpose, Unpaid Amounts in
respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable
condition precedent) after that Early Termination Date is to be included.  The Replacement Transaction would be subject to
such documentation as such party and the Reference Market-maker may, in good faith, agree.  The party making the determination
(or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the
same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date.  The day and time as of which those quotations are to be obtained will be selected in good faith by the
party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the
other.  If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations,
without regard to the quotations having the highest and lowest values.  If exactly three such quotations are provided, the
Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations.  For this purpose, if
more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded.  If
fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or
group of Terminated Transactions cannot be determined.

 

“Non-default
Rule” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the
Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

 

“Non-defaulting
Party” has the meaning specified in Section 6(a).

 

“Office”
means a branch or office of a party, which may be such party’s head or home office.

 

“Potential Event of
Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an
Event of Default.

 

“Reference
Market-makers” means four leading dealers in the relevant market selected by the party determining a Market
Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party
applies generally at the time in deciding whether to offer or to make an extension of credit and (b) to the extent
practicable, from among such dealers having an office in the same city.

 

“Relevant
Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated,
organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment,
from or through which such payment is made.

 

“Scheduled Payment
Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect
to a Transaction.

 

“Set-off”
means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the
payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable
law or otherwise) that is exercised by, or imposed on, such payer.

 

“Settlement
Amount” means, with respect to a party and any Early Termination Date, the sum of: —

 

(a)           the Termination Currency Equivalent of the Market Quotations
(whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is
determined; and

 

(b)           such party’s Loss (whether positive or negative and
without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market
Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially
reasonable result.

 

“Specified
Entity” has the meanings specified in the Schedule.

 

“Specified
Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or
otherwise, as principal or surety or otherwise) in respect of borrowed money.

 

“Specified
Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect
thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party
or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such
other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of
these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

 

“Stamp Tax”
means any stamp, registration, documentation or similar tax.

 

“Tax” means
any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions
thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a
stamp, registration, documentation or similar tax.

 

“Tax Event”
has the meaning specified in Section 5(b).

 

“Tax Event Upon
Merger” has the meaning specified in Section 5(b).

 

“Terminated
Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination Event,
all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early
Termination” applies, immediately before that Early Termination Date).

 

“Termination
Currency” has the meaning specified in the Schedule.

 

“Termination Currency
Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other
Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being
required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market
Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the Termination Currency at the
rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other
Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such
date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant
Early Termination Date or that later date.  The foreign exchange agent will, if only one party is obliged to make a
determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties.

 

“Termination
Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit
Event Upon Merger or an Additional Termination Event.

 

“Termination
Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual
cost) to each party (as certified by such party) if it were to fund or of funding such amounts.

 

“Unpaid Amounts” owing to any party
means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts
that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on
or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each
Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for
Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has
not been so settled as at such Early Termination Date, an amount equal to the fair market

 

value of  that  which was  (or would have been) 
required to be  delivered as  of the originally scheduled date for delivery, in each case together with (to the extent
permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the
Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days
elapsed.  The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party
obliged to make the determination under Section 6(e) or, if each party is so  obliged, it shall be the average of the
Termination Currency Equivalents of the fair market values reasonably determined by both parties.

 

IN WITNESS WHEREOF the parties have executed this document on the
respective dates specified below with effect from the date specified on the first page of this document.

 

 

	

LEHMAN BROTHERS

 SPECIAL FINANCING INC.

	
 

	

DEUTSCHE BANK
NATIONAL TRUST COMPANY

SOLELY IN ITS CAPACITY AS
TRUSTEE OF

THE LONG BEACH MORTGAGE LOAN TRUST 2004-6

	

(Name of
Party)

	
 

	

(Name of
Party)

	

By:___________________________________ 

	

 

	

By:___________________________________

	

Name:

	

 

	

Name:

	

Title:

	

 

	

Title:

	

Date:

	

 

	

Date:

	

 

	

 

	

By:___________________________________

	

 

	

 

	

Name:

	

 

	

 

	

Title:

	

 

	

 

	

Date:

 

SCHEDULE       

 TO THE

MASTER AGREEMENT

dated as of October 25, 2004

between

LEHMAN BROTHERS SPECIAL FINANCING  INC.

(“Party A”)

and

LONG BEACH MORTGAGE LOAN TRUST 2004-6

(“Party B”)

Part 1.    Termination
Provisions

(a)           “Specified Entity” means in relation to
Party A for the purpose of:

Section 5(a)(v),     None Specified

Section 5(a)(vi),    None Specified

Section 5(a)(vii),   None Specified

Section 5(b)(iv),    None
Specified

and in relation to Party B for the purpose
of:

Section 5(a)(v),     None Specified

Section 5(a)(vi),    None Specified

Section 5(a)(vii),   None Specified

Section 5(b)(iv),    None
Specified

(b)           “Specified Transaction” has the meaning
specified in Section 14.

(c)           Events of Default.  The following Events of
Default shall apply to the specified party:

	

 

	
 

	

Party A

	

Party B

	

(i)

	
Section 5(a)(i), Failure to Pay or Deliver

	
Applicable

	
Applicable

 

	

(ii)

	
Section 5(a)(ii), Breach of Agreement

	
Not Applicable

	
Not Applicable

 

	

(iii)

	
Section 5(a)(iii), Credit Support Default

	
Applicable

	
Not Applicable

 

	

(iv)

	
Section 5(a)(iv), Misrepresentation

	
Applicable

	
Not Applicable

 

	

(v)

	
Section 5(a)(v), Default Under Specified Transaction

	
Not Applicable

	
Not Applicable

	

(vi)

	
Section 5(a)(vi), Cross Default

	
Not Applicable

	
Not Applicable

 

	

(vii)

	
Section 5(a)(vii), Bankruptcy

	
Applicable

	
Not Applicable

 

	

(viii)

	

Section 5(a)(viii), Merger Without
Assumption

	

Applicable

	

Not Applicable

(d)           Termination Events.  The following Termination
Events shall apply the specified party

 

	

 

	

 

	

Party A

	

Party B

	

(i)

	
Section 5(b)(i), Illegality

	
Applicable

	
Applicable

 

	

(ii)

	
Section 5(b)(ii), Tax Event

	
Not Applicable

	
Not Applicable

 

	

(iii)

	
Section 5(b)(iii), Tax Event Upon Merger

	
Not Applicable

	
Not Applicable

 

	

(iv)

	
Section 5(b)(iv), Credit Event Upon

Merger

	
Applicable

	
Not Applicable

 

(e)           The “Automatic Early Termination”
provisions of Section 6(a) will not apply to Party A and will not apply to Party B

(f)            Payments on Early Termination.  “Market Quotation” and “Second Method” will apply for the purpose of Section 6(e) of this
Agreement.

(g)           “Termination Currency” means United
States Dollars.

(h)           Additional Termination Event:  The following
shall constitute an Additional Termination Event for purposes of which Party A shall be the sole Affected Party:

If at any
time Party A’s Credit Support Provider shall fail to maintain the Minimum Credit Rating: provided that no Additional
Termination Event shall be deemed to exist under this paragraph if Party A shall (at Party A's sole cost and expense), within
thirty (30) Business Days following its Credit Support Provider’s failure to maintain the Minimum Credit Rating transfer all
of its rights and obligations under this Agreement to a transferee that, at the time of such transfer, satisfies the Minimum Credit
Rating (as defined below).

"Minimum
Credit Rating" shall mean a long-term senior unsecured debt rating by Moody's Investors Service, Inc. of at least "Baa1" and a
long-term senior unsecured debt rating by Standard and Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. of at
least "BBB+."

Part
2.    Tax Representations

(a)           Party A and Party B Payer Tax Representations. 
For the purpose of Section 3(e), each of Party A and Party B makes the following representation:

It is not
required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant
Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section
2(e), 6(d)(ii) or 6(e)) to be made by it to the other party under this Agreement.  In making this representation, it may rely
on (i) the accuracy of any representation made by the other party pursuant to Section 3(f); (ii) the satisfaction of the
agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) and the accuracy and effectiveness of any document provided
by the other party pursuant to Section 4(a)(i) or 4(a)(iii); and (iii) the satisfaction of the agreement of the other party
contained in Section 4(d), provided that it shall not be a breach of this representation where reliance is placed on clause
(ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal
or commercial position.

(b)           Payee Tax Representations

(i)            For the purpose of Section 3(f), Party A makes the
following representation:

It is a
corporation duly organized and incorporated under the laws of the State of Delaware and is not a foreign corporation for United
States tax purposes.

(ii)           For the purpose of Section 3(f), Party B makes the
following representation:

It is a
trust created pursuant to a pooling agreement, which is governed by the laws of the State of New York and is not a foreign
corporation for United States tax purposes.

Part 3.    Agreement to
Deliver Documents

For the purpose of Sections 4(a)(i) and (ii),
each party agrees to deliver the following documents, as applicable.

(a)           Tax forms, documents or certificates to be delivered
are:

	

Party required

 to deliver

 document

	

Form/Document/Certificate

	

Date by which to be delivered

	

 

	

 

	

 

	

Party B

	

An executed United States Internal Revenue
Service Form W-9 (or any successor thereto

	

Upon request.

(b)           Tax forms, documents or certificates to be delivered
are:

	

Party required

 to deliver

 document

	

Form/Document/Certificate

	

Date by which to be delivered

	

Covered by

 Section 3(d)

 Representation

	

 

	

 

	

 

	

 

	

Party A

 and

 Party B

	

Either (1) a signature booklet containing
secretary’s certificate and resolutions (“authorizing resolutions”) authorizing the party to enter into
derivatives transactions of the type contemplated by the parties or (2) a secretary’s certificate, authorizing
resolutions and incumbency certificate, in either case, for such party and any Credit Support Provider of such party reasonably
satisfactory in form and substance to the other party.

	

The earlier of the fifth Business Day after
the Trade Date of the first Transaction or upon execution of this Agreement and as deemed necessary for any further
documentation.

	

Yes

	

Party A

	

A copy of the annual report of its Credit
Support Provider containing audited consolidated financial statements for each such fiscal year, certified by independent certified
public accountants and prepared in accordance with generally accepted accounting principles in the country in which its Credit
Support Provider is organized.

	

Upon request.

	

Yes

	

Party B

	

Master Servicer’s monthly 
remittance report to Certificateholders

	

Upon request.

	

Yes

	

Party A

 and

 Party B

	

Certified copies of documents evidencing each
party’s capacity to execute this Agreement, each Confirmation and any Credit Support Document (if applicable) and to perform
its obligations hereunder and thereunder.

	

As soon as practicable after the execution of
this Agreement

	

Yes

	

Party A

 and

 Party B

	

An opinion of counsel reasonably satisfactory
in form and substance to the other party.

	

Upon execution of this Agreement.

	

No

	

Party A

 and

 Party B

	

Such other documents as the other party may
reasonably request

	

Upon request.

	

No.

Part 4.   
Miscellaneous

(a)                 Addresses for Notices.  For the purpose of Section 12(a):

(i)                  
Address for notices or communications to Party A:

Lehman Brothers Special Financing
Inc.

c/o Lehman Brothers Inc.

Transaction Management Dept

745 7th Avenue 28th Floor

New York, NY 10019

Facsimile No.: (212) 526-7672             Telephone No.: (212)
526-7187

(ii)                 Address for
notices or communications to Party B:

Deutsche Bank National Trust
Company

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attn: Trust Administration - LB0406

 

Responsible Employee(s):  Valerie
Delgado

 

 Facsimile No.: (714)
247-6322                            
Telephone No.: (714)
247-6273                          

 

 

(b)           Notices.  Section 12(a) is amended by adding in
the third line thereof after the phrase “messaging system” and before the “)” the words, “, provided,
however, any such notice or other communication may be given by facsimile transmission if telex is unavailable, no telex number is
supplied to the party providing notice, or if answer back confirmation is not received within one hour from the party to whom the
telex is sent.”

(c)           Process Agent.  Party B irrevocably appoints as
its agent for service of process:

Deutsche Bank National Trust
Company

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attn: Trust Administration - LB0406

 

(d)           Offices.  The provisions of Section 10(a) will
apply to Party A and to Party B.

(e)           Multibranch Party.  For the purpose of Section
10(c):

Party A is not a
Multibranch Party.

Party B is not a
Multibranch Party.

(f)            “Calculation Agent” means Party
A.

(g)           Credit Support Document.  Details of any Credit
Support Document:  A guarantee of Lehman Brothers Holdings Inc. in regards to Party A

(h)           Credit Support Provider means: Lehman Brothers
Holdings Inc.              

(i)            Governing Law; Jurisdiction.  This
Agreement, each Credit Support Document and each Confirmation will be governed by and construed in accordance with the laws of the
State of New York, without reference to its choice of law doctrine.  Section 13(b) is amended by: (1) deleting
“non-“ from the second line of clause (i); and (2) deleting the final paragraph.

(j)            Waiver of Jury Trial.  Each party waives,
to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any Proceedings relating
to this Agreement or any Credit Support Document.

(k)           Netting of Payments.  Section 2(c) will not
apply to any amounts payable with respect to Transactions from the date of this Agreement.

(l)            “Affiliate” will have the meaning
specified in Section 14, provided that Party A does not have any Affiliates for purposes of this Agreement.

(m)          Setoff will not apply to the transaction

Part 5.  Other
Provisions

(a)           Additional Representations.  Section 3 is hereby
amended by adding at the end thereof the following Subparagraphs:

(i)                  
It is an “eligible contract participant” as that term is defined in the Commodities Futures Modernization Act of
2000.

(ii)                 It has
entered into this Agreement (including each Transaction evidenced hereby) in conjunction with its line of business (including
financial intermediation services) or the financing of its business.

(iii)                It is entering into
this Agreement, any Credit Support Document to which it is a party, each Transaction and any other documentation relating to this
Agreement or any Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise).

(b)           Accuracy of Specified Information.  Section 3(d)
is hereby amended by adding in the third line thereof after the word "respect" and before the period the words "or, in the case of
audited or unaudited financial statements, a fair presentation, in all material respects, of the financial condition of the
relevant person.

(c)           [Reserved].

 

(d)           [Reserved].

(e)           Relationship Between Parties.  Each party will
be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement
between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

(i)                   Non-Reliance.  It is acting for its own account, and it has made its own independent decisions to enter into that
Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from
such advisers as it has deemed necessary.  It is not relying on any communication (written or oral) of the other party as
investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations
related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into
that Transaction.  No communication (written or oral) received from the other party shall be deemed to be an assurance or
guarantee as to the expected results of that Transaction.

(ii)                 Assessment
and Understanding.  It is capable of assessing the merits of and understanding (on its own behalf or through independent
professional advice), and understands and accepts, the terms, conditions and risks of that Transaction.  It is also capable of
assuming, and assumes, the risks of that Transaction.

(iii)          Status of Parties.  The other party is not acting as
a fiduciary for or an adviser to it in respect of that Transaction.

(f)            Trustee Accounting.  Party A hereby
acknowledges and agrees that Party B shall treat this Agreement as consisting of two discreet components , (i) the Class C Cap and
(ii) the Basis Risk Cap (each, as defined in the Pooling Agreement).  The Trustee shall hold any payments allocable to (i) the
Class C Cap for the benefit of the holders of the Trust's Class C Certificates and (ii) the Basis Risk Cap, for the benefit of the
holders of the Trust's Class I-A1, Class I-A2, Class II-A1, Class II-A2, Class A-3, Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class M-7, Class B Certificates.

 (g)          [Reserved].

(h)           Limitation of Liability.  It is expressly
understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Deutsche Bank National Trust
Company, not individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred
and vested in it under the Pooling Agreement, (b) each of the representations, undertakings and agreements herein made on the part
of the 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 Trust and (c) 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 the Trust under this
Agreement.

(i)           
[Reserved].           

(j)            Non-Petition.  Party A hereby irrevocably
and unconditionally agrees that it will not institute against, or join any other person in instituting against, Party B, any
bankruptcy, reorganization, arrangement, insolvency, or similar proceeding under the laws of the United States, or any other
jurisdiction until one year and one day after the termination of this Trust.

(k)           Additional Definitions.

“Pooling Agreement” shall mean the Pooling and Servicing Agreement dated
as of October 1, 2004, among Long Beach Securities Corporation, as Depositor,  Long Beach Mortgage Company,  as Master
Servicer and Deutsche Bank National Trust Company, as Trustee.

 “Trustee” shall mean Deutsche Bank National Trust Company, a
national banking association, and any successor thereto, not in its individual capacity, but solely as trustee under the Pooling
Agreement.

“Rating
Agency” shall meanFitch, Inc., and Standard & Poor’s, a division of The
McGraw‐Hill Companies, Inc., or any successor in each interest.

“Trust” shall mean Long Beach Mortgage Loan Trust 2004-6.

 

(l)            Amendments and Transfers

Any amendments, transfers or assignments
of obligations under the Master Agreement shall not be effective unless the Rating Agency confirms in writing any rating dependent
of this agreement will be unaffected by such action.

IN WITNESS WHEREOF,the parties have executed this Schedule by their duly authorized officers as of the date hereof.

LEHMAN BROTHERS SPECIAL FINANCING 
INC.

By:  _______________________________

        Name:

        Title:

 

DEUTSCHE BANK NATIONAL TRUST
COMPANY, 

Not in its individual capacity but solely as Trustee of the Long Beach Mortgage Loan Trust 2004-6

By:  _______________________________

        Name:

        Title:

 

 

By:  _______________________________

        Name:

        Title:

 

 

Transaction

Date:                25 October 2004

To:                   Long Beach
Mortgage Loan Trust 2004-6

                        Attention:          Documentation Unit

 

From:                Lehman Brothers Special
Financing Inc.

Transaction Management Group

Facsimile:          646-885-9551 (United States of America)

Telephone:        212-526-9570 (Louis P. Bardos)

Ref. Numbers:  Risk
ID: 789973L / Effort ID: N520192 / Global Deal ID: 2004666

 

Dear Sir or Madam:

The purpose of this
communication (this “Confirmation”) is to confirm the terms and conditions of the transaction (the
“Transaction”) entered into between Lehman Brothers Special Financing Inc. (“Party A”) and Deutsche Bank
National Trust Company, solely in its capacity as trustee (the “Trustee”) of the Long Beach Mortgage Loan Trust 2004-6,
a trust (the “Trust”) (“Party B”) formed under the Pooling and Servicing Agreement (defined below) which is
governed by the laws of the State of New York on the Trade Date specified below. This Confirmation constitutes a
“Confirmation” as referred to in the Agreement specified below.

This Confirmation
supplements, forms part of, and is subject to, the ISDA Master Agreement dated as of 25 October, 2004, as amended and supplemented
from time to time, between Party A and Party B (the “Agreement”).  All provisions contained in the Agreement shall
govern this Confirmation except as expressly modified below.

The definitions and
provisions contained in the 2000 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc. (the
“Definitions”) are incorporated into this Confirmation.  In the event of any inconsistency between the Definitions
and the terms of this Confirmation, this Confirmation will govern.  For the purpose of the Definitions, references herein to a
“Transaction” shall be deemed to be references to a “Swap Transaction”.

Party A and Party B each
represents that entering into the Transaction is within its capacity, is duly authorized and does not violate any laws of its
jurisdiction of organization or residence or the terms of any agreement to which it is a party.  Party A and Party B each
represents that (a) it is not relying on the other party in connection with its decision to enter into this Transaction, and
neither party is acting as an advisor to or fiduciary of the other party in connection with this Transaction regardless of whether
the other party provides it with market information or its views; (b) it understands the risks of the Transaction and any legal,
regulatory, tax, accounting and economic consequences resulting therefrom; and (c) it has determined based upon its own judgment
and upon any advice received from its own professional advisors as it has deemed necessary to consult that entering into the
Transaction is appropriate for such party in light of its financial capabilities and objectives.  Party A and Party B each
represents that upon due execution and delivery of this Confirmation, it will constitute a legally valid and binding obligation,
enforceable against it in accordance with its terms, subject to applicable principles of bankruptcy and creditors’ rights
generally and to equitable principles of general application.

 

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

Type of
Transaction:            Cap Transaction

Trade
Date:                       
October 18, 2004

Effective
Date:                    November
26, 2004

Termination
Date:                February 25, 2008, subject to
adjustment in accordance with the Modified Following Business Day Convention.

Notional
Amount:                As set forth in Schedule
A.

Fixed Amount
-                

Fixed Amount
Payer:           Party B

Fixed
Amount:                    

By its execution hereof and with effect from the Trade Date above Party A irrevocably acknowledges
receipt of all agreed consideration from Party B in respect of this Transaction.

Floating Amounts
-          

Floating Rate
Payer:            Party A

Floating
Rate:                     
The lesser of (i) the Maximum Rate (as set forth in Schedule A) and (ii) the greater of (a) 0% and (b) USD-LIBOR-BBA with a
Designated Maturity of one month minus the Strike Rate for the related Calculation Period (as set forth in Schedule
A)          

Floating Amount:                 Floating
Rate multiplied by the Notional Amount multiplied by the Day Count Fraction

 

Floating Rate Payer

Period End
Dates:               The twenty-fifth (25th)
calendar day of each month, commencing December 25, 2004, subject to adjustment in accordance with the Modified Following Business
Day Convention

Floating Rate Payer

Payment Dates:
                  One (1) Business Day
preceding each Floating Rate Payer Period End Date.

Spread:                              
None

Floating Rate
Option:           USD-LIBOR-BBA

Designated
Maturity:           One Month

Floating Rate Day

Count
Fraction:                   
Actual/360

Reset
Dates:                      
The first day of each Calculation Period

Business
Days:                    New
York

Governing
Law:                   New York, without
reference to choice of law doctrine.

	

Miscellaneous:

	

 

	

Calculation Agent:

	

Party A

	

Office:

	

For the purposes of this
Transaction, Party A is not a Multibranch Party, and the Office of Party B is its Head Office Branch.

 

Additional
Provisions:

            Limitation of Liability: It is expressly
understood and agreed by the parties hereto that (a) this Confirmation is executed and delivered by the Trustee, not individually
or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested in it under the
Pooling and Servicing Agreement (the “Pooling Agreement”) dated as of October 1, 2004, among the Trustee, Long Beach
Mortgage Company, as Master Servicer and Long Beach Securities Corporation, as Depositor, (b) each of the representations,
undertakings and agreements herein made on behalf of the Trust is made and intended not as personal representations, undertakings
and agreements of the Trustee but is made and intended for the purpose of binding only the Trust and (c) under no circumstances
shall the Trustee 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 the Trust under this
Confirmation.

            Non-Petition: Lehman Brothers
Special Financing Inc. hereby irrevocably and unconditionally agrees that it will not institute against, or join any other person
in instituting against, the Party B, any bankruptcy, reorganization, arrangement, insolvency, or similar proceeding under the laws
of the United States, or any other jurisdiction until one year and one day after the termination of this Trust.

 

Payment Instructions for Party A in
USD: 

JPMorgan CHASE BANK, NEW
YORK

ABA # 021000021

A/C of Lehman Brothers Special
Financing Inc.   A/C # 066-143543 

           

Payment Instructions for Party B in USD: 

Deutsche Bank

ABA 021001033

AC # 01419663

Acct. Name: NYLTD Funds
Control/Stars West

Ref: Long Beach
2004-6

 

 

Please confirm your agreement with the foregoing by executing this Confirmation and returning such Confirmation, in its
entirety, to us at facsimile number 646-885-9551 (United States of America), Attention: Documentation.

 

 

                                                                                                Very truly
yours,

Lehman
Brothers Special Financing Inc.

 

By:_______________________________________

 Authorized Signatory

Accepted and confirmed
as

of the date first written

Long Beach Mortgage Loan
Trust 2004-6

By:  Deutsche Bank National Trust
Company

not in its individual capacity but solely as
Trustee under the Pooling Agreement

 

By:_______________________________________

Name:_____________________________________

 

Title:______________________________________

 

 

By:_______________________________________

Name:_____________________________________

 

Title:______________________________________

 

 

 

 

 

Schedule A

	

*Calculation
Period from and including

	

*Calculation
Period up to but excluding

	
 

Strike Rate
(%)

	
 

Maximum Rate
(%)

	

Notional
Amount

(in
USD)

	

11/25/2004

	

12/25/2004

	

2.00000

	

4.00000

	

1,067,652,574.88

	

12/25/2004

	

1/25/2005

	

2.00000

	

4.00000

	

1,036,364,416.27

	

1/25/2005

	

2/25/2005

	

2.00000

	

4.00000

	

1,005,990,009.02

	

2/25/2005

	

3/25/2005

	

2.00000

	

4.00000

	

976,502,642.96

	

3/25/2005

	

4/25/2005

	

2.00000

	

4.00000

	

947,876,456.63

	

4/25/2005

	

5/25/2005

	

2.00000

	

4.00000

	

920,086,312.92

	

5/25/2005

	

6/25/2005

	

2.00000

	

4.00000

	

893,107,668.07

	

6/25/2005

	

7/25/2005

	

2.00000

	

4.00000

	

866,916,803.47

	

7/25/2005

	

8/25/2005

	

2.00000

	

4.00000

	

841,490,694.34

	

8/25/2005

	

9/25/2005

	

2.00000

	

4.00000

	

816,806,989.48

	

9/25/2005

	

10/25/2005

	

2.00000

	

4.00000

	

792,843,991.49

	

10/25/2005

	

11/25/2005

	

2.00000

	

4.00000

	

769,580,637.68

	

11/25/2005

	

12/25/2005

	

2.00000

	

4.00000

	

746,996,481.43

	

12/25/2005

	

1/25/2006

	

2.00000

	

4.00000

	

725,071,674.24

	

1/25/2006

	

2/25/2006

	

2.00000

	

4.00000

	

703,786,948.14

	

2/25/2006

	

3/25/2006

	

2.00000

	

4.00000

	

683,123,598.76

	

3/25/2006

	

4/25/2006

	

2.00000

	

4.00000

	

663,063,468.78

	

4/25/2006

	

5/25/2006

	

2.00000

	

4.00000

	

643,588,931.96

	

5/25/2006

	

6/25/2006

	

2.00000

	

4.00000

	

624,682,877.59

	

6/25/2006

	

7/25/2006

	

2.00000

	

4.00000

	

606,328,695.36

	

7/25/2006

	

8/25/2006

	

2.00000

	

4.00000

	

581,349,694.36

	

8/25/2006

	

9/25/2006

	

2.00000

	

4.00000

	

546,445,454.56

	

9/25/2006

	

10/25/2006

	

2.00000

	

4.00000

	

513,726,307.99

	

10/25/2006

	

11/25/2006

	

6.80000

	

2.20000

	

538,007,190.31

	

11/25/2006

	

12/25/2006

	

6.80000

	

2.20000

	

522,070,106.53

	

12/25/2006

	

1/25/2007

	

6.80000

	

2.20000

	

506,600,770.87

	

1/25/2007

	

2/25/2007

	

6.80000

	

2.20000

	

491,585,458.33

	

2/25/2007

	

3/25/2007

	

7.60000

	

1.40000

	

477,010,846.62

	

3/25/2007

	

4/25/2007

	

7.60000

	

1.40000

	

462,864,004.41

	

4/25/2007

	

5/25/2007

	

7.60000

	

1.40000

	

449,132,379.81

	

5/25/2007

	

6/25/2007

	

7.60000

	

1.40000

	

435,803,789.23

	

6/25/2007

	

7/25/2007

	

7.60000

	

1.40000

	

422,866,406.60

	

7/25/2007

	

8/25/2007

	

7.60000

	

1.40000

	

410,308,752.87

	

8/25/2007

	

9/25/2007

	

8.50000

	

0.50000

	

398,119,685.82

	

9/25/2007

	

10/25/2007

	

8.50000

	

0.50000

	

386,288,460.55

	

10/25/2007

	

11/25/2007

	

8.50000

	

0.50000

	

374,801,850.50

	

11/25/2007

	

12/25/2007

	

8.50000

	

0.50000

	

363,652,460.11

	

12/25/2007

	

1/25/2008

	

8.50000

	

0.50000

	

352,830,392.13

	

1/25/2008

	

2/25/2008

	

8.50000

	

0.50000

	

342,326,041.70

	

 

	

 

	

 

	

 

	

 

 

*subject to adjustment in accordance with the
relevant Business Day Convention.

 

EXHIBIT A to Schedule of 39 Month Interest Rate Cap

 

GUARANTEE OF LEHMAN BROTHERS
HOLDINGS INC.

 

 

LEHMAN
BROTHERS SPECIAL FINANCING INC. (“Party A”) and DEUTSCHE BANK NATIONAL TRUST COMPANY, solely in its capacity as trustee
(the “Trustee”) of the Long Beach Mortgage Loan Trust 2004-6 (“Party B”) have entered into a Master
Agreement dated as of October 25, 2004, together with the Schedule thereto dated October 25, 2004 and the Confirmation thereto
dated as of October 25, 2004 (collectively, the “Master Agreement”), pursuant to which Party A and Party B have entered
and/or anticipate entering into one or more transactions (each a “Transaction”), the Confirmation of each of which
supplements, forms part of, and will be read and construed as one with, the Master Agreement (collectively referred to as the
“Agreement”).  This Guarantee is a Credit Support Document as contemplated in the Agreement.  For value
received, and in consideration of the financial accommodations accorded to Party A by Party B under the Agreement, LEHMAN BROTHERS
HOLDINGS INC., a corporation organized and existing under the laws of the State of Delaware (the “Guarantor”), hereby
agrees to the following:

(a)                 Guarantor
hereby unconditionally guarantees to Party B the due and punctual payment of all amounts payable to Party A under each Transaction
when and as Party A’s obligations thereunder shall become due and payable in accordance with the terms of the
Agreement.  In case of the failure of Party A to pay punctually any such amounts, Guarantor hereby agrees to pay or cause to
be paid any such amounts punctually when and as the same shall become due and payable.

(b)                 Guarantor
hereby agrees that its obligations under this Guarantee constitute a guarantee of payment when due and not of collection and that
its payment obligations arising under this Guarantee rank pari passu with all of Guarantor’s other senior unsecured
debt obligations.

(c)                 Guarantor
hereby further agrees that its obligations under this Guarantee shall be unconditional, irrespective of the validity, regularity or
enforceability of the Agreement against Party A (other than as a result of the unenforceability thereof against Party B), the
absence of any action to enforce Party A’s obligations under the Agreement, any waiver or consent by Party B with respect to
any provisions thereof, the entry by Party A and Party B into additional Transactions under the Agreement or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a guarantor (excluding the defense of payment or
statute of limitations, neither of which is waived); provided, however, that Guarantor shall be entitled to exercise any
right that Party A could have exercised under the Agreement to cure any default in respect of its obligations under the Agreement
or to setoff, counterclaim or withhold payment in respect of any Event of Default or Potential Event of Default in respect of Party
B or any Affiliate, but only to the extent such right is provided to Party A under the Agreement.  The Guarantor acknowledges
that Party A and Party B may from time to time enter into one or more Transactions pursuant to the Agreement and agrees that the
obligations of the Guarantor under this Guarantee will upon the execution of any such transaction by Party A and Party B extend to
all such Transactions without the taking of further action by the Guarantor.

(d)                 This
Guarantee may not be amended without the written consent of Party B and shall remain in full force and effect until such time as
Party A’s obligations under the Transactions shall have been performed in full.  Termination of this Guarantee shall not
affect Guarantor’s liability hereunder as to obligations incurred or arising out of Transactions entered into prior to the
termination hereof.

(e)                 Guarantor
further agrees that this Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or
any part thereof, of any obligation or interest thereon is rescinded or must otherwise be restored by Party B upon an Event of
Default as set forth in Section 5(a)(vii) of the Master Agreement affecting Party A or Guarantor.

(f)                 
Guarantor hereby waives (i) promptness, diligence, presentment, demand of payment, protest, order, notice of any kind in connection
with the Agreement and this Guarantee, or (ii) any requirement that Party B exhaust any right to take any action against Party A or
any other person prior to or contemporaneously with proceeding to exercise any right against Guarantor under this Guarantee.

This Guarantee shall be governed by and construed in accordance
with the laws of the State of New York, without reference to choice of law doctrine.  All capitalized terms not defined in
this Guarantee, but defined in the Agreement, shall have the meanings assigned thereto in the Agreement.

Any
notice hereunder will be sufficiently given if given in accordance with the provisions for notices under the Agreement and will be
effective as set forth therein.  All notices hereunder shall be delivered to Lehman Brothers Holdings Inc., Attention: 
Treasurer, at 745 7th Avenue, New York, NY  10019 USA with a copy to Lehman Brothers Special Financing Inc.,
Attention:  Documentation Manager at 745 Seventh Avenue, 17th Floor, New York, NY  10019 (Facsimile No. (646)
836-0609).

IN
WITNESS WHEREOF, Guarantor has caused this Guarantee to be executed in its corporate name by its duly authorized officer as of the
date of the Agreement.

 

LEHMAN BROTHERS HOLDINGS INC.

 

                                                                                               

Name:

Title:

Date:

 

EXHIBIT
C

 

 

MORTGAGE LOAN PURCHASE AGREEMENT

This is a Mortgage Loan Purchase Agreement (the
“Agreement”), dated October 20, 2004, between Long Beach Securities Corp., a Delaware corporation (the
“Purchaser”) and Long Beach Mortgage Company, a Delaware corporation (the “Seller”).

Preliminary Statement

The Seller intends to sell certain mortgage loans to the
Purchaser on the terms and subject to the conditions set forth in this Agreement.  The Purchaser intends to deposit the
mortgage loans into a mortgage pool constituting the trust fund.  The trust fund will issue fixed rate and adjustable rate
asset backed certificates designated as Long Beach Mortgage Loan Trust 2004‐6 Asset-Backed Certificates, Series 2004‐6
(the “Certificates”).  The Certificates will consist of eighteen classes of certificates.  The Certificates
will be issued pursuant to a Pooling and Servicing Agreement, dated as of October 1, 2004 (the “Pooling and Servicing
Agreement”), among the Purchaser, as depositor, Deutsche Bank National Trust Company, as trustee (the “Trustee”)
and the Seller, as master servicer (in such capacity, the “Master Servicer”).  Capitalized terms used but not
defined herein shall have the meanings set forth in the Pooling and Servicing Agreement.

The parties hereto agree as follows:

SECTION 1.                Agreement to Purchase.

The Seller agrees to sell, and the Purchaser agrees to
purchase, on or before October 25, 2004 (the “Closing Date”), those certain fixed-rate and adjustable-rate residential
mortgage loans (the “Mortgage Loans”).

SECTION 2.                Mortgage Loan Schedule.

The Purchaser and the Seller have agreed upon which of
the mortgage loans owned by the Seller are to be purchased by the Purchaser pursuant to this Agreement on the Closing Date and the
Seller shall prepare or cause to be prepared on or prior to the Closing Date a final schedule (the “Closing Schedule”)
that shall describe such Mortgage Loans and set forth all of the Mortgage Loans to be purchased under this Agreement.  The
Closing Schedule shall conform to the requirements set forth in this Agreement and to the definition of “Mortgage Loan
Schedule” under the Pooling and Servicing Agreement.  The Closing Schedule shall be the Mortgage Loan Schedule under the
Pooling and Servicing Agreement.

SECTION 3.                Consideration.

In consideration for the Mortgage Loans to be purchased
hereunder, the Purchaser shall on the Closing Date, as described in Section 8 hereof, (i) pay to or upon the order of the Seller in
immediately available funds an amount (the “Purchase Price”) equal to the proceeds of the Class I‐A1
Certificates, the Class I‐A2 Certificates, the Class II‐A1 Certificates, the Class II‐A2 Certificates, the Class
A‐3 Certificates, the Class M Certificates, net of the aggregate amount of the underwriting commissions and discounts
applicable to such certificates, and the purchase price of the Class B Certificates; (ii) deliver to the Seller, or upon
Seller’s direction, to another party, upon the order of the Seller, the Class C Certificates, the Class P Certificates, the
Class R Certificates, the Class R-CX Certificates and the Class R-PX Certificates (the “Long Beach
Certificates”); and (iii) pay to the Seller in immediately available funds a securitization fee of $668,980.45 (the
“Securitization Fee”).

The Purchaser or any assignee, transferee or designee of
the Purchaser shall be entitled to (i) all scheduled payments of principal due after October 1, 2004 (the “Cut-off
Date”), (ii) all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than the
portion of such collections due on or prior to the Cut-off Date), (iii) all other payments of principal due and collected after the
Cut-off Date, and (iv) all payments of interest on the Mortgage Loans due after the Cut-off Date.  All scheduled payments of
principal and interest due on or before the Cut-off Date and collected after the Cut-off Date shall belong to the
Seller.

Pursuant to the Pooling and Servicing Agreement, the
Purchaser will transfer, assign, set over and otherwise convey to the Trustee without recourse for the benefit of the
Certificateholders, all the right, title and interest of the Purchaser in and to the Mortgage Loans, together with its rights under
this Agreement (other than Section 17 hereof).

SECTION 4.                Transfer of the Mortgage Loans.

(a)               
 Possession of Mortgage Files.  The Seller does hereby sell, transfer, assign, set over and
convey to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its right, title and interest in, to
and under the Mortgage Loans.  The contents of each Mortgage File related to a Mortgage Loan not delivered to the Purchaser or
to any assignee, transferee or designee of the Purchaser on or prior to the Closing Date are and shall be held in trust by the
Seller for the benefit of the Purchaser or any assignee, transferee or designee of the Purchaser and promptly transferred to the
Trustee.  Upon the sale of the Mortgage Loans, the ownership of each related Mortgage Note, the related Mortgage and the other
contents of the related Mortgage File shall be vested in the Purchaser and the ownership of all records and documents with respect
to the related Mortgage Loan prepared by or that come into the possession of the Seller on or after the Closing Date shall
immediately vest in the Purchaser and shall be delivered promptly to the Purchaser or as otherwise directed by the
Purchaser. 

(b)               
 Delivery of Mortgage Loan Documents.  The Seller will, on or prior to the Closing Date deliver
or cause to be delivered to the Purchaser, the Trustee or their designee each of the following documents for each Mortgage
Loan:

(i)                         the original Mortgage Note, endorsed in blank or in the following form:  “Pay to the order of Deutsche
Bank National Trust Company, as Trustee, under the applicable agreement, without recourse,” with all prior and intervening
endorsements, showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee or (in the case
of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original
Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;

(ii)                       the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office,
of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording
thereon;

(iii)                      an original Assignment in blank;

(iv)                     the original recorded Assignment or Assignments showing a complete chain of assignment from the originator to the
Person assigning the Mortgage to the Trustee or in blank;

(v)                       the original or copies of each assumption, modification, written assurance or substitution agreement, if any;
and

(vi)                     the original lender’s title insurance policy, (or a copy of the above, in the case of any Washington Mutual
Mortgage Loans) together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the
priority of the Mortgage as a first lien or second lien on the Mortgaged Property represented therein as a fee interest vested in
the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of
the title issued by the title insurance or escrow company.

The Seller shall promptly (and in no event later than
thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later
of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be
submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each
Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the
following form:  “Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without
recourse.”  In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller
shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may
be, and thereafter cause each such Assignment to be duly recorded.  Notwithstanding the foregoing, the Assignments referred to
in (iii) and (iv) above shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each
Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates,
the Class M Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes,
without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment referred to in (iii)
and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust
Fund or the 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 Master Servicer Event of Default, (iii) the occurrence of a bankruptcy,
insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the
Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the
occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage.

If any document referred to in Section 4(b)(ii), Section
4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) 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 Seller to deliver such
Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of
each such Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case
of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by
the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year
after the Closing Date (except as provided below), of either the original or a copy of such Recording Document certified by the
applicable public recording office to be a true and complete copy of the original.  In instances where, due to a delay on the
part of the applicable recording office where any such Recording Documents have been delivered for recordation, the Recording
Documents cannot be delivered to the Purchaser, the Trustee or their designee within one year after the Closing Date, the Seller
shall deliver to the Purchaser, the Trustee or their designee within such time period an Officer’s Certificate stating the
date by which the Seller expects to receive such Recording Documents from the applicable recording office.  If the Recording
Documents have still not been received by the Seller and delivered to the Purchaser, the Trustee or their designee by such date,
the Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate
stating a revised date by which Seller expects to receive the applicable Recording Documents.  This procedure shall be
repeated until the Recording Documents have been received by the Seller and delivered to the Purchaser, the Trustee or their
designee.  If the original or copy of the lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi)
above, the Seller shall deliver or cause to be delivered to the Purchaser, the Trustee or their designee promptly after receipt
thereof, and in any event within 120 days after the Closing Date such title insurance policy.  The Seller shall deliver or
cause to be delivered to the Purchaser, the Trustee or their designee promptly upon receipt thereof any other original 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.

Each original document relating to a Mortgage Loan which
is not delivered to the Purchaser, the Trustee or their designee, if held by the Seller, shall be so held for the benefit of the
Purchaser, the Trustee or their designees.  In the event that any such original document is required pursuant to the terms of
this Section to be a part of a Mortgage File, such document shall be delivered promptly to the Purchaser, the Trustee or their
designee.  Any such original document that is not required pursuant to the terms of this Section to be a part of a Mortgage
File shall be held by the Seller in its capacity as Master Servicer.

(c)               
 Acceptance of Mortgage Loans.  The documents delivered pursuant to Section 4(b) hereof shall be
reviewed by the Purchaser or any assignee, transferee or designee of the Purchaser at any time before, on and after the Closing
Date (and with respect to each document permitted to be delivered after the Closing Date within seven days of its delivery) to
ascertain that all required documents have been executed and received and that such documents relate to the Mortgage Loans
identified on the Mortgage Loan Schedule.

(d)               
 Transfer of Interest in Agreements.  The Purchaser has the right to assign its interest under
this Agreement (other than Section 17 hereof), in whole or in part, to the Trustee, as may be required to effect the purposes of
the Pooling and Servicing Agreement, without the consent of the Seller, and the Trustee shall succeed to the rights and obligations
hereunder of the Purchaser.  Any expense reasonably incurred by or on behalf of the Purchaser, the Trustee, or the NIMS
Insurer, if any, in connection with enforcing any obligations of the Seller under this Agreement will be promptly reimbursed by the
Seller.

(e)               
 Examination of Mortgage Files.  Prior to the Closing Date the Seller shall either (i) deliver in
escrow to the Purchaser or to any assignee, transferee or designee of the Purchaser, for examination, the Mortgage File pertaining
to each Mortgage Loan, or (ii) make such Mortgage Files available to the Purchaser or to any assignee, transferee or designee of
the Purchaser for examination.  Such examination may be made by the Purchaser or the Trustee, and their respective designees,
upon reasonable notice to the Seller during normal business hours at any time before or after the Closing Date.  If any such
person makes such examination prior to the Closing Date and identifies any Mortgage Loans with respect to which the Seller’s
representations and warranties contained in this Agreement are not correct, such Mortgage Loans shall be deleted from the Mortgage
Loan Schedule.  The Purchaser may, at its option and without notice to the Seller, purchase all or part of the Mortgage Loans
without conducting any partial or complete examination.  The fact that the Purchaser or any person has conducted or has failed
to conduct any partial or complete examination of the related Mortgage Files shall not affect the rights of the Purchaser or any
assignee, transferee or designee of the Purchaser to demand repurchase or other relief as provided herein or under the Pooling and
Servicing Agreement.

SECTION 5.                Representations, Warranties and Covenants of the Seller.

The Seller hereby represents and warrants and covenants
to the Purchaser, as of the date hereof and as of the Closing Date:

(i)                         The Seller is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware and is duly authorized and qualified to transact any and all business contemplated by this Agreement to be conducted by
the Seller in any state in which a Mortgaged Property is located or is otherwise not required under applicable law to effect such
qualification and, in any event, is in compliance with the doing business laws of any such state, to the extent necessary to ensure
its ability to enforce each Mortgage Loan and to service the Mortgage Loans in accordance with the terms of the Pooling and
Servicing Agreement;

(ii)                       The Seller had the full corporate power and authority to originate, hold and sell each Mortgage Loan and has the
full corporate power and authority to service each Mortgage Loan, and to execute, deliver and perform, and to enter into and
consummate the transactions contemplated by this Agreement and has duly authorized by all necessary corporate action on the part of
the Seller the execution, delivery and performance of this Agreement; and this Agreement, assuming the due authorization, execution
and delivery thereof by the Purchaser, constitutes a legal, valid and binding obligation of the Seller, enforceable against the
Seller in accordance with its terms, except to the extent that  the enforceability thereof may be limited by (a) bankruptcy,
insolvency, moratorium, receivership, conservatorship, arrangement, moratorium and other similar laws relating to creditors’
rights generally and (b) the general principles of equity, whether such enforcement is sought in equity or at law;

(iii)                      The execution and delivery of this Agreement by the Seller, the servicing of the Mortgage Loans by the Seller under
the Pooling and Servicing Agreement, the consummation of any other of the transactions herein contemplated, and the fulfillment of
or compliance with the terms hereof are in the ordinary course of business of the Seller and does not (A) result in a breach of any
term or provision of the charter or by-laws of the Seller, (B) conflict with, result in a breach, violation or acceleration of, or
result in a default under, the terms of any other material agreement, instrument or indenture to which the Seller is a party or by
which it may be bound, or any statute, order or regulation applicable to the Seller of any court, regulatory body, administrative
agency or governmental body having jurisdiction over the Seller or any of its property or (C) result in the creation or imposition
of any lien, charge or encumbrance which would have a material adverse effect upon the Mortgage Loans or any documents or
instruments evidencing or securing the Mortgage Loans; and the Seller is not a party to, bound by, or in breach or violation of any
indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court,
regulatory body, administrative agency or governmental body having jurisdiction over it, which materially and adversely affects or,
to the Seller’s knowledge, would in the future result in the creation or imposition of any lien, charge or encumbrance which
would have a material adverse effect upon the Mortgage Loans or any documents or instruments evidencing or securing the Mortgage
Loans or materially and adversely affect (x) the ability of the Seller to perform its obligations under this Agreement or the
Pooling and Servicing Agreement or (y) the business, operations, financial condition, properties or assets of the Seller taken as a
whole;

(iv)                     No consent, approval, authorization, or order of, any court or governmental agency or body is required for the
execution, delivery and performance by the Seller of, or compliance by the Seller with, this Agreement or the consummation of the
transactions contemplated hereby, or if any such consent, approval, authorization or order is required, the Seller has obtained the
same;

(v)                       The Seller is an approved seller/servicer for Fannie Mae or Freddie Mac in good standing and is a HUD approved
mortgagee pursuant to Section 203 and Section 211 of the National Housing Act;

(vi)                     No litigation or proceeding is pending or, to the best knowledge of the Seller, threatened, against the Seller that
would materially and adversely affect the execution, delivery or enforceability of this Agreement or the Pooling and Servicing
Agreement or the issuance of the Certificates or the ability of the Seller to service the Mortgage Loans or to perform any of its
other obligations hereunder in accordance with the terms hereof and the terms of the Pooling and Servicing Agreement or, that would
result in a material adverse change in the financial or operating conditions of the Seller;

(vii)                    No certificate of an officer, statement or other information furnished in writing or report delivered by the Seller
to the Purchaser, any Affiliate of the Purchaser or the Trustee for use in connection with the purchase of the Mortgage Loans and
the transactions contemplated hereunder and under the Pooling and Servicing Agreement contains any untrue statement of a material
fact, or omits a material fact necessary to make the information, certificate, statement or report not misleading in any material
respect;

(viii)                  The Seller has not dealt with any broker, investment banker, agent or other person, except for the Purchaser or any of its
affiliates, that may be entitled to any commission or compensation in connection with the sale of the Mortgage Loans;

(ix)                     Each Mortgage Note, each Mortgage, each Assignment and any other document required to be delivered by or on behalf
of the Seller under this Agreement or the Pooling and Servicing Agreement to the Purchaser or any assignee, transferee or designee
of the Purchaser for each Mortgage Loan has been or will be, in accordance with Section 4(b) hereof, delivered to the Purchaser or
any such assignee, transferee or designee.  With respect to each Mortgage Loan, the Seller is in possession of a complete
Mortgage File in compliance with the Pooling and Servicing Agreement, except for such documents that have been delivered (1) to the
Purchaser or any assignee, transferee or designee of the Purchaser or (2) for recording to the appropriate public recording office
and have not yet been returned;

(x)                       The Seller (A) is a solvent entity and is paying its debts as they become due, (B) immediately after giving effect
to the transfer of the Mortgage Loans, will be a solvent entity and will have sufficient resources to pay its debts as they become
due and (C) did not sell the Mortgage Loans to the Purchaser with the intent to hinder, delay or defraud any of its creditors;
and

(xi)                     The transfer of the Mortgage Loans to the Purchaser at the Closing Date will be treated by the Seller for financial
accounting and reporting purposes as a sale of assets.

SECTION 6.                Representations and Warranties of the Seller Relating to the Individual Mortgage Loans. 

The Seller hereby represents and warrants to the
Purchaser, that as of the Closing Date with respect to each Mortgage Loan:

(i)                         The information set forth on the Mortgage Loan Schedule with respect to each Mortgage Loan is true and correct in
all material respects as of the Cut-off Date, unless another date is set forth on the Mortgage Loan Schedule;

(ii)                       [reserved];

(iii)                      Each Mortgage is a valid and enforceable first or second lien on the Mortgaged Property, including all improvements
thereon, subject only to (a) the lien of non-delinquent current real property taxes and assessments, (b) covenants, conditions and
restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage, such
exceptions appearing of record being acceptable to mortgage lending institutions generally or specifically reflected in the
appraisal made in connection with the origination of the related Mortgage Loan and which do not materially interfere with the
benefits of the security intended to be provided by such Mortgage, (c) other matters to which like properties are commonly subject
which do not materially interfere with the benefits of the security intended to be provided by such Mortgage and (d) in the case of
a second lien, only to a first lien on such Mortgaged Property;

(iv)                     Immediately prior to the assignment of the Mortgage Loans to the Purchaser, the Seller had good title to, and was
the sole legal and beneficial owner of, each Mortgage Loan, free and clear of any pledge, lien, encumbrance or security interest
and has full right and authority, subject to no interest or participation of, or agreement with, any other party to sell and assign
the same.  The form of endorsement of each Mortgage Note satisfied the requirement, if any, of endorsement in order to
transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note;
and each Assignment to be delivered hereunder is in recordable form and is sufficient to effect the assignment of and to transfer
to the assignee thereunder the benefits of the assignor, as mortgagee or assignee thereof, under each Mortgage to which that
Assignment relates;

(v)                       To the best of the Seller’s knowledge, there is no delinquent tax or assessment lien against any Mortgaged
Property;

(vi)                     There is no valid offset, defense or counterclaim to any Mortgage Note (including any obligation of the Mortgagor to
pay the unpaid principal of or interest on such Mortgage Note) or the Mortgage, 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 Note or 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;

(vii)                    To the best of the Seller’s knowledge, there are no mechanics’ liens or claims for work, labor or
material affecting any Mortgaged Property which are or may be a lien prior to, or equal with, the lien of the related Mortgage,
except those which are insured against by the title insurance policy referred to in (xi) below;

(viii)                  To the best of the Seller’s knowledge, each Mortgaged Property is free of material damage and is at least in average
repair;

(ix)                     Each Mortgage Loan at origination complied in all material respects with applicable local, state and federal laws,
including, without limitation, predatory and abusive lending, usury, equal credit opportunity, real estate settlement procedures,
truth-in-lending and disclosure laws, and consummation of the transactions contemplated hereby, including without limitation the
receipt of interest does not involve the violation of any such laws;

(x)                       Neither the Seller nor any prior holder of any Mortgage has modified the Mortgage in any material respect,
satisfied, canceled or subordinated such Mortgage in whole or in part; released the related Mortgaged Property in whole or in part
from the lien of such Mortgage; or executed any instrument of release, cancellation, modification or satisfaction with respect
thereto (except that a Mortgage Loan may have been modified by a written instrument signed by the Seller or a prior holder of the
Mortgage Loan which has been recorded, if necessary, to protect the interests of the Seller and the Purchaser and which has been
delivered to the Purchaser or any assignee, transferee or designee of the Purchaser as part of the Mortgage File, and the terms of
which are reflected in the Mortgage Loan Schedule);

(xi)                     A lender’s policy of title insurance together with a condominium endorsement and extended coverage
endorsement, if applicable, and, with respect to each Adjustable Rate Mortgage Loan, an adjustable rate mortgage endorsement in an
amount at least equal to the balance of the Mortgage Loan as of the Cut-off Date or a commitment (binder) to issue the same was
effective on the date of the origination of each Mortgage Loan, each such policy is valid and remains in full force and effect, the
transfer of the related Mortgage Loan to the Purchaser and the Trustee does not affect the validity or enforceability of such
policy and each such policy was issued by a title insurer qualified to do business in the jurisdiction where the Mortgaged Property
is located and acceptable to Fannie Mae or Freddie Mac and in a form acceptable to Fannie Mae or Freddie Mac on the date of
origination of such Mortgage Loan, which policy insures the Seller and successor owners of indebtedness secured by the insured
Mortgage, as to the first or second, as the case may be, priority lien of the Mortgage; to the best of the Seller’s
knowledge, no claims have been made under such mortgage title insurance policy and no prior holder of the related Mortgage,
including the Seller, has done, by act or omission, anything which would impair the coverage of such mortgage title insurance
policy;

(xii)                    Each Mortgage Loan was originated by, or generated on behalf of, the Seller, or originated by a savings and loan
association, savings bank, commercial bank, credit union, insurance company or similar institution which is supervised and examined
by a federal or state authority, or by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections
203 and 211 of the National Housing Act;

(xiii)                  With respect to each Adjustable Rate Mortgage Loan, on each Adjustment Date, the Mortgage Rate will be adjusted to equal
the Index plus the Gross Margin, rounded to the nearest 0.125%, subject to the Periodic Rate Cap, the Maximum Mortgage Rate and the
Minimum Mortgage Rate.  The related Mortgage Note is payable on the first day of each month in self-amortizing monthly
installments of principal and interest (unless such Mortgage Loan is a mortgage loan that requires the payment of interest only
with respect to some or all of the related monthly payments as indicated on the Mortgage Loan Schedule), with interest payable in
arrears, and requires a Monthly Payment which is sufficient to fully amortize the outstanding principal balance of the Mortgage
Loan over its remaining term and to pay interest at the applicable Mortgage Rate.  No Mortgage Loan is subject to negative
amortization.  All rate adjustments have been performed in accordance with the terms of the related Mortgage Note or
subsequent modifications, if any;

(xiv)                  To the best of the Seller’s knowledge, all of the improvements which were included for the purpose of determining
the Value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of such property, and no
improvements on adjoining properties encroach upon the Mortgaged Property;

(xv)                   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 and to the best of the Seller’s knowledge, the
Mortgaged Property is lawfully occupied under applicable law;

(xvi)                  All parties which have had any interest in the Mortgage, 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 licensing
requirements of the laws of the state wherein the Mortgaged Property is located;

(xvii)                The
Mortgage Note and the related Mortgage are genuine, and each is the legal, valid and binding obligation of the Mortgagor
enforceable against the Mortgagor by the mortgagee or its representative in accordance with its terms, except only as such
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and by law.  To the best of the Seller’s knowledge, all parties to the Mortgage Note
and the Mortgage had full legal capacity to execute all Mortgage Loan documents and to convey the estate purported to be conveyed
by the Mortgage and each Mortgage Note and Mortgage have been duly and validly executed by such parties;

(xviii)               The
proceeds of each Mortgage Loan have been fully disbursed, there is no requirement for future advances thereunder and any and all
requirements as to completion of any on-site or off-site improvements and as to disbursements of any escrow funds therefor have
been complied with.  All costs, fees and expenses incurred in making, closing or recording the Mortgage Loans were
paid;

(xix)                  The related Mortgage contains customary and enforceable provisions which render the rights and remedies of the holder
thereof adequate for the realization against the Mortgaged Property of the benefits of the security, including, (i) in the case of
a Mortgage designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure.  There is no
homestead or other exemption available to 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;

(xx)                   With respect to each Mortgage constituting a deed of trust, a trustee, duly qualified under applicable law to serve
as such, has been properly designated and currently so serves and is named in such Mortgage, and no fees or expenses are or will
become payable by the Purchaser to the trustee under the deed of trust, except in connection with a trustee’s sale after
default by the Mortgagor;

(xxi)                  There exist no deficiencies with respect to escrow deposits and payments, if such are required, for which customary
arrangements for repayment thereof have not been made, and no escrow deposits or payments of other charges or payments due the
Seller have been capitalized under the Mortgage or the related Mortgage Note;

(xxii)                The
origination, underwriting and collection practices used by the Seller with respect to each Mortgage Loan have been in all material
respects legal, proper, prudent and customary in the subprime mortgage servicing business.  Each Mortgage Loan is currently
being serviced by Washington Mutual Bank, FA;

(xxiii)               There is
no pledged account or other security other than real estate securing the Mortgagor’s obligations;

(xxiv)              No Mortgage Loan
has a shared appreciation feature, or other contingent interest feature;

(xxv)                [reserved];

(xxvi)              The improvements
upon each Mortgaged Property are covered by a valid and existing hazard insurance policy with a generally acceptable carrier that
provides for fire extended coverage and coverage of such other hazards as are customarily covered by hazard insurance policies with
extended coverage in the area where the Mortgaged Property is located representing coverage not less than the lesser of the
outstanding principal balance of the related Mortgage Loan or the minimum amount required to compensate for damage or loss on a
replacement cost basis.  All individual insurance policies and flood policies referred to in this clause (xxvi) and in clause
(xxvii) below contain a standard mortgagee clause naming the Seller or the original mortgagee, and its successors in interest, as
mortgagee, and the Seller has received no notice that any premiums due and payable thereon have not been paid; the Mortgage
obligates the Mortgagor thereunder to maintain all such insurance, including flood insurance, at the Mortgagor’s cost and
expense, and upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such
insurance at the Mortgagor’s cost and expense and to seek reimbursement therefor from the Mortgagor;

(xxvii)             If the Mortgaged
Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as subject to special flood
hazards, a flood insurance policy in a form meeting the requirements of the current guidelines of the Flood Insurance
Administration is in effect with respect to such Mortgaged Property with a generally acceptable carrier in an amount representing
coverage not less than the least of (A) the original outstanding principal balance of the Mortgage Loan, (B) the minimum amount
required to compensate for damage or loss on a replacement cost basis or (C) the maximum amount of insurance that is available
under the Flood Disaster Protection Act of 1973;

(xxviii)           There is no default, breach,
violation or event of acceleration existing under the Mortgage or the related Mortgage Note; and neither the Seller nor any other
entity involved in originating or servicing the Mortgage Loan has waived any default, breach, violation or event of
acceleration;

(xxix)              Each Mortgaged
Property is improved by a one- to four-family residential dwelling, including condominium units and dwelling units in planned unit
developments, which, to the best of the Seller’s knowledge, does not include cooperatives and does not constitute property
other than real property under state law;

(xxx)                There is no obligation on the part of the Seller or any other party under the terms of the Mortgage or related Mortgage Note to
make payments in addition to those made by the Mortgagor;

(xxxi)              Any future
advances made 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 reflected on the related
Mortgage Loan Schedule.  The consolidated principal amount does not exceed the original principal amount of the Mortgage
Loan;

(xxxii)             Each Mortgage Loan was
underwritten in accordance with the Seller’s underwriting guidelines as described in the Prospectus Supplement as applicable
to its credit grade in all material respects;

(xxxiii)           Each appraisal of a Mortgage Loan
that was used to determine the appraised value of the related Mortgaged Property was conducted generally in accordance with the
Seller’s underwriting guidelines, and included an assessment by the appraiser of the fair market value of the related
Mortgaged Property at the time of the appraisal.  The Mortgage File contains an appraisal of the applicable Mortgaged
Property;

(xxxiv)           None of the Mortgage Loans is a
graduated payment Mortgage Loan, nor is any Mortgage Loan subject to a temporary buydown or similar arrangement;

(xxxv)            As of the Cut-off Date,
there were no Mortgage Loans with respect to which the monthly payment due thereon in September, 2004 had not been made, none of
the Mortgage Loans has been contractually delinquent for more than 30 days more than once during the preceding twelve months and,
no Mortgage Loan has ever experienced a delinquency of 60 or more days since the origination thereof;

(xxxvi)           Each Mortgage contains a provision
that is, to the extent not prohibited by federal or state law, enforceable 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;

(xxxvii)       To the best of the Seller’s knowledge no
misrepresentation, negligence, fraud or similar occurrence with respect to a Mortgage Loan has taken place on the part of any
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;

(xxxviii)      Each Mortgage Loan constitutes a “qualified
mortgage” within the meaning of Section 860G(a)(3) of the Code;

(xxxix)           The information set forth in the
Prepayment Charge Schedule is complete, true and correct in all material respects at the date or dates respecting which such
information is furnished and each Prepayment Charge is permissible and enforceable in accordance with its terms under applicable
law upon the Mortgagor’s voluntary Principal Prepayment (except to the extent that:  (1) the enforceability thereof may
be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights
generally; or (2) the collectability thereof may be limited due to acceleration in connection with a foreclosure or other
involuntary prepayment).  No Mortgage Loan originated before October 1, 2002 has a Prepayment Charge for a term in excess
of five years from the date of its origination and no Mortgage Loan originated on or after October 1, 2002 has a prepayment
charge for a term in excess of three years from the date of its origination;

(xl)                     The Loan-to-Value Ratio for each Mortgage Loan was no greater than 100% at the time of origination;

(xli)                    The first date on which each Mortgagor must make a payment on the related Mortgage Note is no later than 60 days
from the date of this Agreement;

(xlii)                  With respect to each Mortgage Loan, the related Mortgagor shall not fail or has not failed to make the first Monthly
Payment due under the terms of the Mortgage Loan by the second succeeding Due Date after the Due Date on which such Monthly Payment
was due;

(xliii)                 The transfer, assignment and conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant to this Agreement are
not subject to the bulk transfer or any similar statutory provisions in effect in any relevant jurisdiction, except any as may have
been complied with;

(xliv)                There are no defaults in complying with the terms of the Mortgage, and either (1) any taxes, governmental assessments,
insurance premiums, water, sewer and municipal charges or ground rents which previously became due and owing have been paid, or (2)
an escrow of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has been
assessed but is not yet due and payable.  Except for payments in the nature of escrow payments, including without limitation,
taxes and insurance payments, the Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds
by a party other than the Mortgagor, directly or indirectly, for the payment of any amount required by the Mortgage Note, except
for interest accruing from the date of the Mortgage Note or date of disbursement of the Mortgage proceeds, whichever is greater, to
the day which precedes by one month the Due Date of the first installment of principal and interest;

(xlv)                  There is no proceeding pending, or to best of the Seller’s knowledge threatened, for the total or partial
condemnation of the Mortgaged Property or the taking by eminent domain of any Mortgaged Property;

(xlvi)                No
Mortgage Loan is subject to the requirements of the Home Ownership and Equity Protection Act of 1994, as amended, or is a
“high cost” or “predatory” loan under any state or local law or regulation applicable to the
originator.  In the event that Financial Security Assurance, Inc. becomes a NIMS Insurer, no Mortgage Loan will be a
“covered” loan under the laws of the states of California, Colorado or Ohio;

(xlvii)               No
proceeds from any Mortgage Loans were used to finance single-premium credit insurance policies.  No borrower was required to
purchase any credit life, disability, accident or health insurance product as a condition of obtaining the extension of
credit.  No borrower obtained a prepaid single-premium credit life, disability, accident or health insurance policy in
connection with the origination of the Mortgage Loan;

(xlviii)             The Seller did not
select the Mortgage Loans with the intent to adversely affect the interests of the Purchaser;

(xlix)                The
Seller has not received any notice that any Mortgagor has filed for any bankruptcy or similar legal protection;

(l)                         No Group I Mortgage Loan is a “High-Cost Home Loan” as defined in the Georgia Fair Lending Act, as
amended (the “Georgia Act”), and no Mortgage Loan that was originated on or after October 1, 2002 and before
March 7, 2003, is secured by a Mortgaged Property located in the State of Georgia;

(li)                       No Group I 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);

(lii)                      No Group I Mortgage Loan is a “High Cost Home Loan” as defined in the New Jersey Home Ownership Act
effective November 27, 2003 (N.J.S.A. 46; 10B-22 et seq.);

(liii)                    No Group I Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership and Equity Protection
Act;

(liv)                    No Group I Mortgage Loan is a “High-Cost Home Loan” as defined in New York Banking Law
6-1;

(lv)                     No Group I Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan Protection
Act effective July 16, 2003 (Act 1340 of 2003);

(lvi)                    No Group I 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. Am. §§ 58-21A-1 et seq.);

(lvii)                  No Group I 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.);

(lviii)                 Each Group I Mortgage Loan was originated in compliance with the following anti-predatory lending guidelines:

a.                           Each Group I Mortgage Loan satisfies the eligibility for purchase requirements and was originated in compliance with
Lender Letter # LL03-00 dated April 11, 2000 for Fannie Mae Sellers (the “Lender Letter”);

b.                           No borrower was encouraged or required by the Seller to select a Group I Mortgage Loan product offered by the Group
I Mortgage Loan’s originator which is a higher cost product designed for less creditworthy borrowers, unless at the time of
the Group I Mortgage Loan’s origination, such borrower did not qualify taking into account credit history and debt-to-income
ratios for a lower-cost credit product then offered by the Group I Mortgage Loan’s originator or any affiliate of the Group I
Mortgage Loan’s originator;

c.                           The methodology used in underwriting the extension of credit for each Group I Mortgage Loan employs objective
mathematical principles which relate the borrower’s income, assets and liabilities to the proposed payment and such
underwriting methodology does not rely on the extent of the borrower’s equity in the collateral as the principal determining
factor in approving such credit extension.  Such underwriting methodology provided reasonable assurance that at the time of
origination (application/approval) the borrower had a reasonable ability to make timely payments on the Group I Mortgage
Loan;

d.                           With respect to any Group I Mortgage Loan that contains a provision permitting imposition of a premium upon a
prepayment prior to maturity, (i) the Seller’s pricing methods include mortgage loans with and without prepayment premiums;
borrowers selecting Group I Mortgage Loans which include such prepayment premiums receive a monetary benefit, including but not
limited to a rate or fee reduction, in exchange for selecting a Group I Mortgage Loan with a prepayment premium, (ii) prior to the
Group I Mortgage Loan’s origination, the borrower had the opportunity to choose between an array of mortgage loan products
which included mortgage loan products with prepayment premiums and mortgage loan products that did not require payment of such a
premium, (iii) the prepayment premium is disclosed to the borrower in the loan documents pursuant to applicable state and federal
law, and (iv) notwithstanding any state or federal law to the contrary, the Master Servicer shall not impose such prepayment
premium in any instance when the mortgage debt is accelerated as the result of the borrower’s default in making the loan
payments;

e.                           All points and fees related to each Group I Mortgage Loan were disclosed in writing to the borrower in accordance
with applicable state and federal law.  Except in the case of a Group I Mortgage Loan in an original principal amount of less
than $60,000 which would have resulted in an unprofitable origination, no borrower was charged “points and fees”
(whether or not financed) in an amount greater than 5% of the principal amount of such loan, such 5% limitation calculated in
accordance with the Lender Letter;

f.                            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 Group I Mortgage Loan have been disclosed in writing to the borrower in
accordance with applicable state and federal law and regulation;

(lix)                    No Group I Mortgage Loan had a principal balance at origination in excess of Fannie Mae’s conforming loan
balance limitations for single family loans set forth in the Fannie Mae Charter Act and the Fannie Mae Selling Guide in effect at
the time of such Group I Mortgage Loan's origination;

(lx)                     With respect to each Group I Mortgage Loan, information regarding the borrower credit file related to such Mortgage
Loan has been furnished to credit reporting agencies in compliance with the provisions of the Fair Credit Reporting Act and the
applicable implementing regulations; and

(lxi)                    No Mortgage Loan is a “High Cost Loan” or “Covered Loan” (as such terms are defined in the
Standard & Poor’s LEVELS® Glossary in effect on the Closing Date which is now Version 5.6 Revised, Exhibit E, a copy
of which is attached hereto as Exhibit A) and no Mortgage Loan originated on or after October 1, 2002 through March 6,
2003 is governed by the Georgia Act.

SECTION 7.                Repurchase Obligation for Defective Documentation and for Breach of Representation and Warranty.

(a)                The
representations and warranties contained in Section 5(ix) and Section 6 shall not be impaired by any review and examination of loan
files or other documents evidencing or relating to the Mortgage Loans or any failure on the part of the Seller or the Purchaser to
review or examine such documents and shall inure to the benefit of any assignee, transferee or designee of the Purchaser, including
the Trustee for the benefit of holders of asset-backed certificates evidencing an interest in all or a portion of the Mortgage
Loans.  With respect to the representations and warranties contained herein which are made to the knowledge or the best of
knowledge of the Seller, or as to which the Seller has no knowledge, if it is discovered that the substance of any such
representation and warranty was inaccurate as of the date such representation and warranty was made or deemed to be made, and such
inaccuracy materially and adversely affects the value of the related Mortgage Loan or the interest therein of the Purchaser or the
Purchaser’s assignee, transferee or designee, then notwithstanding the lack of knowledge by the Seller with respect to the
substance of such representation and warranty being inaccurate at the time the representation and warranty was made, the Seller
shall take such action described in the following paragraph in respect of such Mortgage Loan.

Upon discovery by the Seller, the Purchaser or any
assignee, transferee or designee of the Purchaser of any materially defective document in, or that any material document was not
transferred by the Seller (as listed on the Trustee’s initial certification), as part of any Mortgage File or of a breach of
any of the representations and warranties contained in Section 5 or Section 6 that materially and adversely affects the value of
any Mortgage Loan or the interest of the Purchaser or the Purchaser’s assignee, transferee or designee (it being understood
that with respect to the representations and warranties set forth in the last sentence of (xxxix), (xlvi), the first sentence of
(xlvii) and (lxi) of Section 6 herein, a breach of any such representation or warranty shall in and of itself be deemed to
materially and adversely affect the interest therein of the Purchaser and the Purchaser’s assignee, transferee or designee)
in any Mortgage Loan, the party discovering the breach shall give prompt written notice to the others.  Within ninety (90)
days of the earlier of the discovery or the Seller’s receipt of notice of any such missing documentation which was not
transferred to the Purchaser as described above or materially defective documentation or any such breach of a representation and
warranty, the Seller promptly shall deliver such missing document or cure such defect or breach in all material respects, or in the
event the Seller cannot deliver such missing document or such defect or breach cannot be cured, the Seller shall, within 90 days of
its discovery or receipt of notice, either (i) repurchase the affected Mortgage Loan at a price equal to the Purchase Price (as
defined in the Pooling and Servicing Agreement) or (ii) pursuant to the provisions of the Pooling and Servicing Agreement, cause
the removal of such Mortgage Loan from the Trust Fund and substitute one or more Qualified Substitute Mortgage Loans; provided,
however, that in the case of a breach of the representation and warranty concerning the Mortgage Loan Schedule contained in Section
6(i), if such breach relates to any field on the Mortgage Loan Schedule which identifies any Prepayment Charge and such Prepayment
Charge has been triggered pursuant to the terms of the related Mortgage Note, then in lieu of purchasing such Mortgage Loan from
the Trust Fund at the Purchase Price (as defined in the Pooling and Servicing Agreement), the Seller shall pay the amount of the
incorrectly identified Prepayment Charge (net of any amount previously collected by or paid to the Trust Fund in respect of such
Prepayment Charge), and the Seller shall have no obligation to repurchase or substitute for such Mortgage Loan.  In the event
of a substitution permitted hereunder, the Seller shall amend the Closing Schedule to reflect the withdrawal of each removed
Mortgage Loan from the terms of this Agreement and the Pooling and Servicing Agreement and the addition of the Qualified Substitute
Mortgage Loan(s).  The Seller shall deliver to the Purchaser such amended Closing Schedule and shall deliver such other
documents as are required by this Agreement or the Pooling and Servicing Agreement within five (5) days of any such
amendment.  Any repurchase pursuant to this Section 7(a) shall be accomplished by deposit in the Collection Account of the
amount of the Purchase Price (as defined in the Pooling and Servicing Agreement) 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 and any remedy by the Seller for a breach of a representation or warranty that
materially and adversely affects the value of any Prepayment Charge shall be made in a manner consistent with Section 2.03(c) of
the Pooling and Servicing Agreement.

(b)                It
is understood and agreed that the obligations of the Seller set forth in this Section 7 to cure, repurchase or substitute for a
defective Mortgage Loan constitute the sole remedies of the Purchaser against the Seller respecting a missing or defective document
or a breach of the representations and warranties contained in Section 5 or Section 6.

SECTION 8.                Closing; Payment for the Mortgage Loans.

The closing of the purchase and sale of the Mortgage
Loans shall be held at the Seattle office of Heller Ehrman White & McAuliffe LLP at 9:30 am New York time on the Closing Date
(or such other location or time as is mutually agreeable to the parties).

The Purchaser’s obligation to close the
transactions contemplated by this Agreement shall be subject to each of the following conditions:

(a)                All
of the representations and warranties of the Seller under this Agreement shall be true and correct in all material respects as of
the date as of which they are made and no event shall have occurred which, with notice or the passage of time, would constitute a
default under this Agreement;

(b)                The
Purchaser shall have received, or the attorneys of the Purchaser shall have received in escrow (to be released from escrow at the
time of closing), all Closing Documents as specified in Section 9 of this Agreement, in such forms as are agreed upon and
acceptable to the Purchaser, duly executed by all signatories other than the Purchaser as required pursuant to the respective terms
thereof;

(c)                The
Seller shall have delivered or caused to be delivered and released to the Purchaser or to its designee, all documents (including
without limitation, the Mortgage Loans) required to be so delivered by the Purchaser pursuant to Section 2.01 of the Pooling and
Servicing Agreement; and

(d)                All
other terms and conditions of this Agreement to be complied with by Seller, shall have been complied with.

Subject to the foregoing conditions, the Purchaser shall
deliver or cause to be delivered to the Seller on the Closing Date, against delivery and release by the Seller to the Trustee of
all documents required pursuant to the Pooling and Servicing Agreement, the consideration for the Mortgage Loans as specified in
Section 3 of this Agreement, by delivery to the Seller of the Purchase Price and Securitization Fee in immediately available funds
and delivery of the Long Beach Certificates to the Seller or, upon the direction of the Seller, to Long Beach Asset Holdings Corp.
or another entity.

SECTION 9.                Closing Documents.

Without limiting the generality of Section 8 hereof, the
closing shall be subject to delivery of each of the following documents:

(a)                An
Officers’ Certificate of the Seller, dated the Closing Date, upon which the Purchaser, Lehman Brothers Inc. and WaMu Capital
Corp. (the “Underwriters”) and the NIMS Insurer, if any, may rely and attached thereto copies of the certificate of
incorporation, bylaws and certificate of good standing of the Seller under the laws of the State of Delaware;

(b)                An
Officers’ Certificate of the Seller, dated the Closing Date, upon which the Purchaser, the Underwriters and the NIMS Insurer,
if any, may rely, with respect to certain facts regarding the sale of the Mortgage Loans, by the Seller to the
Purchaser;

(c)                An
Opinion of Counsel of the Seller (which may be in-house counsel of the Seller), dated the Closing Date and addressed to the
Purchaser, the Underwriters and the NIMS Insurer, if any;

(d)                Such
opinions of counsel as the Rating Agencies, the Underwriters, the Trustee or the NIMS Insurer, if any, may reasonably request in
connection with the sale of the Mortgage Loans by the Seller to the Purchaser or the Seller’s execution and delivery of, or
performance under, this Agreement;

(e)                A
letter from Deloitte & Touche L.L.P., certified public accountants, dated the date hereof and to the effect that they have
performed certain specified procedures as a result of which they determined that certain information of an accounting, financial or
statistical nature set forth in the Prospectus Supplement under the captions “Summary of Terms—Mortgage Loans”,
“Risk Factors”, “The Mortgage Pool” and “Long Beach Mortgage Company” agrees with the records
of the Seller;

(f)                 The Seller shall deliver to the Purchaser for inclusion in the Prospectus Supplement under the caption “Long Beach
Mortgage Company” or for inclusion in other offering materials, such publicly available information regarding the Seller, its
financial condition and its mortgage loan delinquency, foreclosure and loss experience, underwriting standards, lending activities
and loan sales, production, and servicing and collection practices, and any similar nonpublic, unaudited financial information and
a computer tape with respect to the pool information, as the Representative may reasonably request;

(g)                Letters from at least two nationally recognized statistical rating agencies rating the Offered Certificates (as defined in the
Prospectus Supplement); and

(h)                Such
further information, certificates, opinions and documents as the Purchaser or the Representative may reasonably
request.

SECTION 10.             Costs.

The Seller shall pay (or shall reimburse the Purchaser
or any other Person to the extent that the Purchaser or such other Person shall pay) all costs and expenses incurred in connection
with the transfer and delivery of the Mortgage Loans, including without limitation, recording fees, fees for title policy
endorsements and continuations and the fees for recording Assignments, the fees and expenses of the Seller’s in-house
accountants and in-house attorneys; the costs and expenses incurred in connection with determining the Seller’s loan loss,
foreclosure and delinquency experience, the costs and expenses incurred in connection with obtaining the documents referred to in
Sections 9(d) and 9(e), the cost of an opinion of counsel regarding the true sale of the Mortgage Loans and non-consolidation of
the Seller, the costs and expenses of printing (or otherwise reproducing) and delivering this Agreement, the Pooling and Servicing
Agreement, the Certificates, the prospectus, the Prospectus Supplement, any blue sky filings and private placement memorandum
relating to the Certificates and other related documents, costs and expenses of the Trustee, the fees and expenses of the
Purchaser’s counsel in connection with the preparation of all documents relating to the securitization of the Mortgage Loans,
the filing fee charged by the Securities and Exchange Commission for registration of the Certificates, the cost of any opinions of
outside special counsel that may be required for the Seller and the fees charged by any Rating Agency to rate the
Certificates.  All other costs and expenses in connection with the transactions contemplated hereunder shall be borne by the
party incurring such expense.

SECTION 11.             Servicing.

The Seller has represented to the Purchaser that the
Mortgage Loans are being serviced in accordance with the terms of the Pooling and Servicing Agreement, and it is understood and
agreed by and between the Seller and the Purchaser that any interim servicing arrangements with the Seller will be superseded by
the servicing arrangements set forth in the Pooling and Servicing Agreement.

SECTION 12.             Mandatory Delivery;
Grant of Security Interest.

The sale and delivery on the Closing Date of the
Mortgage Loans in accordance with the terms and conditions of this Agreement is mandatory.  It is specifically understood and
agreed that each Mortgage Loan is unique and identifiable on the Closing Date and that an award of money damages would be
insufficient to compensate the Purchaser for the losses and damages incurred by the Purchaser in the event of the Seller’s
failure to deliver the Mortgage Loans on or before the Closing Date.

The Seller hereby grants to the Purchaser a lien on and
a continuing security interest in the Seller’s interest in each Mortgage Loan, and each document and instrument evidencing
each such Mortgage Loan to secure the performance by the Seller of its obligation hereunder, and the Seller agrees that it holds
such Mortgage Loans in custody for the Purchaser, subject to (i) the Purchaser’s right, prior to the Closing Date, to reject
any Mortgage Loan to the extent permitted by this Agreement and (ii) the Purchaser’s obligation to deliver or cause to be
delivered the consideration for the Mortgage Loans pursuant to Section 8 hereof.  Any Mortgage Loan rejected by the Purchaser
shall concurrently therewith be automatically released from the security interest created hereby.  The Seller agrees that,
upon acceptance of the Mortgage Loans by the Purchaser or its designee and delivery of payment to the Seller, that any security
interest held by the Seller in such Mortgage Loans shall be released. 

All rights and remedies of the Purchaser under this
Agreement are distinct from, and cumulative with, any other rights or remedies under this Agreement or afforded by law or equity
and all such rights and remedies may be exercised concurrently, independently or successively.  Notwithstanding the foregoing,
if on the Closing Date, each of the conditions set forth in Section 8 hereof shall have been satisfied and the Purchaser shall not
have paid or caused to be paid the Purchase Price, or shall not have delivered or caused to be delivered the Long Beach
Certificates to the Seller or, upon the direction of the Seller, to Long Beach Asset Holding Corp., or any such condition shall not
have been waived or satisfied and the Purchaser determines not to pay or cause to be paid the Purchase Price or not to deliver or
cause to be delivered the Long Beach Certificates to Long Beach Asset Holding Corp, the Purchaser shall immediately effect the
re-delivery of the Mortgage Loans, if delivery to the Purchaser has occurred and any security interest created by this Section 12
shall be deemed to have been released.

SECTION 13.             Notices.

All demands, notices and communications hereunder shall
be in writing and shall be deemed to have been duly given if personally delivered to or mailed by registered mail, postage prepaid,
or transmitted by telex or telegraph and confirmed by a similar mailed writing, if to the Purchaser, addressed to the Purchaser at
1201 Third Ave., WMT1706, Seattle, Washington 98101, Attn:  LBSC Legal Counsel, or such other address as may hereafter be
furnished to the Seller in writing by the Purchaser; if to the Seller, addressed to the Seller at 1201 Third Ave., WMT1706,
Seattle, Washington 98101, Attn:  LBMC Legal Counsel, or to such other address as the Seller may designate in writing to the
Purchaser.

SECTION 14.             Severability of
Provisions.

Any part, provision, representation or warranty of this
Agreement which is prohibited or unenforceable or is held to be void 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.  To the extent permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders
void or unenforceable any provision hereof.

SECTION 15.             Agreement of
Parties.

The Seller and the Purchaser each agree to execute and
deliver such instruments (including UCC financing statements and continuation statements) and take such actions as either of the
others may, from time to time, reasonably request in order to effectuate the purpose and to carry out the terms of this Agreement
and the Pooling and Servicing Agreement.

SECTION 16.             Survival.

The Seller agrees that the representations, warranties
and agreements made by it herein and in any certificate or other instrument delivered pursuant hereto shall be deemed to be relied
upon by the Purchaser and its successors and assigns, notwithstanding any investigation heretofore or hereafter made by the
Purchaser or on its behalf, and that the representations, warranties and agreements made by the Seller herein or in any such
certificate or other instrument shall survive the delivery of and payment for the Mortgage Loans and shall continue in full force
and effect, notwithstanding any restrictive or qualified endorsement on the Mortgage Notes and notwithstanding subsequent
termination of this Agreement, the Pooling and Servicing Agreement or the Trust Fund.

SECTION 17.             Indemnification,
Representative. 

(a)                The
Seller indemnifies and holds harmless the Purchaser, the Purchaser’s officers and directors and each person, if any, who controls the Purchaser within the meaning of Section 15 of the Securities Act of 1933, as amended (the
“1933 Act”) or Section 20 of the Exchange Act of 1934, as amended, (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 1933 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 Class A Certificates, the Class M Certificates or the Class B 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; and will reimburse, as incurred, 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, defending against or appearing as a third party witness in connection with any such loss,
claim, damage, liability or action as such expenses are incurred; provided, however, that the Seller will be liable in any such
case only to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or
omission, or alleged untrue statement or omission, made therein in reliance upon and in conformity with written information
furnished to the Purchaser by the Seller specifically for use in the preparation thereof (the “Seller’s
Information”);

(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 Seller; and

(iii)                      against any and all expense whatsoever (including the fees and disbursements of counsel chosen by the Purchaser,
subject to Section 17(c) below), 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 Seller may otherwise have.

(b)                The
Purchaser agrees to indemnify and hold harmless the Seller, each of its directors, each of its officers and each person, if any,
who controls the Seller within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, against any
and all losses, claims, expenses, damages or liabilities to which the Seller or any such director, officer or controlling person
may become subject, under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the
Prospectus Supplement, other than in the Seller’s Information, or arise out of, or are based upon, the omission or the
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein
not misleading, and will reimburse any legal or other expenses reasonably incurred by the Seller or any such director, officer or
controlling person in connection with investigating or defending any such loss, claim, damage, liability or action.  This
indemnity agreement will be in addition to any liability which the Purchaser may otherwise have.

(c)                Promptly after receipt by an indemnified party under this Section 17 of notice of the commencement of any action described
therein, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 17, notify the indemnifying party of the commencement thereof; but the omission so to notify the indemnifying party
will not relieve the indemnifying party from any liability that it may have to any indemnified party under this Section 17
unless the indemnifying party is materially prejudiced by such omission to notify and in any event the failure to notify the
indemnifying party shall not relieve it from any liability which it may have to the indemnified party otherwise than under this
Agreement.  In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish to do so,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party (who shall not, except with the consent of the indemnified party (such consent not to be unreasonably withheld,
conditioned or delayed), be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified
party under this Section 17, such indemnifying party shall not be liable for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and preparation for a
defense.

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 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; (iii) a conflict or
potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying
party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the
indemnified party) or (iv) 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 (i) by the Seller if the indemnified parties under this Section 17 consist of the Seller or any of
its officers, directors or controlling persons, or (ii) the Purchaser, if the indemnified party under this Section 17
consist of the Purchaser or any of the Purchaser’s directors, officers or controlling persons.

Each indemnified party, as a condition of the indemnity
agreements contained in Section 17(a) and Section 17(b), shall use its reasonable efforts to cooperate with the
indemnifying party in the defense of any such action or claim.  No indemnifying party shall be liable for any settlement of
any such action effected without its written consent (which consent shall not be unreasonably withheld, conditioned or delayed),
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 (to the extent set forth
in Section 17(a) or Section 17(b) as applicable) by reason of such settlement or judgment.  No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in
respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on
any claims that are the subject of such action and (ii) does not include a statement as to, or an admission of, fault,
culpability or failure to act by or on behalf of an indemnified party.

Notwithstanding the foregoing paragraph, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid
request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior
to the date of such settlement.

(d)                If
the indemnification provided for in Section 17(a) or 17(b) is unavailable or insufficient to hold harmless an indemnified
party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b)
above (i) in such proportion as is appropriate to reflect the relative benefits received by the Purchaser on the one hand and
the Seller on the other from the offering of the Class A Certificates, the Class M Certificates or the Class B Certificates (as defined in the Prospectus Supplement) or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the Purchaser on the one hand and the Seller on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable
considerations.  If the indemnification provided for in Section 17(b) is unavailable or insufficient to hold harmless the
indemnified party under Section 17(b), then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities referred to in Section 17(b) in such proportion as
appropriate to reflect the relative fault of the Purchaser on one hand and the Seller on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable
considerations.  The relative benefits received by the Purchaser on the one hand and the Seller on the other shall be deemed
to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Purchaser bear
to the total underwriting discounts and commissions received by the Underwriters (as defined in the Prospectus Supplement). 
The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Purchaser or by
the Seller and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission.  The amount paid by an indemnified party as a result of the losses, claims, damages or
liabilities referred to above in the first sentence of this subsection (d) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is
the subject of this subsection (d).  No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

SECTION 18.             Governing
Law.

THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND
RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS AND DECISIONS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES.  THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

SECTION 19.             Miscellaneous.

This Agreement may be executed in two or more
counterparts, each of which when so executed and delivered shall be an original, but all of which together shall constitute one and
the same instrument.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and assigns.  This Agreement supersedes all prior agreements and understandings relating to the subject matter
hereof.  Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. 
The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

It is the express intent of the parties hereto that the
conveyance of the Mortgage Loans by the Seller to the Purchaser as provided in Section 4 hereof be, and be construed as, a sale of
the Mortgage Loans by the Seller to the Purchaser and not as a pledge of the Mortgage Loans by the Seller to the Purchaser to
secure a debt or other obligation of the Seller.  However, in the event that, notwithstanding the aforementioned intent of the
parties, the Mortgage Loans are held to be property of the Seller, then, (a) it is the express intent of the parties that such
conveyance be deemed a pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or other obligation of the
Seller and (b) (1) this Agreement shall also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New
York Uniform Commercial Code; (2) the conveyance provided for in Section 4 hereof shall be deemed to be a grant by the Seller to
the Purchaser of a security interest in all of the Seller’s right, title and interest in and to the Mortgage Loans, and all
amounts payable to the holders of the Mortgage Loans in accordance with the terms thereof and all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including without limitation all
amounts, other than investment earnings, from time to time held or invested in the Collection Account whether in the form of cash,
instruments, securities or other property; (3) the possession by the Purchaser or its agent of the Mortgage Notes, the related
Mortgages and such other items of property that constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be “possession by the secured party” for purposes of perfecting the security interest pursuant to Section
9-305 of the New York Uniform Commercial Code; and (4) notifications to persons holding such property, and acknowledgments,
receipts or confirmations from persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents (as applicable) of the Purchaser for the purpose of perfecting such
security interest under applicable law.  Any assignment of the interest of the Purchaser pursuant to Section 4(d) hereof shall
also be deemed to be an assignment of any security interest created hereby.  The Seller and the Purchaser shall, to the extent
consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a
security interest in the Mortgage Loans, such security interest would be deemed to be a perfected security interest of first
priority under applicable law and will be maintained as such throughout the term of this Agreement and the Pooling and Servicing
Agreement.

SECTION 20.             Third Party
Beneficiary.

Each of the Trustee and the NIMS Insurer, if any, shall
be a third-party beneficiary hereof (except with respect to Section 17) and shall be entitled to enforce the provisions hereof
as if a party hereto, except the provisions of Section 17 hereof.  The Underwriters (as defined in the Prospectus
Supplement), shall be a third-party beneficiary hereof solely with respect to Section 17 and shall be entitled to enforce the
provisions of Section 17 as if it were a party hereto.

 

 

IN WITNESS WHEREOF, the
Purchaser and the Seller have caused their names to be signed by their respective officers thereunto duly authorized as of the date
first above written.

 

LONG BEACH SECURITIES CORP.

 

 

By:          
_________________________

Name:      Deven Patel

Title:       Authorized Officer

 

 

LONG BEACH MORTGAGE COMPANY

 

 

By:          
_________________________

Name:      Deven Patel

Title:       Assistant Vice President

 

EXHIBIT A
TO MORTGAGE LOAN PURCHASE AGREEMENT

 

STANDARD & POOR’S LEVELS®GLOSSARY in effect on the CLOSING DATE

 

As of October 25, 2004 (Update as of the Closing Date)

 

APPENDIX E TO GLOSSARY FOR FILE FORMAT FOR LEVELS® VERSION 5.6:
Standard & Poor's Predatory Lending Categorization

Standard & Poor's has categorized
loans governed by anti-predatory lending laws in the jurisdictions listed below into three categories based upon a combination of
factors that include (a) the risk exposure associated with the assignee liability and (b) the tests and thresholds set forth in
those laws. Note that certain loans classified by the relevant statute as Covered are included in Standard & Poor's High Cost
Loan category because they included thresholds and tests that are typical of what is generally considered High Cost by the
industry.

	
Standard &
Poor’s High-Cost Loan Categorization

	
State/jurisdiction  

	
Name of Anti-Predatory Lending Law/Effective Date
 

	
Category under applicable anti-predatory lending law
 

	
Arkansas

	
Arkansas Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et seq. Effective July
16, 2003

	
High Cost Home Loan

	
Cleveland Heights, Ohio

	
Ordinance No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq. Effective June 2,
2003

	
Covered Loan

	
Colorado

	
Consumer Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et seq. Effective for
covered loans offered or entered into on or after Jan. 1, 2003. Other provisions of the Act took effect on June 7, 2002

	
Covered Loan

	
Connecticut

	
Connecticut Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746 et
seq. Effective Oct. 1, 2001

	
High Cost Home Loan

	
District of Columbia

	
Home Loan Protection Act, D.C. Code §§ 26-1151.01 et seq. Effective for loans closed
on or after Jan. 28, 2003

	
Covered Loan

	
Florida

	
Fair Lending Act, Fla. Stat. Ann. §§ 494.0078 et seq. Effective Oct. 2,
2002

	
High Cost Home Loan

	
Georgia (Oct. 1, 2002 – March 6, 2003)

	
Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq. Effective Oct. 1,
2002–March 6, 2003

	
High Cost Home Loan

	
Georgia as amended (March 7, 2003 – current)

	
Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq. Effective for loans closed
on or after March 7, 2003

	
High Cost Home Loan

	
HOEPA Section 32

	
Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R. §§
226.32 and 226.34. Effective Oct. 1, 1995, amendments Oct. 1, 2002

	
High Cost Loan

	
Illinois

	
High Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq. Effective Jan.
1, 2004 (prior to this date, regulations under Residential Mortgage License Act effective from May 14, 2001)

	
High Risk Home Loan

	
Indiana

	
Indiana Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 et seq. Effective for
loans originated on or after Jan. 1, 2005.

	
High Cost Home Loan

	
Kansas

	
Consumer Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et seq. Sections 16a-1-301 and
16a-3-207 became effective April 14, 1999; Section 16a-3-308a became effective July 1, 1999

	
High Loan to Value Consumer Loan (id. § 16a-3-207); and High APR Consumer Loan (id. §
16a-3-308a)

	
Kentucky

	
2003 KY H.B. 287 – High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100 et seq.
Effective June 24, 2003

	
High Cost Home Loan

	
Maine

	
Truth in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq. Effective Sept. 29, 1995,
and as amended from time to time

	
High Rate High Fee Mortgage

	
Massachusetts

	
Part 40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01 et
seq. Effective March 22, 2001, and amended from time to time.

	
High Cost Home Loan

	
 

	
Massachusetts Predatory Home Loan Practices Act. Mass. Gen. Laws ch. 183C, §§ 1 et
seq. Effective Nov. 7, 2004.

	
High Cost Home Mortgage Loan

	
Nevada

	
Assembly Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq. Effective Oct. 1,
2003

	
Home Loan

	
New Jersey

	
New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq.
Effective for loans closed on or after Nov. 27, 2003

	
High Cost Home Loan

	
New Mexico

	
Home Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq. Effective as of Jan. 1,
2004; Revised as of Feb. 26, 2004

	
High Cost Home Loan

	
New York

	
N.Y. Banking Law Article 6-l. Effective for applications made on or after April 1,
2003

	
High Cost Home Loan

	
North Carolina

	
Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et
seq. Effective July 1, 2000; amended October 1, 2003 (adding open-end lines of credit)

	
High Cost Home Loan

	
Ohio

	
H.B. 386 (codified in various sections of the Ohio Code), Ohio Rev. Code Ann. §§
1349.25 et seq. Effective May 24, 2002

	
Covered Loan

	
Oklahoma

	
Consumer Credit Code (codified in various sections of Title 14A). Effective July 1, 2000;
amended effective Jan. 1, 2004

	
Subsection 10 Mortgage

	
South Carolina

	
South Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10 et
seq. Effective for loans taken on or after Jan. 1, 2004

	
High Cost Home Loan

	
West Virginia

	
West Virginia Residential Mortgage Lender, Broker and Servicer Act, W. Va. Code Ann.
§§ 31-17-1 et seq. Effective June 5, 2002

	
West Virginia Mortgage Loan Act Loan

 

	
Standard &
Poor’s Covered Loan Categorization

	
State/jurisdiction  

	
Name of Anti-Predatory Lending Law/Effective Date
 

	
Georgia (Oct. 1, 2002 – March 6, 2003)

	
Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq. Effective Oct. 1,
2002-March 6, 2003

	
New Jersey

	
New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq.
Effective Nov. 27, 2003-July 5, 2004

 

	
Standard &
Poor’s Home Loan Categorization

	
State/jurisdiction  

	
Name of Anti-Predatory Lending Law/Effective Date
 

	
Category under applicable anti-predatory lending law
 

	
Georgia (Oct. 1, 2002- March 6, 2003)

	
Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq. Effective Oct. 1,
2002–March 6, 2003

	
Home Loan

	
Indiana

	
Indiana Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 et seq. Effective for
loans originated on or after Jan. 1, 2005.

	
Home Loan

	
New Jersey

	
New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq.
Effective for loans closed on or after Nov. 27, 2003

	
Home Loan

	
New Mexico

	
Home Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq. Effective as of Jan. 1,
2004; revised as of Feb. 26, 2004

	
Home Loan

	
North Carolina

	
Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et
seq. Effective July 1, 2000; amended Oct. 1, 2003 (adding open-end lines of credit)

	
Consumer Home Loan

	
South Carolina

	
South Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10 et
seq. Effective for loans taken on or after Jan. 1, 2004

	
Consumer Home Loan

 

 

EXHIBIT
D

 

MORTGAGE LOAN
SCHEDULE

 

 

Copies of the Mortgage Loan Schedule (which has been
intentionally omitted from this filing) may be obtained from Long Beach Securities Corp. by contacting:

 

 

Deven Patel

Long Beach Securities
Corp.

1400 South Douglass Road, Suite
100

Anaheim, California 
92806

Telephone:              (714) 939-5200

Facsimile: (714)
939-7880

 

 

EXHIBIT
E-1

 

REQUEST FOR
RELEASE

(for Trustee /Custodian)

 

Loan Information

 

Name
of Mortgagor:               
                                                                                               

 

Master Servicer

Loan
No.:                               
                                                                                               

 

Trustee
/Custodian

 

Name:                                     
                                                                                               

 

Address:                                  
                                                                                               

 

Trustee/

Custodian

Mortgage File No.:                  
                                                                                               

 

Depositor

 

Name:                                     
LONG BEACH SECURITIES CORP.

Address:                                  
                                                                                               

Certificates:                            
Long Beach Mortgage Certificates, Series 2004‐6.

 

 

 

 

                The undersigned Master Servicer
hereby acknowledges that it has received from _______________________, as Trustee for the Holders of Long Beach Mortgage Loan Trust
2004‐6, Asset-Backed Certificates, Series 2004‐6, the documents referred to below (the “Documents”). 
All capitalized terms not otherwise defined in this Request for Release shall have the meanings given them in the Pooling and
Servicing Agreement, dated as of October 1, 2004, among the Trustee, the Depositor and the Master Servicer (the “Pooling and
Servicing Agreement”).

 

(a)            Promissory Note dated _______________, 20__, in the
original principal sum of $__________, made by ___________________, payable to, or endorsed to the order of, the
Trustee.

 

(b)            Mortgage recorded on _____________________ as
instrument no. ________________ in the County Recorder’s Office of the County of _________________, State of ____________ in
book/reel/docket _________________ of official records at page/image _____________.

 

(c)            Deed of Trust recorded on ___________________ as
instrument no. ________________ in the County Recorder’s Office of the County of _________________, State of
____________________ in book/reel/docket _________________ of official records at page/image ______________.

 

(d)            Assignment of Mortgage or Deed of Trust to the
Trustee, recorded on ___________________ as instrument no. _________ in the County Recorder’s Office of the County of
_______________, State of _______________________ in book/reel/docket ____________ of official records at page/image
____________.

 

(e)            Other documents, including any amendments, assignments
or other assumptions of the Mortgage Note or Mortgage.

 

(f)           
_____________________________________________

(g)           
_____________________________________________

(h)           _____________________________________________

(i)           
_____________________________________________

 

                The undersigned Master Servicer
hereby acknowledges and agrees as follows:

 

               
(1)           The Master Servicer shall hold and retain possession of the
Documents in trust for the benefit of the Trustee, solely for the purposes provided in the Agreement.

 

               
(2)           The Master Servicer shall not cause or permit the Documents to
become subject to, or encumbered by, any claim, liens, security interest, charges, writs of attachment or other impositions nor
shall the Master Servicer assert or seek to assert any claims or rights of setoff to or against the Documents or any proceeds
thereof.

 

               
(3)           The Master Servicer shall return each and every Document previously
requested from the Mortgage File to the Trustee when the need therefor no longer exists, unless the Mortgage Loan relating to the
Documents has been liquidated and the proceeds thereof have been remitted to the Collection Account and except as expressly
provided in the Agreement.

 

               
(4)           The Documents and any proceeds thereof, including any proceeds of
proceeds, coming into the possession or control of the Master Servicer shall at all times be ear-marked for the account of the
Trustee, and the Master Servicer shall keep the Documents and any proceeds separate and distinct from all other property in the
Master Servicer’s possession, custody or control.

 

Dated:

 

LONG BEACH MORTGAGE COMPANY

By:                                                                                                          

 Name:

Title:

 

EXHIBIT
E-2

 

REQUEST FOR
RELEASE

(Certificate – Mortgage Loan Paid in Full)

 

OFFICERS’
CERTIFICATE AND TRUST RECEIPT

MORTGAGE LOAN PASS-THROUGH CERTIFICATES

SERIES 2004‐6

 

____________________________________________________
HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING THE OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND
HEREBY FURTHER CERTIFIES AS FOLLOWS:

 

WITH RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED
IN THE POOLING AND SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

 

ALL PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY), AND INTEREST
HAVE BEEN MADE.

 

LOAN
NUMBER:                                                                   
                BORROWER’S
NAME:                                                          

 

COUNTY:                                                                              

 

WE HEREBY CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION
WITH SUCH PAYMENTS, WHICH ARE REQUIRED TO BE DEPOSITED IN THE COLLECTION ACCOUNT PURSUANT TO SECTION 3.10 OF THE POOLING AND
SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

 

DATED:                                                                                 

 

 

                

/ / VICE PRESIDENT

/ / ASSISTANT VICE PRESIDENT

 

EXHIBIT E-3

FORM OF MORTGAGE LOAN ASSIGNMENT
AGREEMENT

This MORTGAGE
LOAN ASSIGNMENT AGREEMENT (this “Agreement”), dated as of ________________, 200___, is by and between
________________, a ________________, as purchaser (the “Company”), and DEUTSCHE BANK NATIONAL TRUST
COMPANY, not in its individual capacity but as trustee (the “Trustee”) for LONG BEACH MORTGAGE LOAN TRUST
2004‐6, as seller (the “Trust”).

In consideration of the mutual
covenants made herein and for other good and valuable consideration the sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

ARTICLE
1.     DEFINITIONS

Capitalized terms used but not defined
herein shall have the meanings assigned to them in the Pooling and Servicing Agreement dated as of October 1, 2004 (the
“Pooling and Servicing Agreement”) by and among Long Beach Mortgage Company, as master servicer (the “Master
Servicer”), Long Beach Securities Corp., as depositor, and the Trustee, as trustee.

ARTICLE
2.            SALE AND CONVEYANCE OF MORTGAGE LOAN;

POSSESSION OF FILES; PAYMENT OF PURCHASE

PRICE; DELIVERY OF MORTGAGE LOAN DOCUMENTS;

RECORDATION OF ASSIGNMENTS OF MORTGAGE

Section 2.1             Sale and
Conveyance of Mortgage Loans; Possession of Files

(a)                Pursuant to Section 2.03 of the Pooling and Servicing Agreement and Section 6.____________ of the Mortgage Loan Purchase
Agreement, subject to the provisions  of the Pooling and Servicing Agreement and after the deposit of the Purchase Price in
the Collection Account and the Trustee’s receipt of a written certification from the Master Servicer of such deposit (the
“Certification”), the Trustee hereby sells, transfers, assigns, sets over, and conveys to the Company, without
recourse, or, except as set forth in Article 3, representations or warranties,  all the right, title, and interest of the
Trust in and to the mortgage loan identified on Schedule I attached hereto (the “Mortgage Loan”).

(b)               In
accordance with Section 3.17 of the Pooling and Servicing Agreement, the Trustee will deliver to the Company, or to such third
party as the Company may direct, the documents comprising the Mortgage File with respect to the Mortgage Loan upon the
Trustee’s receipt of the Certification.  Upon payment for the Mortgage Loan pursuant to Section 2.1(c) below, the
beneficial ownership of the Mortgage Note, the Mortgage, and each of the other documents comprising the Mortgage File with respect
to the Mortgage Loan is and shall be vested in the Company, and the ownership of all records and documents with respect to the
Mortgage Loan prepared by or which come into the possession of the Trustee or any agent or designee thereof shall immediately vest
in the Company and shall be delivered to the Company or as the Company may otherwise direct.

(c)                In
full consideration for the sale of the Mortgage Loan pursuant to Section 2.1(a) hereof, and upon the terms and conditions
of this Agreement, the Company hereby purchases the Mortgage Loan.

(d)               Subject to
the fulfillment of any other conditions to such [purchase/repurchase] under the Pooling and Servicing Agreement and following the
deposit of the Purchase Price in the Collection Account and the Trustee’s receipt of the Certification, the Company shall own
and be entitled to receive with respect to the Mortgage Loan all Monthly Payments and all other recoveries of principal and
interest.  All such amounts that are collected after the date of the deposit of the Purchase Price and the Trustee’s
receipt of the Certification shall be held and remitted by the Master Servicer to the Company in accordance with the terms of this
Agreement.

 

ARTICLE
3.            REPRESENTATIONS AND WARRANTIES OF

THE TRUSTEE CONCERNING THE MORTGAGE LOAN

The Trustee hereby represents and
warrants to, and agrees with the Company that, as to the Mortgage Loan and as of the date first written above:

 

The Trustee, to
its actual knowledge has not taken any action with respect to the Mortgage Loans, other than at the direction of the Company, its
attorneys and subservicers or Long Beach Securities Corp., which would result in the imposition of any lien on, security interest
in, or other encumbrance of, the real property securing the Mortgage Loan, other than permitted pursuant to the Pooling and
Servicing Agreement, and other than such action as might be required to preserve and maintain the Mortgage.

ARTICLE 4.            MISCELLANEOUS
PROVISIONS

Section
4.1             Governing Law

This Agreement shall be governed by and construed in
accordance with the laws of the State of New York (including Section 5-1401 of the New York General Obligations Law) and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws without giving effect to
conflict of laws principles other than Section 5-1401 of the New York General Obligations Law.

Section 4.2             Severability of
Provisions

If any one or more of the covenants, agreements,
provisions, or terms of this Agreement shall be held invalid for any reason whatsoever, then such covenants, agreements,
provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and
shall in no way affect the validity or enforceability of the other covenants, agreements, provisions, or terms of this Agreement or
the rights of the parties hereunder. 

Section 4.3             Schedules

The schedules to this Agreement are hereby incorporated
and made a part hereof and are an integral part of this Agreement. 

Section 4.4             Counterparts; Successors and
Assigns

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; such counterparts, together, shall constitute one and the same agreement.  This Agreement shall inure to the
benefit of and be binding upon the Company and the Trustee. 

Section 4.5             Effect of Headings

The headings in this Agreement are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof.

Section 4.6             Survival

The representations, warranties, covenants and
agreements of the parties provided in this Agreement and the parties’ obligations hereunder shall survive the execution,
delivery and termination of this Agreement.

Section
4.7             Costs

The Company shall pay all costs, fees and expenses
incurred in connection with the transfer and delivery of the Mortgage Loan purchased by the Company under this
Agreement.

 

[Signature page follows]

TO WITNESS THIS, the
Company and the Trustee have caused their names to be signed to this Mortgage Loan Assignment Agreement by their duly authorized
respective officers as of the day and year first above written.

 

	
 

 

	
DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee for Long Beach Mortgage Loan Trust 2004‐6 and not in
its individual capacity

 

By:     _________________________________

Name:____________________________

Title:  ____________________________

	
 

	
 

	
 

 

	
[_________________________________]

 

By:     _________________________________

Name:____________________________

 

Title:  ____________________________

 

 

 

 

 

STATE OF
____________________                                            
)

                                                                                                       
) ss.

COUNTY OF
__________________                                             
)

 

This instrument was acknowledged before me on
______________________, 200___, by _____________________ as _________________________ of Long Beach Mortgage Company.

[Print Name]_________________________

NOTARY PUBLIC in and for the State of _____________, residing at         

 My commission expires _________________________________

 

 

 

 

 

 

 

 

 

 

 

 

STATE OF
                                                                                    
)

                                                                                                       
) ss.

COUNTY OF
                                                                                 
)

 

This instrument was acknowledged before me on
______________________, 200___, by _____________________ as _________________________ of Deutsche Bank National Trust Company, as
trustee for Long Beach Mortgage Loan Trust 200___-___ and not in its individual capacity.

[Print Name]_________________________

NOTARY PUBLIC in and for the State of

                       
, residing at _______________________________

 My commission expires _________________________________

 

 

SCHEDULE I

MORTGAGE LOAN SCHEDULE

 

 

EXHIBIT F-1

FORM OF TRUSTEE'S INITIAL CERTIFICATION

                                                                                                               
[Date]

 

Long Beach Securities
Corp.                                                                    
Long Beach Mortgage Company

1400 South Douglass
Road, Suite
100                                                      
1400 South Douglass Road, Suite 100

Anaheim, CA
92806                                                                               
Anaheim, CA 92806

 

Re:           Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), dated as of October 1, 2004 among Long Beach Securities
Corp., Long Beach Mortgage Company and Deutsche Bank National Trust Company,

 Long Beach Mortgage
Loan Trust 2004‐6, Asset-Backed Certificates, Series 2004‐6

 

Ladies and Gentlemen:

 

                Pursuant to Section 2.02 of
the Pooling and Servicing Agreement, the undersigned, as Trustee, hereby acknowledges receipt of each Mortgage File and certifies
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 hereto as not being covered by this certification), (i) all documents
constituting part of such Mortgage File (other than such documents described in Section 2.01(e) of the Pooling and Servicing
Agreement) required to be delivered to it pursuant to the Pooling and Servicing Agreement are in its possession, (ii) such
documents have been reviewed by it and are not mutilated, torn or defaced unless initialed by the related borrower and relate to
such Mortgage Loan and (iii) based on its examination and only as to the foregoing, the information set forth in the Mortgage
Loan Schedule that corresponds to items (i), (ii), (ix), (xii), (xiv) (to the extent of the Periodic Rate Cap for the first
Adjustment Date and subsequent Adjustment Dates) and (xvi) of the definition of “Mortgage Loan Schedule” of the Pooling
and Servicing Agreement accurately reflects information set forth in the Mortgage File.

 

                The Trustee has made no
independent examination of any documents contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement.  The Trustee makes no representations as to:  (i) the validity,
legality, sufficiency, enforceability due authorization, recordability or genuineness of any of the documents contained in the
Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan.

 

DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee

 

By:          
                                                               

Name:     
                                                               

Title:      
                                                               

 

EXHIBIT F-2

FORM OF TRUSTEE’S FINAL CERTIFICATION

 

                [Date]

 

Long Beach Securities
Corp.                                                                    
Long Beach Mortgage Company

1400 South Douglass
Road, Suite
100                                                      
1400 South Douglass Road, Suite 100

Anaheim, CA
92806                                                                               
Anaheim, CA 92806

 

Re:           Pooling and Servicing Agreement (the “Pooling and
Servicing Agreement”), dated as of October 1, 2004 among Long Beach Securities Corp., Long Beach Mortgage Company and
Deutsche Bank National Trust Company,

Long Beach Mortgage Loan Trust
2004‐6, Asset-Backed Certificates, Series 2004‐6

 

Ladies and
Gentlemen:

 

                In accordance with Section 2.02
of the above-captioned Pooling and Servicing Agreement, the undersigned, as Trustee, hereby certifies that as to each Mortgage Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on the attachment hereto), it or a
Custodian on its behalf has received:

 

               
(a)            the original Mortgage Note, endorsed in blank or in the
following form:  “Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement,
without recourse,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to
the Person so endorsing to the Trustee or a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed
by the Seller;

 

               
(b)            the original Mortgage with evidence of recording thereon, and
a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to
a power of attorney, with evidence of recording thereon;

 

               
(c)            an original Assignment in blank;

 

               
(d)            the original recorded Assignment or Assignments showing a
complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;

 

               
(e)            the original or copies of each assumption, modification,
written assurance or substitution agreement, if any; and

 

               
(f)            the original lender’s title insurance policy, together
with all endorsements or riders issued with or subsequent to the issuance of such policy (or a copy of the above, in the case of
the Washington Mutual Mortgage Loans), insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented
therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or
uniform binder or preliminary report of title issued by the title insurance or escrow company.

 

                The Trustee has made no
independent examination of any documents contained in each Mortgage File beyond the review specifically required in the
above-referenced 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 of any of the Mortgage
Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness or suitability of any such
Mortgage Loan.

 

                Capitalized words and phrases
used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee

 

 

By:          
                                                               

Name:     
                                                               

Title:      
                                                               

 

 

EXHIBIT
G

 

[RESERVED]

 

EXHIBIT
H

 

FORM OF LOST NOTE
AFFIDAVIT

 

                Personally appeared before me the
undersigned authority to administer oaths,
                                                                       

                  who first being duly sworn
deposes and says:  Deponent is
                                                                                                     

                  of
                                                                          
, successor by merger to
                                                                         

                  (“Seller”) and
who has personal knowledge of the facts set out in this affidavit.

 

On
                         
,
                                             
 did execute and deliver a promissory note in the

principal amount of
$                                             
..

 

                That said note has been misplaced
or lost through causes unknown and is presently lost and unavailable after diligent search has been made. Seller’s records
show that an amount of principal and interest on said note is still presently outstanding, due, and unpaid, and Seller is still
owner and holder in due course of said lost note.

 

                Seller executes this Affidavit
for the purpose of inducing Deutsche Bank National Trust Company, as Trustee on behalf of Long Beach Mortgage Loan Trust
2004‐6, to accept the transfer of the above described loan from Seller.

 

                Seller agrees to indemnify
Deutsche Bank National Trust Company, Long Beach Securities Corp. and Long Beach Mortgage Company 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 ERISA
REPRESENTATION

 

[DATE]

 

Long Beach Securities
Corp.

1400 South Douglass Road, Suite 100

Anaheim, CA 92806

 

Long Beach Mortgage
Company

1400 South Douglass Road, Suite 100

Anaheim, CA 92806

 

Deutsche Bank
National Trust Company

1761 East St. Andrew Place

Santa Ana, California 92705

 

Re:           Long Beach Mortgage Loan Trust 2004‐6,

Asset-Backed Certificates, Series 2004‐6 

Ladies and Gentlemen:

 

                ___________________ (the
“Transferee”) intends to acquire from __________________ (the “Transferor”) $____________ Initial
Certificate Principal Balance of the Class [____] Certificate of Long Beach Mortgage Loan Trust 2004‐6, Asset-Backed
Certificates, Series 2004‐6, (the “Certificates”), issued pursuant to a Pooling and Servicing Agreement dated as
of October 1, 2004 (the “Agreement”) among Long Beach Securities Corp., as depositor (the “Depositor”),
Long Beach Mortgage Company, as master servicer (the “Master 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 Master Servicer that the following statements in either (1) or (2) are accurate:

 

_____
(1)                The Certificates (i) are not being
acquired by, and will not be transferred to, any employee benefit plan within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), or other retirement arrangement, including individual
retirement accounts and annuities, Keogh plans and bank collective investment funds and insurance company general or separate
accounts in which such plans, accounts or arrangements are invested, that is subject to Section 406 of ERISA or Section 4975 of the
Internal Revenue Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being acquired
with “plan assets” of a Plan within the meaning of the Department of Labor (“DOL”) regulation, 29 C.F.R.
§ 2510.3-101, and (iii) will not be transferred to any entity that is deemed to be investing in plan assets within the meaning
of the DOL regulation at 29 C.F.R. § 2510.3-101; or

 

_____
(2)                The Transferee will provide an
Opinion of Counsel to the Depositor, the Trustee and the Master Servicer which establishes to the satisfaction of the Depositor,
the Trustee and the Master Servicer 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 Trustee,
the Master Servicer, 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.

 

IN WITNESS WHEREOF, the
Transferee executed this certificate.

                                                                                                

[Transferee]

By:
                                                                                         

Name:
                                                                                    

Title:
                                                                                     

 

EXHIBIT
J

 

FORM OF
INVESTMENT LETTER [NON-RULE 144A]

 

[DATE]

 

Long Beach Securities
Corp.

1400 South Douglass Road, Suite 100

Anaheim, CA 92806

 

Deutsche Bank
National Trust Company

1761 East St. Andrew Place

Santa Ana, California 92705

 

Re:           Long Beach Mortgage Loan Trust 2004‐6,

Asset-Backed Certificates Series 2004‐6  

 

Ladies and Gentlemen:

 

                In connection with our
acquisition of $______ Initial Certificate Principal Balance of the Class [__] Certificate of Long Beach Mortgage Loan Trust
2004‐6 Asset-Backed Certificates, Series 2004‐6 (the “Certificates”), issued pursuant to a Pooling and
Servicing Agreement dated as of October 1, 2004 (the “Agreement”) among Long Beach Securities Corp., as depositor (the
“Depositor”), Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank
National Trust Company, as trustee (the “Trustee”), 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 Agreement.

 

Very truly yours,

[NAME OF TRANSFEREE]

By:
                                                                         

                 Authorized Officer

 

FORM OF RULE 144A
INVESTMENT LETTER

 

[DATE]

 

Long Beach Securities
Corp.

1400 South Douglass Road, Suite 100

Anaheim, CA 92806

 

Deutsche Bank
National Trust Company

1761 East St. Andrew Place

Santa Ana, California 92705

 

Re:           Long Beach Mortgage Loan Trust 2004‐6,

Asset-Backed Certificates Series 2004‐6  

 

Ladies and Gentlemen:

 

                In connection with our
acquisition of $______ Initial Certificate Principal Balance of the Class [__] Certificate of Long Beach Mortgage Loan Trust
2004‐6 Asset-Backed Certificates, Series 2004‐6 (the “Certificates”), issued pursuant to a Pooling and
Servicing Agreement dated as of October 1, 2004 (the “Agreement”) among Long Beach Securities Corp., as depositor (the
“Depositor”), Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank
National Trust Company, as trustee (the “Trustee”), 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 chief
financial officer, a person fulfilling an equivalent function, 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 at least $100,000,000 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 any 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 a banking institution organized
under the laws of any State, U.S. 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, as of a date not more than 16
months preceding the date of sale of the Certificates in the case of a U.S. bank or a banking institution organized under the laws
of any State, U.S. territory or the District of Columbia, and not more than 18 months preceding such date of sale for a foreign
bank or equivalent institution.

 

_____      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, as of a date not more than 16
months preceding the date of sale of the Certificates in the case of a U.S. savings and loan association, building and loan
association, cooperative bank, homestead association or similar institution, and not more than 18 months preceding such date of
sale for a foreign savings and loan association, or equivalent institution.

 

_____      Broker-dealer.  The Buyer is a dealer registered pursuant to Section 15 of
the Securities Exchange Act of 1934, as amended.

 

_____      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, U.S. 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 Advisers Act of 1940.

 

_____       Other.
(Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under subsection (a)(1) of
Rule 144A pursuant to which it qualifies. Note that registered investment companies should complete Annex 2 rather than this Annex
1.)            
                                               

 

               
3.             The term “securities” as used herein
does not include (i) securities of issuers that are affiliated with the Buyer, (ii) if the Buyer is a dealer, securities
that are part of an unsold allotment to or subscription by the Buyer as a participant in a public offering, (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.  For purposes of determining the aggregate amount
of securities owned and/or invested on a discretionary basis by the Buyer, the Buyer did not include any of the securities referred
to in this paragraph.

 

               
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,
except the Buyer reports its securities holdings in its financial statements on the basis of their market value, and no current
information with respect to the cost of those securities has been published, in which case, the securities were 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.

 

____       
____                       
Will the Buyer be purchasing the Certificates only for the Buyer's own account?

                               
Yes          No

 

               
6.             If the answer to
the foregoing question is “no”, then in each case where the Buyer is purchasing for an account other than its own, such
account belongs to a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and
the “qualified institutional buyer” status of such third party has been established by the Buyer through one or more of
the appropriate methods contemplated by Rule 144A.

 

               
7.             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 as 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:                                                                                       

 

 

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 chief
financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the Certificates
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 an
executive officer of the investment adviser (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 owned and/or invested on a
discretionary basis, 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 where the Buyer or any member of the Buyer’s Family of Investment Companies, as the case may be,
reports its securities holdings in its financial statements on the basis of their market value, and no current information with
respect to the cost of those securities has been published, in which case, the securities of such entity were valued at
market.

 

_____      The Buyer owned and/or
invested on a discretionary basis, $_________ 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) bank deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase agreements,
(v) securities owned but subject to a repurchase agreement and (vi) currency, interest rate and commodity swaps.  For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Buyer, or owned by
the Buyer’s Family of Investment Companies, the securities referred to in this paragraph were excluded.

 

               
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.

 

____       
____                       
Will the Buyer be purchasing the Certificates only for the Transferee's own account?

                               
Yes         
No                          

 

               
6.             If the answer to the foregoing question is
“no”, then in each case where the Buyer is purchasing for an account other than its own, such account belongs to a
third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified
institutional buyer” status of such third party has been established by the Buyer through one or more of the appropriate
methods contemplated by Rule 144A.

 

               
7.             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 Class R
Certificate, Class R‐CX Certificate

 and Class R‐PX Certificate

Transfer
Affidavit

 

TRANSFER
AFFIDAVIT AND AGREEMENT

 

LONG BEACH
MORTGAGE LOAN TRUST 2004‐6,

ASSET-BACKED
CERTIFICATES, SERIES 2004‐6

 

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 the Class [___] Certificate (the
“Certificate”) issued pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2004 (the
“Agreement”), relating to the above-referenced Certificates, among Long Beach Securities Corp., as depositor (the
“Depositor”), Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank
National Trust Company, as trustee (the “Trustee”).  Capitalized terms used, but not defined herein shall have the
meanings ascribed to such terms in the Agreement.  The Transferee has authorized the undersigned to make this affidavit on
behalf of the Transferee.

 

               
2.             The Transferee is, as of the date hereof and will be, as
of the date of the Transfer, a Permitted Transferee.  The Transferee is acquiring its Ownership Interest in the Certificate
either (i) for its own account or (ii) as nominee, trustee or agent for another Person and has attached hereto an
affidavit from such Person in substantially the same form as this affidavit.  The Transferee has no knowledge that any such
affidavit is false.

 

               
3.             The Transferee has been advised 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) of 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 and understands that a
tax will be imposed on a “pass-through entity” holding the Certificate if at any time during the taxable year of the
pass-through entity a Person that is not a Permitted Transferee is the record holder of an interest in such entity.  The
Transferee understands that such tax will not be imposed for any period with respect to which the record holder furnishes to the
pass-through entity an affidavit that such record holder is a Permitted Transferee and the pass-through entity does not have actual
knowledge that such affidavit is false.  (For this purpose, a “pass-through entity” includes a regulated
investment company, a real estate investment trust or common trust fund, a partnership, trust or estate, and certain cooperatives
and, except as may be provided in Treasury Regulations, persons holding interests in pass-through entities as a nominee for another
Person.)

 

               
5.             The Transferee has reviewed the provisions of
Section 5.02(d) of the Agreement and understands the legal consequences of the acquisition of an Ownership Interest in the
Certificate including, without limitation, the restrictions on subsequent Transfers and the provisions regarding voiding the
Transfer and mandatory sales.  The Transferee expressly agrees to be bound by and to abide by the provisions of
Section 5.02(d) of the Agreement and the restrictions noted on the face of the Certificate.  The Transferee understands
and agrees that any breach of any of the representations included herein shall render the Transfer to the Transferee contemplated
hereby null and void.

 

               
6.             The Transferee agrees to require a Transfer Affidavit
from any Person to whom the Transferee attempts to Transfer its Ownership Interest in the Certificate, and in connection with any
Transfer by a Person for whom the Transferee is acting as nominee, trustee or agent, and the Transferee will not Transfer its
Ownership Interest or cause any Ownership Interest to be Transferred to any Person that the Transferee knows is not a Permitted
Transferee.  In connection with any such Transfer by the Transferee, the Transferee agrees to deliver to the Trustee a
certificate substantially in the form set forth as Exhibit L to the Agreement (a “Transferor Certificate”) to the
effect that such Transferee has no actual knowledge that the Person to which the Transfer is to be made is not a Permitted
Transferee.

 

               
7.             The Transferee does not have the intention to impede the
assessment or collection of any tax legally required to be paid with respect to the Certificate.

 

               
8.             The Transferee’s taxpayer identification number is
_____________.

 

               
9.             The Transferee is a U.S. Person as defined in Code
Section 7701(a)(30).

 

               
10.           The Transferee is aware that the Certificate may be
“noneconomic residual interests” within the meaning of 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, if a significant purpose of the transfer was to impede the assessment or collection of tax.  The Transferee
understands that, as the holder of a noneconomic residual interest, the Transferee may incur tax liabilities in excess of any cash
flows generated by the Certificates.  The Transferee intends to pay taxes associated with holding the Certificate as they
become due.

 

               
11.           The Transferee is not an employee benefit plan that is subject to
ERISA or a plan that is subject to Section 4975 of the Code, nor is it acting on behalf of such a plan.

 

 

                IN WITNESS WHEREOF, the
Transferee has caused this instrument to be executed on its behalf, pursuant to the authority of its Board of Directors, by its
_________________, attested by its Secretary, this ___ day of [__________].

 

[TRANSFEREE NAME]

 

 

By:
                                                                                         

Name:
                                                                                    

Title:
                                                                                     

 

 

ATTEST:

 

                                                                               

Secretary

 

On __________, 2004 before me,
_____________________________, personally appeared _______________________________, personally known to me (or proved to me on the
basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he
executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of
which the person acted, executed the instrument.

 

WITNESS my hand and official seal.

 

 

Signature _________________________________

 

 

(Seal)

 

EXHIBIT
L

 

FORM OF
TRANSFEROR CERTIFICATE

 

[DATE]

 

Long Beach Securities
Corp.

1400 South Douglass Road, Suite 100

Anaheim, CA 92806

 

Deutsche Bank
National Trust Company

1761 East St. Andrew Place

Santa Ana, California  92705

 

Re:           Long Beach Mortgage Loan Trust 2004‐6,

Asset-Backed Certificates Series 2004‐6  

 

Ladies and Gentlemen:

 

                In connection with our
disposition of the Class [__] Certificates (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement
dated as of October 1, 2004 (the “Agreement”) among Long Beach Securities Corp., as depositor (the
“Depositor”), Long Beach Mortgage Company, as master servicer (the “Master Servicer”) and Deutsche Bank
National Trust Company, as trustee (the “Trustee”) 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 the Class [__] Certificate, we have no knowledge that the Transferee is not a Permitted Transferee and
(d) no purpose of the proposed disposition of the Class [__] Certificate is to impede the assessment or collection of
tax.

 

Very truly yours,

TRANSFEROR

By:
                                                                                         

 Name:
                                                                                    

 Title:
                                                                                     

 

SCHEDULE
I

 

PREPAYMENT CHARGE
SCHEDULE

 

AVAILABLE UPON
REQUEST

 

SCHEDULE
II

 CAP PREMIUM
SCHEDULE

 

	

Distribution Date

	

Cap Scheduled Notional Amount ($)(1)

	

LIBOR (%)

	

Maximum LIBOR (%)

	
December 25, 2004....................

	
1,067,652,574.88

	
2.00

	
6.00

	
January 25, 2005........................

	
1,036,364,416.27

	
2.00

	
6.00

	
February 25, 2005......................

	
1,005,990,009.02

	
2.00

	
6.00

	
March 25, 2005.........................

	
976,502,642.96

	
2.00

	
6.00

	
April 25, 2005...........................

	
947,876,456.63

	
2.00

	
6.00

	
May 25, 2005............................

	
920,086,312.92

	
2.00

	
6.00

	
June 25, 2005.............................

	
893,107,668.07

	
2.00

	
6.00

	
July 25, 2005.............................

	
866,916,803.47

	
2.00

	
6.00

	
August 25, 2005.........................

	
841,490,694.34

	
2.00

	
6.00

	
September 25, 2005...................

	
816,806,989.48

	
2.00

	
6.00

	
October 25, 2005.......................

	
792,843,991.49

	
2.00

	
6.00

	
November 25, 2005...................

	
769,580,637.68

	
2.00

	
6.00

	
December 25, 2005....................

	
746,996,481.43

	
2.00

	
6.00

	
January 25, 2006........................

	
725,071,674.24

	
2.00

	
6.00

	
February 25, 2006......................

	
703,786,948.14

	
2.00

	
6.00

	
March 25, 2006.........................

	
683,123,598.76

	
2.00

	
6.00

	
April 25, 2006...........................

	
663,063,468.78

	
2.00

	
6.00

	
May 25, 2006............................

	
643,588,931.96

	
2.00

	
6.00

	
June 25, 2006.............................

	
624,682,877.59

	
2.00

	
6.00

	
July 25, 2006.............................

	
606,328,695.36

	
2.00

	
6.00

	
August 25, 2006.........................

	
581,349,694.36

	
2.00

	
6.00

	
September 25, 2006...................

	
546,445,454.56

	
2.00

	
6.00

	
October 25, 2006.......................

	
513,726,307.99

	
2.00

	
6.00

	
November 25, 2006...................

	
538,007,190.31

	
6.80

	
9.00

	
December 25, 2006....................

	
522,070,106.53

	
6.80

	
9.00

	
January 25, 2007........................

	
506,600,770.87

	
6.80

	
9.00

	
February 25, 2007......................

	
491,585,458.33

	
6.80

	
9.00

	
March 25, 2007.........................

	
477,010,846.62

	
7.60

	
9.00

	
April 25, 2007...........................

	
462,864,004.41

	
7.60

	
9.00

	
May 25, 2007............................

	
449,132,379.81

	
7.60

	
9.00

	
June 25, 2007.............................

	
435,803,789.23

	
7.60

	
9.00

	
July 25, 2007.............................

	
422,866,406.60

	
7.60

	
9.00

	
August 25, 2007.........................

	
410,308,752.87

	
7.60

	
9.00

	
September 25, 2007...................

	
398,119,685.82

	
8.50

	
9.00

	
October 25, 2007.......................

	
386,288,460.55

	
8.50

	
9.00

	
November 25, 2007...................

	
374,801,850.50

	
8.50

	
9.00

	
December 25, 2007....................

	
363,652,460.11

	
8.50

	
9.00

	
January 25, 2008........................

	
352,830,392.13

	
8.50

	
9.00

	
February 25, 2008......................

	
342,326,041.70

	
8.50

	
9.00

 

__________

(1)        The “Cap Scheduled Notional Amount”
for any Distribution Date will be equal to the lesser of (i) the amount set forth in this Annex II for such Distribution Date and
(ii) the aggregate Certificate Principal Balance of the Offered Certificates immediately prior to such Distribution
Date.

 

 

SCHEDULE
III

 

[RESERVED]

 

SCHEDULE
IV

 

PMI MORTGAGE LOAN
SCHEDULE

 

	
 

	
Total Number
of Insured Loans:

	
957

	
 

	
Total Amount
of Insured Loans:

	
$180,088,924.50

	
 

	
 

	
 

	
 

	
 

	
LOAN
NUMBER

	
ORIG
LTV

	
 

 ORIG LOAN AMOUNT

	
1

	
6280334

	
88.58

	
$155,000.00

	
2

	
6285474

	
90.68

	
$175,000.00

	
3

	
6281975

	
94.97

	
$126,300.00

	
4

	
6285180

	
95.00

	
$320,600.00

	
5

	
6286699

	
81.86

	
$110,500.00

	
6

	
6276015

	
86.36

	
$367,000.00

	
7

	
6274458

	
87.41

	
$148,500.00

	
8

	
6282386

	
84.89

	
$146,000.00

	
9

	
6287068

	
93.58

	
$393,000.00

	
10

	
6286934

	
89.11

	
$139,000.00

	
11

	
6282818

	
94.46

	
$112,400.00

	
12

	
6278743

	
86.37

	
$247,000.00

	
13

	
6286739

	
89.98

	
$314,000.00

	
14

	
6288589

	
82.20

	
$600,000.00

	
15

	
6289054

	
84.93

	
$107,000.00

	
16

	
6289864

	
94.83

	
$106,200.00

	
17

	
6280655

	
89.15

	
$187,200.00

	
18

	
6289603

	
80.65

	
$157,250.00

	
19

	
6280710

	
89.80

	
$193,500.00

	
20

	
6290945

	
82.78

	
$197,000.00

	
21

	
6283701

	
83.08

	
$112,150.00

	
22

	
6283421

	
89.99

	
$132,500.00

	
23

	
6291327

	
94.34

	
$141,500.00

	
24

	
6290707

	
89.48

	
$170,000.00

	
25

	
6287694

	
84.37

	
$178,000.00

	
26

	
6286591

	
94.14

	
$206,150.00

	
27

	
6279332

	
85.97

	
$245,000.00

	
28

	
6271728

	
94.33

	
$278,250.00

	
29

	
6291088

	
84.18

	
$117,000.00

	
30

	
6290209

	
93.29

	
$125,000.00

	
31

	
6290777

	
87.99

	
$205,000.00

	
32

	
6288876

	
89.56

	
$300,000.00

	
33

	
6267621

	
89.48

	
$425,000.00

	
34

	
6289671

	
83.34

	
$350,000.00

	
35

	
6276836

	
84.49

	
$333,700.00

	
36

	
6285314

	
94.56

	
$191,000.00

	
37

	
6292092

	
91.04

	
$264,000.00

	
38

	
6286678

	
89.37

	
$126,000.00

	
39

	
6289354

	
83.34

	
$137,500.00

	
40

	
6290260

	
90.00

	
$116,900.00

	
41

	
6294944

	
87.34

	
$131,000.00

	
42

	
6292440

	
81.94

	
$195,000.00

	
43

	
6293760

	
94.97

	
$132,000.00

	
44

	
6300304

	
89.14

	
$82,000.00

	
45

	
6294335

	
87.40

	
$201,000.00

	
46

	
6294762

	
83.55

	
$129,410.00

	
47

	
6298502

	
81.21

	
$108,000.00

	
48

	
6288014

	
83.34

	
$110,000.00

	
49

	
6301431

	
84.79

	
$195,000.00

	
50

	
6296815

	
88.81

	
$230,000.00

	
51

	
6302103

	
84.97

	
$226,000.00

	
52

	
6283781

	
82.95

	
$282,000.00

	
53

	
6291148

	
89.85

	
$283,000.00

	
54

	
6291408

	
85.78

	
$205,000.00

	
55

	
6277564

	
94.88

	
$148,000.00

	
56

	
6295787

	
84.28

	
$88,400.00

	
57

	
6285417

	
92.17

	
$294,000.00

	
58

	
6292241

	
84.99

	
$76,400.00

	
59

	
6285767

	
84.11

	
$65,600.00

	
60

	
6296401

	
92.78

	
$385,000.00

	
61

	
6294139

	
84.89

	
$452,000.00

	
62

	
6293771

	
80.83

	
$590,000.00

	
63

	
6295783

	
89.89

	
$51,187.00

	
64

	
6298180

	
84.68

	
$365,795.00

	
65

	
6295040

	
90.82

	
$170,000.00

	
66

	
6292328

	
94.36

	
$234,000.00

	
67

	
6291547

	
84.70

	
$415,000.00

	
68

	
6287987

	
83.34

	
$650,000.00

	
69

	
6282239

	
84.77

	
$267,000.00

	
70

	
6290958

	
86.12

	
$193,750.00

	
71

	
6282481

	
90.00

	
$46,800.00

	
72

	
6282604

	
91.79

	
$51,400.00

	
73

	
6281731

	
90.00

	
$60,300.00

	
74

	
6283749

	
85.00

	
$73,950.00

	
75

	
6285151

	
85.00

	
$76,500.00

	
76

	
6284783

	
84.45

	
$82,000.00

	
77

	
6283626

	
85.00

	
$85,000.00

	
78

	
6286065

	
86.96

	
$100,000.00

	
79

	
6277290

	
84.33

	
$106,250.00

	
80

	
6275581

	
84.51

	
$120,000.00

	
81

	
6287794

	
85.00

	
$120,275.00

	
82

	
6286011

	
91.93

	
$148,000.00

	
83

	
6280428

	
95.00

	
$152,000.00

	
84

	
6276494

	
90.00

	
$153,900.00

	
85

	
6281167

	
85.00

	
$157,250.00

	
86

	
6283577

	
90.00

	
$157,500.00

	
87

	
6273425

	
90.00

	
$162,000.00

	
88

	
6285481

	
95.00

	
$165,775.00

	
89

	
6281260

	
85.00

	
$175,100.00

	
90

	
6281478

	
90.00

	
$180,000.00

	
91

	
6280329

	
85.00

	
$189,550.00

	
92

	
6279312

	
85.00

	
$191,250.00

	
93

	
6282860

	
85.00

	
$301,750.00

	
94

	
6286527

	
90.00

	
$477,000.00

	
95

	
6287328

	
95.00

	
$104,500.00

	
96

	
6288819

	
90.00

	
$139,500.00

	
97

	
6283547

	
85.00

	
$148,750.00

	
98

	
6284622

	
95.00

	
$178,600.00

	
99

	
6286383

	
90.00

	
$553,500.00

	
100

	
6282861

	
90.00

	
$82,800.00

	
101

	
6286726

	
94.54

	
$56,250.00

	
102

	
6286729

	
95.00

	
$323,000.00

	
103

	
6281929

	
95.00

	
$122,550.00

	
104

	
6282908

	
90.00

	
$113,850.00

	
105

	
6284738

	
90.00

	
$84,600.00

	
106

	
6285707

	
95.00

	
$161,500.00

	
107

	
6285944

	
90.00

	
$94,500.00

	
108

	
6265188

	
95.00

	
$426,550.00

	
109

	
6273746

	
85.00

	
$199,750.00

	
110

	
6281557

	
95.00

	
$286,900.00

	
111

	
6283466

	
90.00

	
$63,900.00

	
112

	
6283582

	
90.00

	
$296,100.00

	
113

	
6281473

	
90.00

	
$63,900.00

	
114

	
6278661

	
90.00

	
$135,900.00

	
115

	
6279380

	
90.00

	
$357,300.00

	
116

	
6284914

	
95.00

	
$179,550.00

	
117

	
6281516

	
90.00

	
$75,600.00

	
118

	
6287622

	
95.00

	
$80,750.00

	
119

	
6280364

	
95.00

	
$90,250.00

	
120

	
6281457

	
90.00

	
$56,700.00

	
121

	
6284465

	
90.00

	
$114,300.00

	
122

	
6284553

	
85.00

	
$561,000.00

	
123

	
6284829

	
90.00

	
$70,200.00

	
124

	
6282926

	
88.24

	
$300,000.00

	
125

	
6283529

	
90.00

	
$261,000.00

	
126

	
6286485

	
95.00

	
$223,250.00

	
127

	
6283563

	
90.00

	
$175,500.00

	
128

	
6279336

	
85.00

	
$102,000.00

	
129

	
6286782

	
85.00

	
$89,675.00

	
130

	
6287206

	
84.13

	
$265,000.00

	
131

	
6287464

	
85.00

	
$130,900.00

	
132

	
6289104

	
95.00

	
$100,035.00

	
133

	
6289460

	
95.00

	
$112,100.00

	
134

	
6284638

	
95.00

	
$57,000.00

	
135

	
6285088

	
90.00

	
$194,400.00

	
136

	
6276379

	
85.00

	
$185,300.00

	
137

	
6280289

	
85.00

	
$93,500.00

	
138

	
6286408

	
85.00

	
$328,950.00

	
139

	
6281484

	
87.00

	
$52,200.00

	
140

	
6274559

	
90.00

	
$202,500.00

	
141

	
6281940

	
90.00

	
$48,600.00

	
142

	
6290016

	
90.00

	
$396,000.00

	
143

	
6288438

	
85.00

	
$233,750.00

	
144

	
6284360

	
85.00

	
$102,000.00

	
145

	
6287797

	
90.00

	
$99,000.00

	
146

	
6285113

	
90.00

	
$126,900.00

	
147

	
6289973

	
90.00

	
$108,000.00

	
148

	
6278782

	
90.00

	
$225,000.00

	
149

	
6282864

	
90.00

	
$86,400.00

	
150

	
6286732

	
85.00

	
$148,750.00

	
151

	
6283667

	
90.00

	
$113,400.00

	
152

	
6282806

	
85.00

	
$105,400.00

	
153

	
6281217

	
90.00

	
$212,400.00

	
154

	
6288063

	
95.00

	
$274,550.00

	
155

	
6282738

	
90.00

	
$270,900.00

	
156

	
6282653

	
90.00

	
$95,400.00

	
157

	
6280463

	
85.00

	
$190,400.00

	
158

	
6276406

	
85.00

	
$88,315.00

	
159

	
6283155

	
85.00

	
$119,000.00

	
160

	
6281727

	
90.00

	
$244,800.00

	
161

	
6290246

	
90.00

	
$131,040.00

	
162

	
6271102

	
85.00

	
$182,750.00

	
163

	
6277874

	
95.00

	
$142,500.00

	
164

	
6285190

	
90.00

	
$45,360.00

	
165

	
6285877

	
95.00

	
$213,702.00

	
166

	
6284878

	
84.50

	
$545,000.00

	
167

	
6287128

	
85.00

	
$246,500.00

	
168

	
6287198

	
90.00

	
$157,500.00

	
169

	
6287969

	
95.00

	
$154,755.00

	
170

	
6281949

	
90.00

	
$40,950.00

	
171

	
6285186

	
90.00

	
$45,360.00

	
172

	
6284416

	
95.00

	
$356,250.00

	
173

	
6287182

	
90.00

	
$182,250.00

	
174

	
6287716

	
90.00

	
$321,300.00

	
175

	
6289076

	
90.00

	
$247,500.00

	
176

	
6289291

	
90.00

	
$134,910.00

	
177

	
6281231

	
95.00

	
$145,825.00

	
178

	
6285891

	
94.94

	
$150,000.00

	
179

	
6279407

	
95.00

	
$389,500.00

	
180

	
6285009

	
88.00

	
$242,000.00

	
181

	
6277269

	
90.00

	
$189,000.00

	
182

	
6285627

	
90.00

	
$133,200.00

	
183

	
6280597

	
90.00

	
$297,000.00

	
184

	
6285242

	
90.00

	
$39,690.00

	
185

	
6283140

	
95.00

	
$275,500.00

	
186

	
6282418

	
90.00

	
$237,600.00

	
187

	
6285936

	
90.00

	
$66,780.00

	
188

	
6280625

	
90.00

	
$154,800.00

	
189

	
6285192

	
90.00

	
$39,690.00

	
190

	
6285041

	
90.00

	
$183,150.00

	
191

	
6277605

	
85.00

	
$216,750.00

	
192

	
6274901

	
81.02

	
$147,050.00

	
193

	
6289049

	
95.00

	
$67,925.00

	
194

	
6289070

	
90.00

	
$93,600.00

	
195

	
6286460

	
95.00

	
$118,750.00

	
196

	
6288006

	
90.00

	
$153,000.00

	
197

	
6288291

	
90.00

	
$360,000.00

	
198

	
6289668

	
95.00

	
$342,000.00

	
199

	
6284370

	
90.00

	
$243,000.00

	
200

	
6285319

	
90.00

	
$313,200.00

	
201

	
6286182

	
90.00

	
$36,252.00

	
202

	
6285846

	
90.00

	
$162,000.00

	
203

	
6283220

	
90.00

	
$97,200.00

	
204

	
6284670

	
85.00

	
$305,150.00

	
205

	
6272765

	
85.00

	
$85,000.00

	
206

	
6288187

	
90.00

	
$183,600.00

	
207

	
6282127

	
95.00

	
$116,850.00

	
208

	
6285618

	
93.01

	
$66,500.00

	
209

	
6281209

	
85.00

	
$59,007.00

	
210

	
6280613

	
90.00

	
$58,500.00

	
211

	
6284819

	
84.76

	
$148,750.00

	
212

	
6284433

	
90.00

	
$108,000.00

	
213

	
6285595

	
90.00

	
$118,350.00

	
214

	
6287495

	
85.00

	
$143,162.00

	
215

	
6282062

	
95.00

	
$120,650.00

	
216

	
6289082

	
90.00

	
$121,500.00

	
217

	
6280281

	
90.00

	
$56,700.00

	
218

	
6272102

	
85.21

	
$265,000.00

	
219

	
6266126

	
90.00

	
$193,500.00

	
220

	
6289787

	
90.00

	
$351,000.00

	
221

	
6279911

	
90.00

	
$87,300.00

	
222

	
6286991

	
90.00

	
$63,000.00

	
223

	
6288711

	
90.00

	
$387,000.00

	
224

	
6288898

	
90.00

	
$55,800.00

	
225

	
6289031

	
90.00

	
$273,600.00

	
226

	
6290333

	
95.00

	
$85,500.00

	
227

	
6291056

	
85.00

	
$67,150.00

	
228

	
6286178

	
90.00

	
$115,110.00

	
229

	
6288057

	
83.64

	
$184,000.00

	
230

	
6290672

	
85.00

	
$99,450.00

	
231

	
6282835

	
90.00

	
$58,500.00

	
232

	
6283286

	
85.00

	
$301,750.00

	
233

	
6283934

	
90.00

	
$69,300.00

	
234

	
6289341

	
90.00

	
$115,200.00

	
235

	
6289990

	
83.00

	
$83,000.00

	
236

	
6287040

	
90.00

	
$81,000.00

	
237

	
6291647

	
90.00

	
$60,750.00

	
238

	
6288020

	
90.00

	
$142,200.00

	
239

	
6286133

	
90.00

	
$133,200.00

	
240

	
6289037

	
90.00

	
$50,400.00

	
241

	
6288294

	
85.00

	
$153,850.00

	
242

	
6285087

	
95.00

	
$121,362.00

	
243

	
6281551

	
95.00

	
$53,960.00

	
244

	
6271324

	
83.84

	
$306,000.00

	
245

	
6277653

	
90.00

	
$247,500.00

	
246

	
6283684

	
95.00

	
$308,750.00

	
247

	
6277205

	
82.32

	
$56,800.00

	
248

	
6277793

	
90.00

	
$126,900.00

	
249

	
6274542

	
95.00

	
$370,500.00

	
250

	
6284980

	
90.00

	
$36,000.00

	
251

	
6285445

	
90.00

	
$115,200.00

	
252

	
6286462

	
90.00

	
$115,200.00

	
253

	
6286752

	
85.00

	
$141,950.00

	
254

	
6287257

	
85.00

	
$259,250.00

	
255

	
6288186

	
85.00

	
$114,750.00

	
256

	
6288747

	
95.00

	
$109,250.00

	
257

	
6288804

	
85.09

	
$242,500.00

	
258

	
6289059

	
95.00

	
$498,750.00

	
259

	
6289209

	
85.00

	
$276,250.00

	
260

	
6289297

	
85.00

	
$83,300.00

	
261

	
6289937

	
86.68

	
$333,700.00

	
262

	
6290859

	
90.00

	
$58,500.00

	
263

	
6275867

	
85.00

	
$55,250.00

	
264

	
6283794

	
90.00

	
$207,000.00

	
265

	
6285983

	
85.00

	
$157,250.00

	
266

	
6286764

	
95.00

	
$312,550.00

	
267

	
6287229

	
90.00

	
$238,500.00

	
268

	
6287255

	
90.00

	
$409,500.00

	
269

	
6287950

	
95.00

	
$247,000.00

	
270

	
6288264

	
90.00

	
$76,500.00

	
271

	
6288705

	
95.00

	
$274,075.00

	
272

	
6289237

	
95.00

	
$57,000.00

	
273

	
6289972

	
90.00

	
$111,600.00

	
274

	
6284017

	
90.00

	
$78,300.00

	
275

	
6286968

	
85.00

	
$127,500.00

	
276

	
6288134

	
90.00

	
$254,700.00

	
277

	
6288599

	
81.74

	
$179,000.00

	
278

	
6291287

	
85.00

	
$310,250.00

	
279

	
6280706

	
90.00

	
$227,700.00

	
280

	
6287898

	
90.00

	
$161,325.00

	
281

	
6290406

	
90.00

	
$153,000.00

	
282

	
6291043

	
90.00

	
$27,000.00

	
283

	
6285446

	
85.00

	
$72,165.00

	
284

	
6287983

	
85.00

	
$52,955.00

	
285

	
6289141

	
95.00

	
$107,350.00

	
286

	
6290649

	
90.00

	
$225,000.00

	
287

	
6283436

	
85.00

	
$319,651.00

	
288

	
6287145

	
90.00

	
$152,910.00

	
289

	
6289106

	
90.00

	
$135,000.00

	
290

	
6289573

	
85.00

	
$238,000.00

	
291

	
6289670

	
90.00

	
$71,910.00

	
292

	
6280516

	
90.00

	
$261,000.00

	
293

	
6286151

	
90.00

	
$202,500.00

	
294

	
6288521

	
95.00

	
$71,250.00

	
295

	
6287972

	
95.00

	
$73,150.00

	
296

	
6289944

	
91.32

	
$173,500.00

	
297

	
6283226

	
87.41

	
$118,000.00

	
298

	
6283745

	
85.00

	
$53,550.00

	
299

	
6286728

	
90.00

	
$175,500.00

	
300

	
6284346

	
90.00

	
$387,000.00

	
301

	
6285879

	
90.00

	
$189,000.00

	
302

	
6279913

	
95.00

	
$61,750.00

	
303

	
6282570

	
90.00

	
$45,000.00

	
304

	
6286119

	
90.00

	
$396,000.00

	
305

	
6287344

	
90.00

	
$162,900.00

	
306

	
6288759

	
90.00

	
$265,500.00

	
307

	
6289701

	
90.00

	
$301,500.00

	
308

	
6292129

	
90.00

	
$156,600.00

	
309

	
6290602

	
95.00

	
$199,500.00

	
310

	
6289000

	
95.00

	
$66,500.00

	
311

	
6288842

	
85.00

	
$336,855.00

	
312

	
6286041

	
90.00

	
$153,000.00

	
313

	
6291564

	
90.00

	
$61,200.00

	
314

	
6288903

	
90.00

	
$72,000.00

	
315

	
6283160

	
88.64

	
$78,000.00

	
316

	
6280525

	
90.00

	
$468,000.00

	
317

	
6282233

	
90.00

	
$253,658.00

	
318

	
6278843

	
90.00

	
$175,500.00

	
319

	
6281716

	
85.00

	
$250,750.00

	
320

	
6279472

	
95.00

	
$161,500.00

	
321

	
6294021

	
90.00

	
$117,000.00

	
322

	
6270702

	
85.00

	
$103,700.00

	
323

	
6260186

	
95.00

	
$130,625.00

	
324

	
6287974

	
90.00

	
$45,000.00

	
325

	
6287332

	
90.00

	
$57,600.00

	
326

	
6283194

	
90.00

	
$71,100.00

	
327

	
6287115

	
90.00

	
$73,800.00

	
328

	
6288129

	
90.00

	
$97,200.00

	
329

	
6292055

	
90.00

	
$100,170.00

	
330

	
6284987

	
90.00

	
$103,500.00

	
331

	
6291233

	
85.00

	
$106,930.00

	
332

	
6293535

	
90.00

	
$117,000.00

	
333

	
6281414

	
87.41

	
$118,000.00

	
334

	
6268716

	
94.99

	
$118,500.00

	
335

	
6291644

	
90.00

	
$130,500.00

	
336

	
6289114

	
85.00

	
$138,550.00

	
337

	
6284142

	
90.00

	
$139,500.00

	
338

	
6289323

	
95.00

	
$141,550.00

	
339

	
6291170

	
90.00

	
$159,300.00

	
340

	
6284577

	
95.00

	
$172,900.00

	
341

	
6290423

	
90.00

	
$184,500.00

	
342

	
6286880

	
85.00

	
$211,225.00

	
343

	
6284135

	
90.00

	
$243,000.00

	
344

	
6294806

	
90.00

	
$297,000.00

	
345

	
6270959

	
85.00

	
$322,150.00

	
346

	
6281581

	
95.00

	
$337,250.00

	
347

	
6269572

	
85.00

	
$337,450.00

	
348

	
6286374

	
95.00

	
$342,095.00

	
349

	
6282815

	
85.00

	
$372,725.00

	
350

	
6285077

	
95.00

	
$413,250.00

	
351

	
6287833

	
95.00

	
$446,500.00

	
352

	
6290565

	
94.55

	
$52,000.00

	
353

	
6284998

	
90.00

	
$52,200.00

	
354

	
6290239

	
85.00

	
$55,250.00

	
355

	
6291948

	
90.00

	
$55,800.00

	
356

	
6284432

	
90.00

	
$60,300.00

	
357

	
6294343

	
90.00

	
$65,700.00

	
358

	
6286072

	
95.00

	
$68,400.00

	
359

	
6284314

	
90.00

	
$68,400.00

	
360

	
6294637

	
95.00

	
$69,350.00

	
361

	
6294372

	
90.00

	
$70,200.00

	
362

	
6284582

	
90.00

	
$73,800.00

	
363

	
6294704

	
85.00

	
$73,950.00

	
364

	
6286822

	
85.00

	
$75,650.00

	
365

	
6278823

	
90.00

	
$81,900.00

	
366

	
6290501

	
90.00

	
$84,150.00

	
367

	
6292251

	
85.00

	
$85,000.00

	
368

	
6284558

	
90.00

	
$85,500.00

	
369

	
6289002

	
95.00

	
$85,500.00

	
370

	
6284359

	
95.00

	
$90,250.00

	
371

	
6292638

	
85.00

	
$91,800.00

	
372

	
6287632

	
90.00

	
$103,500.00

	
373

	
6293052

	
90.00

	
$108,000.00

	
374

	
6284713

	
95.00

	
$114,950.00

	
375

	
6287900

	
95.00

	
$116,850.00

	
376

	
6291054

	
90.00

	
$117,000.00

	
377

	
6292651

	
85.00

	
$119,765.00

	
378

	
6293376

	
82.00

	
$120,540.00

	
379

	
6289515

	
90.00

	
$120,600.00

	
380

	
6293251

	
85.00

	
$126,650.00

	
381

	
6292807

	
90.00

	
$135,000.00

	
382

	
6289876

	
90.00

	
$135,000.00

	
383

	
6291207

	
95.00

	
$135,109.00

	
384

	
6281506

	
90.00

	
$136,800.00

	
385

	
6279169

	
95.00

	
$139,650.00

	
386

	
6286439

	
90.00

	
$142,560.00

	
387

	
6293343

	
90.00

	
$143,100.00

	
388

	
6291111

	
90.00

	
$144,000.00

	
389

	
6291852

	
90.00

	
$144,000.00

	
390

	
6291331

	
90.00

	
$144,900.00

	
391

	
6289589

	
95.00

	
$148,200.00

	
392

	
6290132

	
89.46

	
$148,500.00

	
393

	
6293198

	
90.00

	
$152,910.00

	
394

	
6292348

	
90.00

	
$153,000.00

	
395

	
6291723

	
90.00

	
$157,500.00

	
396

	
6291930

	
90.00

	
$172,800.00

	
397

	
6289395

	
85.00

	
$174,250.00

	
398

	
6290086

	
85.00

	
$179,350.00

	
399

	
6291110

	
85.00

	
$195,500.00

	
400

	
6292027

	
85.00

	
$204,000.00

	
401

	
6290085

	
90.00

	
$207,000.00

	
402

	
6278162

	
82.80

	
$207,000.00

	
403

	
6289448

	
93.04

	
$208,500.00

	
404

	
6281122

	
85.00

	
$212,500.00

	
405

	
6291035

	
95.00

	
$213,750.00

	
406

	
6292249

	
95.00

	
$213,750.00

	
407

	
6292900

	
90.00

	
$240,210.00

	
408

	
6288280

	
85.00

	
$256,700.00

	
409

	
6293359

	
90.00

	
$265,500.00

	
410

	
6287026

	
86.29

	
$302,000.00

	
411

	
6288267

	
90.00

	
$315,000.00

	
412

	
6278095

	
90.00

	
$328,500.00

	
413

	
6289405

	
85.00

	
$378,165.00

	
414

	
6276854

	
90.00

	
$380,404.00

	
415

	
6278825

	
90.00

	
$396,000.00

	
416

	
6291241

	
85.00

	
$467,500.00

	
417

	
6281115

	
95.00

	
$474,050.00

	
418

	
6290684

	
88.97

	
$499,999.00

	
419

	
6290267

	
90.00

	
$54,000.00

	
420

	
6289799

	
85.00

	
$56,950.00

	
421

	
6293967

	
90.00

	
$58,499.00

	
422

	
6283656

	
83.93

	
$94,000.00

	
423

	
6283891

	
90.00

	
$103,500.00

	
424

	
6289185

	
95.00

	
$105,070.00

	
425

	
6294282

	
90.00

	
$108,000.00

	
426

	
6280037

	
90.00

	
$108,000.00

	
427

	
6290169

	
90.00

	
$110,700.00

	
428

	
6294474

	
90.00

	
$113,400.00

	
429

	
6285125

	
85.00

	
$129,200.00

	
430

	
6291593

	
90.00

	
$137,250.00

	
431

	
6291622

	
90.00

	
$144,900.00

	
432

	
6290616

	
90.00

	
$166,500.00

	
433

	
6279265

	
84.00

	
$172,200.00

	
434

	
6293331

	
84.96

	
$193,700.00

	
435

	
6274646

	
90.00

	
$198,000.00

	
436

	
6287717

	
90.00

	
$200,700.00

	
437

	
6289451

	
90.00

	
$202,410.00

	
438

	
6281298

	
95.00

	
$207,575.00

	
439

	
6291634

	
85.00

	
$216,325.00

	
440

	
6291115

	
95.00

	
$247,000.00

	
441

	
6294877

	
90.00

	
$270,000.00

	
442

	
6291508

	
90.00

	
$297,000.00

	
443

	
6292279

	
84.92

	
$304,000.00

	
444

	
6292661

	
90.00

	
$378,000.00

	
445

	
6292583

	
90.00

	
$387,000.00

	
446

	
6290641

	
90.00

	
$405,000.00

	
447

	
6290829

	
90.00

	
$477,000.00

	
448

	
6289283

	
85.00

	
$493,000.00

	
449

	
6289412

	
89.33

	
$598,500.00

	
450

	
6290014

	
95.00

	
$212,800.00

	
451

	
6292848

	
95.00

	
$156,750.00

	
452

	
6293053

	
83.55

	
$259,000.00

	
453

	
6288663

	
90.00

	
$540,000.00

	
454

	
6289813

	
90.00

	
$113,400.00

	
455

	
6290604

	
90.00

	
$88,200.00

	
456

	
6291656

	
90.00

	
$76,500.00

	
457

	
6289636

	
90.00

	
$288,000.00

	
458

	
6291985

	
95.00

	
$268,850.00

	
459

	
6292435

	
85.00

	
$425,000.00

	
460

	
6294416

	
95.00

	
$71,155.00

	
461

	
6289626

	
90.00

	
$89,550.00

	
462

	
6293783

	
95.00

	
$76,000.00

	
463

	
6290519

	
95.00

	
$114,000.00

	
464

	
6292910

	
90.00

	
$108,900.00

	
465

	
6283821

	
95.00

	
$127,300.00

	
466

	
6293197

	
85.00

	
$98,600.00

	
467

	
6293795

	
95.00

	
$318,250.00

	
468

	
6293721

	
85.00

	
$284,750.00

	
469

	
6293284

	
90.00

	
$121,410.00

	
470

	
6286626

	
85.00

	
$620,500.00

	
471

	
6291707

	
95.00

	
$112,955.00

	
472

	
6287240

	
90.00

	
$352,800.00

	
473

	
6291994

	
85.00

	
$135,915.00

	
474

	
6295018

	
95.00

	
$99,750.00

	
475

	
6292443

	
90.00

	
$448,200.00

	
476

	
6292259

	
84.83

	
$123,000.00

	
477

	
6281997

	
90.00

	
$153,000.00

	
478

	
6286831

	
85.00

	
$297,500.00

	
479

	
6295198

	
90.00

	
$459,000.00

	
480

	
6291497

	
85.00

	
$176,800.00

	
481

	
6291880

	
85.00

	
$123,250.00

	
482

	
6289266

	
90.00

	
$55,800.00

	
483

	
6287750

	
82.85

	
$285,000.00

	
484

	
6294554

	
85.00

	
$103,700.00

	
485

	
6290270

	
95.00

	
$168,150.00

	
486

	
6291132

	
90.00

	
$108,900.00

	
487

	
6282065

	
90.00

	
$594,000.00

	
488

	
6271040

	
95.00

	
$88,350.00

	
489

	
6270710

	
95.00

	
$332,500.00

	
490

	
6276073

	
85.00

	
$132,770.00

	
491

	
6277445

	
95.00

	
$289,750.00

	
492

	
6279868

	
95.00

	
$77,900.00

	
493

	
6284392

	
90.00

	
$247,500.00

	
494

	
6285940

	
90.00

	
$94,500.00

	
495

	
6286015

	
95.00

	
$98,325.00

	
496

	
6286214

	
85.00

	
$148,750.00

	
497

	
6286947

	
85.00

	
$63,750.00

	
498

	
6288664

	
85.00

	
$595,000.00

	
499

	
6289105

	
90.00

	
$49,622.00

	
500

	
6289260

	
90.00

	
$118,800.00

	
501

	
6289963

	
90.00

	
$540,000.00

	
502

	
6290280

	
90.00

	
$279,000.00

	
503

	
6291833

	
85.00

	
$280,500.00

	
504

	
6292076

	
80.40

	
$162,400.00

	
505

	
6292175

	
90.00

	
$54,000.00

	
506

	
6292424

	
90.00

	
$405,000.00

	
507

	
6292589

	
95.00

	
$76,000.00

	
508

	
6293124

	
90.00

	
$295,200.00

	
509

	
6293221

	
90.00

	
$263,700.00

	
510

	
6293891

	
95.00

	
$85,500.00

	
511

	
6294427

	
91.94

	
$142,500.00

	
512

	
6294507

	
95.00

	
$150,100.00

	
513

	
6294798

	
90.00

	
$224,100.00

	
514

	
6295620

	
85.00

	
$157,250.00

	
515

	
6295891

	
90.00

	
$109,800.00

	
516

	
6273881

	
85.00

	
$102,000.00

	
517

	
6280317

	
81.46

	
$195,500.00

	
518

	
6282482

	
84.85

	
$280,000.00

	
519

	
6283717

	
85.00

	
$641,750.00

	
520

	
6286240

	
90.00

	
$211,500.00

	
521

	
6287008

	
90.00

	
$121,910.00

	
522

	
6288153

	
90.00

	
$82,800.00

	
523

	
6288329

	
90.00

	
$114,300.00

	
524

	
6288892

	
90.00

	
$319,500.00

	
525

	
6288930

	
95.00

	
$242,250.00

	
526

	
6289097

	
95.00

	
$79,800.00

	
527

	
6289618

	
95.00

	
$280,250.00

	
528

	
6289981

	
84.26

	
$91,000.00

	
529

	
6290418

	
95.00

	
$247,000.00

	
530

	
6290537

	
85.00

	
$408,000.00

	
531

	
6290577

	
85.00

	
$743,750.00

	
532

	
6290600

	
85.00

	
$110,500.00

	
533

	
6290657

	
90.00

	
$56,700.00

	
534

	
6290882

	
90.00

	
$144,000.00

	
535

	
6291179

	
85.00

	
$51,000.00

	
536

	
6291698

	
90.00

	
$154,800.00

	
537

	
6292628

	
90.00

	
$274,500.00

	
538

	
6292631

	
90.00

	
$184,500.00

	
539

	
6292710

	
90.00

	
$90,000.00

	
540

	
6293018

	
91.53

	
$216,000.00

	
541

	
6293232

	
85.00

	
$246,500.00

	
542

	
6293590

	
90.00

	
$310,500.00

	
543

	
6293700

	
85.00

	
$136,000.00

	
544

	
6293793

	
90.00

	
$202,500.00

	
545

	
6293800

	
94.94

	
$450,000.00

	
546

	
6293881

	
90.00

	
$216,000.00

	
547

	
6294025

	
90.00

	
$112,500.00

	
548

	
6294407

	
89.17

	
$247,000.00

	
549

	
6294643

	
85.00

	
$59,415.00

	
550

	
6295080

	
85.00

	
$85,000.00

	
551

	
6295439

	
93.54

	
$304,000.00

	
552

	
6295444

	
85.00

	
$110,500.00

	
553

	
6295753

	
95.00

	
$96,900.00

	
554

	
6295761

	
90.00

	
$170,190.00

	
555

	
6295791

	
90.00

	
$176,850.00

	
556

	
6295802

	
84.96

	
$514,000.00

	
557

	
6295859

	
90.00

	
$54,000.00

	
558

	
6296386

	
90.00

	
$143,910.00

	
559

	
6296458

	
85.00

	
$192,100.00

	
560

	
6296492

	
85.00

	
$386,750.00

	
561

	
6297141

	
90.00

	
$137,957.00

	
562

	
6297430

	
95.00

	
$280,250.00

	
563

	
6298165

	
90.00

	
$55,800.00

	
564

	
6275434

	
95.00

	
$358,150.00

	
565

	
6278409

	
90.00

	
$59,850.00

	
566

	
6281206

	
86.25

	
$138,000.00

	
567

	
6281585

	
95.00

	
$365,750.00

	
568

	
6282186

	
90.00

	
$292,500.00

	
569

	
6282821

	
85.00

	
$113,050.00

	
570

	
6283305

	
83.44

	
$133,500.00

	
571

	
6285309

	
90.00

	
$396,000.00

	
572

	
6286210

	
90.00

	
$387,000.00

	
573

	
6287022

	
85.00

	
$89,590.00

	
574

	
6289032

	
90.00

	
$76,500.00

	
575

	
6289388

	
84.97

	
$243,000.00

	
576

	
6289961

	
95.00

	
$289,750.00

	
577

	
6290097

	
90.00

	
$202,500.00

	
578

	
6290546

	
90.00

	
$63,000.00

	
579

	
6291180

	
85.00

	
$182,750.00

	
580

	
6291612

	
85.00

	
$403,750.00

	
581

	
6291677

	
90.00

	
$124,200.00

	
582

	
6291705

	
90.00

	
$146,506.00

	
583

	
6291771

	
85.00

	
$351,900.00

	
584

	
6292810

	
90.00

	
$108,900.00

	
585

	
6292811

	
90.00

	
$105,300.00

	
586

	
6292850

	
85.00

	
$168,300.00

	
587

	
6293017

	
85.00

	
$131,750.00

	
588

	
6293423

	
90.00

	
$42,750.00

	
589

	
6293975

	
85.00

	
$144,500.00

	
590

	
6294206

	
90.00

	
$238,500.00

	
591

	
6294273

	
85.00

	
$233,750.00

	
592

	
6294521

	
85.00

	
$78,200.00

	
593

	
6294803

	
95.00

	
$133,760.00

	
594

	
6294933

	
85.00

	
$293,250.00

	
595

	
6295096

	
85.00

	
$106,250.00

	
596

	
6295177

	
90.00

	
$65,700.00

	
597

	
6295550

	
85.00

	
$199,750.00

	
598

	
6295592

	
90.00

	
$180,000.00

	
599

	
6295902

	
90.00

	
$45,900.00

	
600

	
6296147

	
95.00

	
$142,500.00

	
601

	
6297661

	
90.00

	
$202,500.00

	
602

	
6274100

	
90.00

	
$124,200.00

	
603

	
6280866

	
95.00

	
$86,450.00

	
604

	
6282141

	
90.00

	
$162,000.00

	
605

	
6283574

	
95.00

	
$361,000.00

	
606

	
6283629

	
90.00

	
$117,000.00

	
607

	
6283866

	
90.00

	
$467,100.00

	
608

	
6284042

	
85.00

	
$53,125.00

	
609

	
6285094

	
90.00

	
$264,600.00

	
610

	
6285768

	
90.00

	
$427,500.00

	
611

	
6286524

	
95.00

	
$74,955.00

	
612

	
6286569

	
90.00

	
$406,800.00

	
613

	
6287577

	
90.00

	
$153,000.00

	
614

	
6287614

	
95.00

	
$203,300.00

	
615

	
6288398

	
90.00

	
$229,500.00

	
616

	
6288974

	
95.00

	
$167,200.00

	
617

	
6290438

	
85.00

	
$187,000.00

	
618

	
6290639

	
90.00

	
$264,060.00

	
619

	
6291135

	
85.00

	
$107,950.00

	
620

	
6291526

	
90.00

	
$297,000.00

	
621

	
6291654

	
95.00

	
$76,950.00

	
622

	
6291839

	
85.00

	
$103,275.00

	
623

	
6292770

	
90.00

	
$91,800.00

	
624

	
6293274

	
84.38

	
$202,500.00

	
625

	
6293372

	
90.00

	
$324,000.00

	
626

	
6293550

	
90.00

	
$87,300.00

	
627

	
6293561

	
90.00

	
$87,300.00

	
628

	
6293637

	
85.00

	
$425,000.00

	
629

	
6293882

	
95.00

	
$132,525.00

	
630

	
6293998

	
90.00

	
$517,500.00

	
631

	
6294013

	
85.00

	
$94,137.50

	
632

	
6294891

	
95.00

	
$235,125.00

	
633

	
6294919

	
88.24

	
$90,000.00

	
634

	
6294974

	
90.00

	
$211,500.00

	
635

	
6295027

	
95.00

	
$142,500.00

	
636

	
6295188

	
85.00

	
$157,250.00

	
637

	
6295266

	
90.00

	
$112,500.00

	
638

	
6295396

	
90.00

	
$134,910.00

	
639

	
6295434

	
90.00

	
$121,500.00

	
640

	
6295457

	
90.00

	
$166,500.00

	
641

	
6295483

	
85.00

	
$641,750.00

	
642

	
6295527

	
90.00

	
$168,300.00

	
643

	
6295667

	
90.00

	
$391,500.00

	
644

	
6295706

	
95.00

	
$145,350.00

	
645

	
6295801

	
95.00

	
$441,750.00

	
646

	
6295805

	
90.00

	
$265,500.00

	
647

	
6296038

	
95.00

	
$145,350.00

	
648

	
6296127

	
95.00

	
$175,750.00

	
649

	
6296226

	
90.00

	
$87,300.00

	
650

	
6293977

	
90.00

	
$63,000.00

	
651

	
6299923

	
90.00

	
$333,000.00

	
652

	
6292473

	
95.00

	
$166,250.00

	
653

	
6297316

	
82.59

	
$351,000.00

	
654

	
6292503

	
85.00

	
$140,250.00

	
655

	
6292787

	
90.00

	
$71,100.00

	
656

	
6292812

	
85.00

	
$114,750.00

	
657

	
6302333

	
90.00

	
$132,300.00

	
658

	
6300105

	
90.00

	
$126,000.00

	
659

	
6297480

	
95.00

	
$223,250.00

	
660

	
6300158

	
90.00

	
$349,200.00

	
661

	
6293092

	
95.00

	
$213,750.00

	
662

	
6300197

	
85.00

	
$310,250.00

	
663

	
6300219

	
95.00

	
$153,900.00

	
664

	
6302486

	
90.00

	
$112,500.00

	
665

	
6300319

	
90.00

	
$243,000.00

	
666

	
6297123

	
90.00

	
$112,500.00

	
667

	
6300386

	
95.00

	
$133,000.00

	
668

	
6293659

	
90.00

	
$71,100.00

	
669

	
6293681

	
95.00

	
$142,500.00

	
670

	
6297918

	
90.00

	
$157,500.00

	
671

	
6297646

	
82.93

	
$102,000.00

	
672

	
6300518

	
90.00

	
$216,900.00

	
673

	
6298048

	
95.00

	
$128,250.00

	
674

	
6293970

	
90.00

	
$40,500.00

	
675

	
6293979

	
90.00

	
$45,900.00

	
676

	
6293986

	
90.00

	
$58,500.00

	
677

	
6294008

	
90.00

	
$50,400.00

	
678

	
6294014

	
90.00

	
$46,350.00

	
679

	
6300598

	
90.00

	
$173,700.00

	
680

	
6294094

	
90.00

	
$225,000.00

	
681

	
6294137

	
85.00

	
$537,200.00

	
682

	
6298177

	
85.00

	
$163,200.00

	
683

	
6279412

	
90.00

	
$270,000.00

	
684

	
6279528

	
88.65

	
$164,000.00

	
685

	
6279837

	
90.00

	
$184,500.00

	
686

	
6300705

	
95.00

	
$94,430.00

	
687

	
6298243

	
95.00

	
$183,825.00

	
688

	
6298255

	
87.00

	
$435,000.00

	
689

	
6294530

	
85.00

	
$225,250.00

	
690

	
6300776

	
85.00

	
$270,300.00

	
691

	
6294555

	
90.00

	
$50,400.00

	
692

	
6294576

	
85.00

	
$59,415.00

	
693

	
6298346

	
90.00

	
$195,300.00

	
694

	
6300804

	
90.00

	
$131,400.00

	
695

	
6300815

	
90.00

	
$225,000.00

	
696

	
6282904

	
90.00

	
$517,500.00

	
697

	
6298389

	
85.00

	
$198,050.00

	
698

	
6300855

	
90.00

	
$72,000.00

	
699

	
6300859

	
90.00

	
$104,400.00

	
700

	
6283605

	
89.68

	
$251,100.00

	
701

	
6283665

	
88.15

	
$119,000.00

	
702

	
6283867

	
90.00

	
$196,200.00

	
703

	
6300893

	
84.58

	
$170,000.00

	
704

	
6294876

	
88.13

	
$190,800.00

	
705

	
6300938

	
85.00

	
$185,300.00

	
706

	
6300941

	
90.00

	
$52,110.00

	
707

	
6295085

	
90.00

	
$252,000.00

	
708

	
6298539

	
90.00

	
$155,700.00

	
709

	
6300961

	
85.00

	
$201,450.00

	
710

	
6298588

	
85.00

	
$51,425.00

	
711

	
6295167

	
90.00

	
$153,000.00

	
712

	
6285478

	
85.00

	
$103,700.00

	
713

	
6301054

	
89.59

	
$542,000.00

	
714

	
6286843

	
90.00

	
$202,500.00

	
715

	
6295462

	
83.00

	
$365,200.00

	
716

	
6295554

	
90.00

	
$283,500.00

	
717

	
6295560

	
85.00

	
$175,950.00

	
718

	
6295563

	
85.00

	
$117,300.00

	
719

	
6295572

	
85.00

	
$147,900.00

	
720

	
6298765

	
90.00

	
$72,000.00

	
721

	
6298783

	
84.00

	
$315,000.00

	
722

	
6287709

	
90.00

	
$180,000.00

	
723

	
6287981

	
88.08

	
$572,500.00

	
724

	
6288047

	
90.00

	
$225,000.00

	
725

	
6288054

	
95.00

	
$617,500.00

	
726

	
6288128

	
95.00

	
$296,400.00

	
727

	
6298855

	
90.00

	
$174,600.00

	
728

	
6295815

	
90.00

	
$61,200.00

	
729

	
6288275

	
85.00

	
$137,700.00

	
730

	
6301324

	
90.00

	
$67,500.00

	
731

	
6301326

	
95.00

	
$247,000.00

	
732

	
6288785

	
95.00

	
$105,355.00

	
733

	
6298967

	
85.00

	
$254,150.00

	
734

	
6298996

	
90.00

	
$154,800.00

	
735

	
6298999

	
95.00

	
$90,250.00

	
736

	
6296040

	
90.00

	
$67,500.00

	
737

	
6296058

	
85.00

	
$135,150.00

	
738

	
6296144

	
90.00

	
$162,000.00

	
739

	
6296220

	
90.00

	
$177,300.00

	
740

	
6296354

	
95.00

	
$145,825.00

	
741

	
6296374

	
90.00

	
$102,510.00

	
742

	
6301541

	
94.79

	
$200,000.00

	
743

	
6296443

	
90.00

	
$198,000.00

	
744

	
6299295

	
90.00

	
$99,000.00

	
745

	
6296505

	
90.00

	
$382,500.00

	
746

	
6296535

	
95.00

	
$403,750.00

	
747

	
6301685

	
95.00

	
$80,750.00

	
748

	
6296641

	
85.00

	
$165,750.00

	
749

	
6296795

	
90.00

	
$49,500.00

	
750

	
6301784

	
95.00

	
$173,375.00

	
751

	
6299573

	
85.00

	
$259,250.00

	
752

	
6291142

	
84.51

	
$120,000.00

	
753

	
6296834

	
90.00

	
$128,700.00

	
754

	
6296842

	
90.00

	
$49,500.00

	
755

	
6296865

	
90.00

	
$189,450.00

	
756

	
6299621

	
90.00

	
$243,000.00

	
757

	
6299639

	
90.00

	
$98,100.00

	
758

	
6301867

	
85.00

	
$75,225.00

	
759

	
6301902

	
85.00

	
$137,700.00

	
760

	
6299700

	
90.00

	
$413,100.00

	
761

	
6296977

	
90.00

	
$54,000.00

	
762

	
6299722

	
90.00

	
$162,000.00

	
763

	
6297004

	
90.00

	
$67,500.00

	
764

	
6291858

	
90.00

	
$279,000.00

	
765

	
6301983

	
85.00

	
$337,450.00

	
766

	
6291931

	
85.00

	
$174,250.00

	
767

	
6297073

	
90.00

	
$97,200.00

	
768

	
6297081

	
90.00

	
$333,000.00

	
769

	
6297097

	
85.00

	
$98,600.00

	
770

	
6302062

	
95.00

	
$313,524.00

	
771

	
6293297

	
85.00

	
$361,250.00

	
772

	
6293425

	
95.00

	
$71,250.00

	
773

	
6297408

	
90.00

	
$180,000.00

	
774

	
6297515

	
85.00

	
$96,475.00

	
775

	
6293667

	
90.00

	
$153,900.00

	
776

	
6297526

	
95.00

	
$104,500.00

	
777

	
6294615

	
95.00

	
$159,600.00

	
778

	
6290720

	
95.00

	
$161,500.00

	
779

	
6294648

	
90.00

	
$192,600.00

	
780

	
6294650

	
90.00

	
$216,450.00

	
781

	
6294680

	
94.76

	
$235,000.00

	
782

	
6300488

	
95.00

	
$64,600.00

	
783

	
6294712

	
90.00

	
$205,650.00

	
784

	
6295639

	
90.00

	
$133,200.00

	
785

	
6298380

	
90.00

	
$166,500.00

	
786

	
6293938

	
88.09

	
$207,000.00

	
787

	
6294866

	
85.00

	
$114,750.00

	
788

	
6298256

	
85.00

	
$206,550.00

	
789

	
6285153

	
90.00

	
$67,500.00

	
790

	
6298308

	
95.00

	
$164,350.00

	
791

	
6297869

	
90.00

	
$82,800.00

	
792

	
6297911

	
90.00

	
$103,500.00

	
793

	
6298406

	
90.00

	
$143,100.00

	
794

	
6282360

	
89.39

	
$160,900.00

	
795

	
6267472

	
95.00

	
$133,950.00

	
796

	
6295412

	
91.44

	
$60,350.00

	
797

	
6282918

	
85.00

	
$318,750.00

	
798

	
6287152

	
90.00

	
$125,581.00

	
799

	
6298467

	
95.00

	
$114,000.00

	
800

	
6298500

	
90.00

	
$207,900.00

	
801

	
6298506

	
83.56

	
$263,200.00

	
802

	
6283363

	
85.25

	
$260,000.00

	
803

	
6287470

	
85.00

	
$117,300.00

	
804

	
6298520

	
95.00

	
$171,000.00

	
805

	
6295533

	
85.00

	
$412,250.00

	
806

	
6295543

	
90.00

	
$125,910.00

	
807

	
6287604

	
90.00

	
$288,000.00

	
808

	
6298549

	
90.00

	
$57,600.00

	
809

	
6298127

	
90.00

	
$117,000.00

	
810

	
6294886

	
84.14

	
$165,750.00

	
811

	
6288402

	
84.52

	
$131,000.00

	
812

	
6295001

	
95.00

	
$320,720.00

	
813

	
6295025

	
85.00

	
$110,500.00

	
814

	
6295063

	
90.00

	
$99,000.00

	
815

	
6298961

	
90.00

	
$251,910.00

	
816

	
6289063

	
90.00

	
$292,500.00

	
817

	
6289143

	
90.00

	
$94,500.00

	
818

	
6287065

	
90.00

	
$198,000.00

	
819

	
6289308

	
85.00

	
$267,750.00

	
820

	
6295232

	
95.00

	
$152,000.00

	
821

	
6289338

	
90.00

	
$87,300.00

	
822

	
6289344

	
90.00

	
$234,000.00

	
823

	
6298834

	
85.00

	
$471,750.00

	
824

	
6298849

	
90.00

	
$198,000.00

	
825

	
6289495

	
90.00

	
$188,000.00

	
826

	
6298427

	
90.00

	
$110,700.00

	
827

	
6295320

	
90.00

	
$162,166.00

	
828

	
6298446

	
95.00

	
$62,700.00

	
829

	
6296142

	
95.00

	
$99,750.00

	
830

	
6296178

	
94.63

	
$242,250.00

	
831

	
6298960

	
95.00

	
$154,850.00

	
832

	
6290176

	
90.00

	
$117,000.00

	
833

	
6287744

	
90.00

	
$112,500.00

	
834

	
6295397

	
95.00

	
$118,750.00

	
835

	
6296257

	
90.00

	
$144,000.00

	
836

	
6292921

	
95.00

	
$142,975.00

	
837

	
6295448

	
90.00

	
$220,500.00

	
838

	
6298584

	
90.00

	
$94,500.00

	
839

	
6299182

	
95.00

	
$313,500.00

	
840

	
6296323

	
90.00

	
$337,500.00

	
841

	
6288386

	
90.00

	
$63,000.00

	
842

	
6296345

	
83.43

	
$333,700.00

	
843

	
6296394

	
90.00

	
$691,200.00

	
844

	
6280781

	
90.00

	
$319,500.00

	
845

	
6297021

	
85.00

	
$378,250.00

	
846

	
6289246

	
85.00

	
$301,750.00

	
847

	
6293244

	
85.00

	
$120,700.00

	
848

	
6296562

	
85.00

	
$50,915.00

	
849

	
6295735

	
84.80

	
$212,000.00

	
850

	
6282293

	
95.00

	
$32,300.00

	
851

	
6282829

	
90.00

	
$142,200.00

	
852

	
6289545

	
90.00

	
$287,100.00

	
853

	
6296642

	
95.00

	
$143,925.00

	
854

	
6295821

	
90.00

	
$578,700.00

	
855

	
6293426

	
95.00

	
$106,400.00

	
856

	
6289611

	
90.00

	
$126,000.00

	
857

	
6295916

	
90.00

	
$117,000.00

	
858

	
6296680

	
85.00

	
$205,700.00

	
859

	
6291556

	
90.00

	
$117,000.00

	
860

	
6295994

	
85.00

	
$55,675.00

	
861

	
6291666

	
90.00

	
$99,000.00

	
862

	
6296030

	
85.00

	
$161,500.00

	
863

	
6299363

	
90.00

	
$103,410.00

	
864

	
6299375

	
84.91

	
$450,000.00

	
865

	
6296052

	
90.00

	
$279,000.00

	
866

	
6284732

	
90.00

	
$54,000.00

	
867

	
6296913

	
85.00

	
$76,500.00

	
868

	
6292058

	
85.00

	
$119,000.00

	
869

	
6299470

	
90.00

	
$74,700.00

	
870

	
6298978

	
90.00

	
$585,000.00

	
871

	
6292252

	
85.00

	
$328,950.00

	
872

	
6296966

	
95.00

	
$118,750.00

	
873

	
6296281

	
90.00

	
$305,100.00

	
874

	
6293953

	
90.00

	
$155,700.00

	
875

	
6297011

	
95.00

	
$95,000.00

	
876

	
6293965

	
90.00

	
$162,000.00

	
877

	
6286001

	
90.00

	
$84,600.00

	
878

	
6286179

	
90.00

	
$70,200.00

	
879

	
6299561

	
90.00

	
$234,000.00

	
880

	
6299125

	
85.00

	
$91,800.00

	
881

	
6301883

	
95.00

	
$307,027.00

	
882

	
6292702

	
82.26

	
$229,500.00

	
883

	
6297111

	
83.97

	
$487,000.00

	
884

	
6296412

	
85.00

	
$90,950.00

	
885

	
6287148

	
90.00

	
$149,850.00

	
886

	
6297598

	
90.00

	
$153,000.00

	
887

	
6291594

	
95.00

	
$251,750.00

	
888

	
6299297

	
95.00

	
$50,350.00

	
889

	
6296602

	
85.00

	
$208,250.00

	
890

	
6291845

	
90.00

	
$126,000.00

	
891

	
6296652

	
95.00

	
$176,700.00

	
892

	
6299860

	
95.00

	
$369,550.00

	
893

	
6287859

	
95.00

	
$157,700.00

	
894

	
6302077

	
90.00

	
$223,200.00

	
895

	
6299894

	
85.00

	
$646,000.00

	
896

	
6292227

	
85.00

	
$142,800.00

	
897

	
6293504

	
85.00

	
$110,500.00

	
898

	
6292316

	
90.00

	
$139,500.00

	
899

	
6293521

	
90.00

	
$190,800.00

	
900

	
6297537

	
90.00

	
$148,410.00

	
901

	
6292557

	
85.00

	
$225,250.00

	
902

	
6293673

	
90.00

	
$67,500.00

	
903

	
6292701

	
95.00

	
$58,187.00

	
904

	
6297051

	
95.00

	
$220,400.00

	
905

	
6299673

	
90.00

	
$166,500.00

	
906

	
6292818

	
90.00

	
$391,500.00

	
907

	
6292886

	
95.00

	
$522,500.00

	
908

	
6298044

	
95.00

	
$494,000.00

	
909

	
6297718

	
87.42

	
$271,000.00

	
910

	
6275270

	
90.00

	
$283,500.00

	
911

	
6293991

	
85.00

	
$19,125.00

	
912

	
6294012

	
95.00

	
$161,500.00

	
913

	
6298130

	
85.00

	
$111,265.00

	
914

	
6293206

	
95.00

	
$179,550.00

	
915

	
6297315

	
89.21

	
$281,000.00

	
916

	
6297319

	
90.00

	
$123,300.00

	
917

	
6297880

	
90.00

	
$144,000.00

	
918

	
6297327

	
90.00

	
$188,910.00

	
919

	
6294223

	
85.00

	
$331,500.00

	
920

	
6294235

	
90.00

	
$261,000.00

	
921

	
6300292

	
90.00

	
$75,600.00

	
922

	
6293247

	
90.00

	
$110,700.00

	
923

	
6300296

	
90.00

	
$116,100.00

	
924

	
6291765

	
95.00

	
$251,275.00

	
925

	
6297234

	
90.00

	
$143,910.00

	
926

	
6296625

	
90.00

	
$121,500.00

	
927

	
6294591

	
95.00

	
$171,000.00

	
928

	
6295989

	
85.00

	
$174,250.00

	
929

	
6291286

	
90.00

	
$423,000.00

	
930

	
6296712

	
90.00

	
$90,900.00

	
931

	
6295075

	
90.00

	
$101,700.00

	
932

	
6296630

	
85.00

	
$63,750.00

	
933

	
6288895

	
95.00

	
$41,705.00

	
934

	
6291625

	
90.00

	
$117,000.00

	
935

	
6295020

	
90.00

	
$132,300.00

	
936

	
6292804

	
90.00

	
$120,600.00

	
937

	
6298833

	
90.00

	
$175,500.00

	
938

	
6289614

	
90.00

	
$82,800.00

	
939

	
6295660

	
85.00

	
$408,000.00

	
940

	
6296024

	
90.00

	
$63,000.00

	
941

	
6293210

	
90.00

	
$256,500.00

	
942

	
6293713

	
85.00

	
$157,250.00

	
943

	
6295686

	
84.91

	
$135,000.00

	
944

	
6296870

	
90.00

	
$144,000.00

	
945

	
6294854

	
90.00

	
$82,800.00

	
946

	
6295615

	
95.00

	
$130,140.00

	
947

	
6297031

	
85.00

	
$212,500.00

	
948

	
6288910

	
90.00

	
$103,500.00

	
949

	
6294683

	
90.00

	
$52,470.00

	
950

	
6291104

	
85.00

	
$54,400.00

	
951

	
6296051

	
90.00

	
$257,400.00

	
952

	
6299098

	
95.00

	
$80,750.00

	
953

	
6293262

	
90.00

	
$225,900.00

	
954

	
6284991

	
85.00

	
$83,895.00

	
955

	
6286772

	
90.00

	
$360,000.00

	
956

	
6287401

	
92.17

	
$200,000.00

	
957

	
6280194

	
95.00

	
$224,200.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]