Document:

m1297_Exhibit4.1

AMENDMENT NO. 1

to

TRANSFER AND SERVICING AGREEMENT

Dated as of August 1, 2006

by and among

GREENPOINT MORTGAGE FUNDING TRUST 2006-HE1, as Issuer

STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

GMAC MORTGAGE CORPORATION, as Servicer

and

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

GREENPOINT MORTGAGE FUNDING TRUST 2006-HE1

HOME EQUITY LOAN ASSET-BACKED NOTES, SERIES 2006-HE1

Dated as of September 1, 2006

This Amendment No. 1 to Transfer and Servicing Agreement (the “Amendment”), dated as of September 1, 2006, GREENPOINT MORTGAGE FUNDING TRUST 2006-HE1, a Delaware statutory trust, as issuer (the “Issuer”), STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor (the “Depositor”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and GMAC MORTGAGE CORPORATION, a Pennsylvania corporation, as servicer (the “Servicer”), recites and provides as follows:  

RECITALS

WHEREAS, in connection with the issuance of the Greenpoint Mortgage Funding Trust 2006-HE1 Home Equity Loan Asset-Backed Notes, Series 2006-HE1 (the “Notes”), the Issuer, the Depositor, the Indenture Trustee and the Servicer, have entered into a Transfer and Servicing Agreement, dated as of August 1, 2006 (the “Transfer and Servicing Agreement”); 

WHEREAS, the Issuer, the Depositor, the Servicer, and the Indenture Trustee desire to amend the Transfer and Servicing Agreement as set forth herein; 

WHEREAS, Section 9.03(a)(iii) of the Transfer and Servicing Agreement provides that the Transfer and Servicing Agreement may be amended from time to time by the Depositor, the Issuer, the Servicer, the Indenture Trustee and the Holder of the Residual Certificates, without notice to or the consent of any Holders of the Notes but, so long as the Notes are Outstanding or any Reimbursement Amounts remain due and owing to an Insurer, with the consent of the Insurers, for the purpose of making any other provisions with respect to matters or questions arising out of the Transfer and Servicing Agreement; provided that, (A) no such amendment shall, as evidenced by an Opinion of Counsel, cause an Adverse REMIC Event, nor shall such amendment adversely affect in any material respect the interests of any Holder or the Insurers and (B) the Indenture Trustee receives (i) an opinion from the Depositor that such amendment shall not be deemed to adversely affect in any material respect any Holder or (ii) written confirmation from each Rating Agency that such amendment will not cause a reduction in the rating assigned to the Notes (without taking into account the Class Ax Policy or the Class Ac Policy); and

WHEREAS, the Trustee has received an opinion from counsel to the Depositor that such amendment shall not be deemed to adversely affect in any material respect any Holder (without taking into account the Class Ax Policy or the Class Ac Policy); and

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, it is mutually covenanted and agreed as follows:

ARTICLE I

AMENDMENTS TO THE TRANSFER AND SERVICING AGREEMENT

Section 1.01

Amendment to Section 2.01(h).  Section 2.01(h) is amended to read in its entirety as follows:

With respect to each Loan that has a zero balance during the period from the Closing Date to and including the 80th day following the Closing Date, the Servicer shall notify the Seller, and if each such Loan shall continue to have a zero balance from such 80th day to and including the 89th day following the Closing Date, the Seller will repurchase each such Loan on such 89th day. 

Section 1.02

Amendment to Section 5.02(b).  The last sentence of Section 5.02(b) is hereby amended to read in its entirety as follows:

Notwithstanding the foregoing, the Indenture Trustee may invest funds in the Payment Account for the period from and including the Business Day preceding the Payment Date to the Payment Date in Eligible Investments (which may be obligations of the Indenture Trustee) and any income or gain realized net of losses shall be subject to its withdrawal on order from time to time; provided, however, that the Indenture Trustee may elect to keep the funds in the Payment Account uninvested for such period as payment of the Indenture Trustee Fee Amount. 

Section 1.03

Amendments to Section 5.05(b).  Section 5.05(b) is hereby amended by replacing the number “(ii)” with the number “(i)” and replacing the number “(iii)” with the number “(ii)”.

Section 1.04

Amendments to Section 5.08(b).  Section 5.08(b) is hereby amended by replacing the number “(ii)” with the number “(i)”, replacing the number “(iii)” with the number “(ii)” and replacing the number “(iv)” with the number “(iii)”.

Section 1.05

Amendments to Section 5.08(k).  Section 5.08(k) is hereby amended by replacing the number “(v)” with the number “(i)”, replacing the number “(vi)” with the number “(ii)” and replacing the number “(vii)” with the number “(iii)”.

Section 1.06

Amendments to Section 9.12(a).  Section 9.12(a) is hereby amended by replacing the number “(ii)” with the number “(i)” and replacing the number “(iii)” with the number “(ii)”.

Section 1.07

Amendment to Signature Page.  The signature page providing for the signature of Lehman Brothers Holdings Inc. is hereby amended by deleting “5.05” and replacing “5.06” with “4.33 and 9.12”.  

ARTICLE II

MISCELLANEOUS PROVISIONS

Section 2.01

Capitalized Terms.

For all purposes of this Amendment No. 1, except as otherwise stated herein, terms used in capitalized form in this Amendment No. 1 and defined in the Transfer and Servicing Agreement have the meanings specified in the Transfer and Servicing Agreement.

Section 2.02

Continuing Effect.

Except as expressly amended by this Amendment No. 1, the Transfer and Servicing Agreement shall remain in full force and effect in accordance with its terms.

Section 2.03

References to Transfer and Servicing Agreement.

From and after the execution and delivery of this Amendment No. 1, all references to the Transfer and Servicing Agreement in the Transfer and Servicing Agreement, any Note or any other document executed or delivered in connection therewith shall be deemed a reference to the Transfer and Servicing Agreement as amended hereby, unless the context expressly requires otherwise.

Section 2.04

Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Amendment No. 1 shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Amendment No. 1 and shall in no way affect the validity or enforceability of the other provisions of this Amendment No. 1 or of the Notes or the rights of the Holders thereof.

Section 2.05

Counterparts.

This Amendment No. 1 may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument.

Section 2.06

Binding Nature of Amendment No. 1.

This Amendment No. 1 shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

Section 2.07

Headings Not To Affect Interpretation.

The headings contained in this Amendment No. 1 are for convenience of reference only, and shall not be used in the interpretation hereof.

Section 2.08

Effectiveness.

This Amendment No. 1 shall become effective as of the date first written above.

Section 2.09

Governing Law.

THIS AMENDMENT NO. 1 SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

IN WITNESS WHEREOF, the Depositor, the Master Servicer, the Securities Administrator and the Trustee have caused their names to be signed hereto by their respective officers hereunto duly authorized as of the day and year first above written.

GREENPOINT MORTGAGE FUNDING TRUST

2006-HE1

By:

WILMINGTON TRUST COMPANY, not

in its individual capacity but solely as

Owner Trustee

By:

/s/ Dorri E. Wolhar

Name:

Dorri E. Wolhar

Title:

Financial Services Officer

STRUCTURED ASSET SECURITIES CORPORATION,

as Depositor

By:

/s/ Ellen Kiernan

Name: Ellen Kiernan

Title: Senior Vice President

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

By:

/s/ David Duclos

Name:

David Duclos

Title: Vice President

GMAC MORTGAGE CORPORATION,

as Servicer

By:

/s/ Patricia C. Taylor

Name:

Patricia C. Taylor

Title: Vice President

LEHMAN PASS-THROUGH SECURITIES INC.

as Residual Holder

By: /s/ Ellen Kiernan

Name:  Ellen Kiernan

Title: Senior Vice President   

Solely for purposes of Section 1.07

agreed to by:

LEHMAN BROTHERS HOLDINGS INC.

By:/s/ Nimish Mathur

Name: Nimish Mathur

Title: Nimish Mathur

Consented and agreed:

XL CAPITAL ASSURANCE INC.,

as Insurer

By: /s/ Drew D. Hoffman

Name: Drew D. Hoffman 

Title: Senior Managing Director   

CIFG ASSURANCE NORTH AMERICA, INC.,

as Insurer

By: /s/ Michael S. Knopf

Name:  Michael S. Knopf

Title:  Managing Director and Vice PresidentExhibit 10.5
                         SERIES A - WARRANT TO PURCHASE
                                  COMMON STOCK
                                       OF
                        BBC GRAPHICS OF PALM BEACH, INC.

         This is to certify that __________________________ (the "Holder") is
entitled, subject to the terms and conditions hereinafter set forth, to purchase
_________________ shares of Common Stock, par value $.001 per share (the "Common
Shares"), of BBC GRAPHICS OF PALM BEACH, INC., a Florida corporation (the
"Company"), from the Company at the price per share and on the terms set forth
herein and to receive a certificate for the Common Shares so purchased on
presentation and surrender to the Company with the subscription form attached,
duly executed and accompanied by payment of the purchase price of each share
purchased either in cash or by certified or bank cashier's check or other check
payable to the order of the Company.

         The purchase rights represented by this Warrant are exercisable
commencing on the date hereof through and including October 15, 2005, at a price
per Common Share of $1.00.

         The purchase rights represented by this Warrant are exercisable at the
option of the registered owner hereof in whole or in part, from time to time,
within the period specified; provided, however, that such purchase rights shall
not be exercisable with respect to a fraction of a Common Share. In case of the
purchase of less than all the Common Shares purchasable under this Warrant, the
Company shall cancel this Warrant on surrender hereof and shall execute and
deliver a new Warrant of like tenor and date for the balance of the shares
purchasable hereunder.

         The Company agrees at all times to reserve or hold available a
sufficient number of Common Shares to cover the number of shares issuable on
exercise of this and all other Warrants of like tenor then outstanding.

         The Company may call this Warrant at a call price of $.001 per
underlying Common Share should the Company's Common Stock trade at or above
$5.00 per share, based on the reported closing bid price of the Common Stock,
for ten consecutive trading days following 15 days' prior written notice of the
Company's intention to call this Warrant. In the event this Warrant has not been
exercised by written notice within such 15-day notice period, this Warrant will
cease to exist.

         This Warrant shall not entitle the holder hereof to any voting rights
or other rights as a shareholder of the Company, or to any other rights whatever
except the rights herein expressed and such as are set forth, and no dividends
shall be payable or accrue in respect of this Warrant or the interest
represented hereby or the Common Shares purchasable hereunder until or unless,
and except to the extent that, this Warrant shall be exercised.

<PAGE>

         In the event that the outstanding Common Shares hereafter are changed
into or exchanged for a different number or kind of shares or other securities
of the Company or of another corporation by reason of merger, consolidation,
other reorganization, recapitalization, reclassification, combination of shares,
stock split-up or stock dividend:

                  (a) The aggregate number, price and kind of Common Shares
subject to this Warrant shall be adjusted appropriately;

                  (b) Rights under this Warrant, both as to the number of
subject Common Shares and the Warrant exercise price, shall be adjusted
appropriately; and

                  (c) In the event of dissolution or liquidation of the Company
or any merger or combination in which the Company is not a surviving
corporation, this Warrant shall terminate, but the registered owner of this
Warrant shall have the right, immediately prior to such dissolution,
liquidation, merger or combination, to exercise this Warrant in whole or in part
to the extent that it shall not have been exercised.

         The foregoing adjustments and the manner of application of the
foregoing provisions may provide for the elimination of fractional share
interests.

         The Company shall not be required to issue or deliver any certificate
for Common Shares purchased on exercise of this Warrant or any portion thereof
prior to fulfillment of all the following conditions:

         The Holder acknowledges and recognizes that unless a Registration
Statement is effective and current with respect to the underlying Common Shares,
sales may only be made pursuant to Rule 144 under the Securities Act of 1933
(the "Act").

         The Holder shall have the right to exercise all or a portion of this
Warrant as follows:

                  (a) The completion of any required registration or other
qualification of such shares under any federal or state law or under the rulings
or regulations of the Securities and Exchange Commission or any other government
regulatory body which is necessary;

                  (b) The obtaining of any approval or other clearance from any
federal or state government agency which is necessary;

                  (c) The obtaining from the registered owner of the Warrant, as
required in the sole judgment of the Company, a representation in writing that
the owner is acquiring such Common Shares for the owner's own account for
investment and not with a view to, or for sale in connection with, the
distribution of any part thereof, if the Warrants and the related shares have
not been registered under the Act; and

<PAGE>

                  (d) The placing on the certificate, as required in the sole
judgment of the Company, of an appropriate legend and the issuance of stop
transfer instructions in connection with this Warrant and the underlying shares
of Common Stock to the following effect:

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE LAWS OF ANY STATE
         AND HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION
         PERTAINING TO SUCH SECURITIES AND PURSUANT TO A REPRESENTATION BY THE
         SECURITY HOLDER NAMED HEREON THAT SAID SECURITIES HAVE BEEN ACQUIRED
         FOR PURPOSES OF INVESTMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
         PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION. FURTHERMORE, NO
         OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS TO TAKE PLACE WITHOUT
         THE PRIOR WRITTEN APPROVAL OF COUNSEL OR THE ISSUER BEING AFFIXED TO
         THIS CERTIFICATE. THE TRANSFER AGENT HAS BEEN ORDERED TO EXECUTE
         TRANSFERS OF THIS CERTIFICATE ONLY IN ACCORDANCE WITH THE ABOVE
         INSTRUCTIONS."

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by the signature of its duly authorized officer.

                        BBC GRAPHICS OF PALM BEACH, INC.

                         By:
                            --------------------------------------------------
                                           Suzanne Brady, President

Dated:
      ---------

<PAGE>

                                SUBSCRIPTION FORM

            (To be executed by the registered holder to exercise the
            rights to purchase Common Shares evidenced by the within
                                    Warrant.)

BBC GRAPHICS OF PALM BEACH, INC.
4301 Oak Circle, Suite 25
Boca Raton, Florida  33431

         The undersigned hereby irrevocably subscribes for _________ Common
Shares pursuant to and in accordance with the terms and conditions of this
Warrant, and herewith makes payment of $__________ therefor, and requests that a
certificate for such Common Shares be issued in the name of the undersigned and
be delivered to the undersigned at the address stated below, and if such number
of shares shall not be all of the shares purchasable hereunder, that a new
Warrant of like tenor for the balance of the remaining Common Shares purchasable
hereunder shall be delivered to the undersigned at the address stated below.

Dated:                              Signed:
      --------------------                  -------------------------------

                                    Address:
                                             ------------------------------

<PAGE>

                         SERIES B - WARRANT TO PURCHASE
                                  COMMON STOCK
                        BBC GRAPHICS OF PALM BEACH, INC.

         This is to certify that __________________________ (the "Holder") is
entitled, subject to the terms and conditions hereinafter set forth, to purchase
________________ shares of Common Stock, par value $.001 per share (the "Common
Shares"), of BBC GRAPHICS OF PALM BEACH, INC., a Florida corporation (the
"Company"), from the Company at the price per share and on the terms set forth
herein and to receive a certificate for the Common Shares so purchased on
presentation and surrender to the Company with the subscription form attached,
duly executed and accompanied by payment of the purchase price of each share
purchased either in cash or by certified or bank cashier's check or other check
payable to the order of the Company.

         The purchase rights represented by this Warrant are exercisable
commencing on the date hereof through and including October 15, 2005, at a price
per Common Share of $2.00.

         The purchase rights represented by this Warrant are exercisable at the
option of the registered owner hereof in whole or in part, from time to time,
within the period specified; provided, however, that such purchase rights shall
not be exercisable with respect to a fraction of a Common Share. In case of the
purchase of less than all the Common Shares purchasable under this Warrant, the
Company shall cancel this Warrant on surrender hereof and shall execute and
deliver a new Warrant of like tenor and date for the balance of the shares
purchasable hereunder.

         The Company agrees at all times to reserve or hold available a
sufficient number of Common Shares to cover the number of shares issuable on
exercise of this and all other Warrants of like tenor then outstanding.

         The Company may call this Warrant at a call price of $.001 per
underlying Common Share should the Company's Common Stock trade at or above
$5.00 per share, based on the reported closing bid price of the Common Stock,
for ten consecutive trading days following 15 days' prior written notice of the
Company's intention to call this Warrant. In the event this Warrant has not been
exercised by written notice within such 15-day notice period, this Warrant will
cease to exist.

         This Warrant shall not entitle the holder hereof to any voting rights
or other rights as a shareholder of the Company, or to any other rights whatever
except the rights herein expressed and such as are set forth, and no dividends
shall be payable or accrue in respect of this Warrant or the interest
represented hereby or the Common Shares purchasable hereunder until or unless,
and except to the extent that, this Warrant shall be exercised.

         In the event that the outstanding Common Shares hereafter are changed
into or exchanged for a different number or kind of shares or other securities
of the Company or of another corporation by reason of merger, consolidation,
other reorganization, recapitalization, reclassification, combination of shares,
stock split-up or stock dividend:

<PAGE>

                  (a) The aggregate number, price and kind of Common Shares
subject to this Warrant shall be adjusted appropriately;

                  (b) Rights under this Warrant, both as to the number of
subject Common Shares and the Warrant exercise price, shall be adjusted
appropriately; and

                  (c) In the event of dissolution or liquidation of the Company
or any merger or combination in which the Company is not a surviving
corporation, this Warrant shall terminate, but the registered owner of this
Warrant shall have the right, immediately prior to such dissolution,
liquidation, merger or combination, to exercise this Warrant in whole or in part
to the extent that it shall not have been exercised.

         The foregoing adjustments and the manner of application of the
foregoing provisions may provide for the elimination of fractional share
interests.

         The Company shall not be required to issue or deliver any certificate
for Common Shares purchased on exercise of this Warrant or any portion thereof
prior to fulfillment of all the following conditions:

         The Holder acknowledges and recognizes that unless a Registration
Statement is effective and current with respect to the underlying Common Shares,
sales may only be made pursuant to Rule 144 under the Securities Act of 1933
(the "Act").

         The Holder shall have the right to exercise all or a portion of this
Warrant as follows:

                  (a) The completion of any required registration or other
qualification of such shares under any federal or state law or under the rulings
or regulations of the Securities and Exchange Commission or any other government
regulatory body which is necessary;

                  (b) The obtaining of any approval or other clearance from any
federal or state government agency which is necessary;

                  (c) The obtaining from the registered owner of the Warrant, as
required in the sole judgment of the Company, a representation in writing that
the owner is acquiring such Common Shares for the owner's own account for
investment and not with a view to, or for sale in connection with, the
distribution of any part thereof, if the Warrants and the related shares have
not been registered under the Act; and

<PAGE>

                  (d) The placing on the certificate, as required in the sole
judgment of the Company, of an appropriate legend and the issuance of stop
transfer instructions in connection with this Warrant and the underlying shares
of Common Stock to the following effect:

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE LAWS OF ANY STATE
         AND HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION
         PERTAINING TO SUCH SECURITIES AND PURSUANT TO A REPRESENTATION BY THE
         SECURITY HOLDER NAMED HEREON THAT SAID SECURITIES HAVE BEEN ACQUIRED
         FOR PURPOSES OF INVESTMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
         PLEDGED OR HYPOTHECATED IN TI-IE ABSENCE OF REGISTRATION. FURTHERMORE,
         NO OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS TO TAKE PLACE
         WITHOUT THE PRIOR WRITTEN APPROVAL OF COUNSEL OR THE ISSUER BEING
         AFFIXED TO THIS CERTIFICATE. THE TRANSFER AGENT HAS BEEN ORDERED TO
         EXECUTE TRANSFERS OF THIS CERTIFICATE ONLY IN ACCORDANCE WITH THE ABOVE
         INSTRUCTIONS."

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by the signature of its duly authorized officer.

                        BBC GRAPHICS OF PALM BEACH, INC.

                        By:
                           --------------------------------------------------
                                        Suzanne Brady, President

Dated:
      -----------

<PAGE>

                                SUBSCRIPTION FORM

                  (To be executed by the registered holder to exercise the
                  rights to purchase Common Shares evidenced by the within
                  Warrant.)

BBC GRAPHICS OF PALM BEACH, INC.
4301 Oak Circle, Suite 25
Boca Raton, Florida  33431

         The undersigned hereby irrevocably subscribes for _________ Common
Shares pursuant to and in accordance with the terms and conditions of this
Warrant, and herewith makes payment of $__________ therefor, and requests that a
certificate for such Common Shares be issued in the name of the undersigned and
be delivered to the undersigned at the address stated below, and if such number
of shares shall not be all of the shares purchasable hereunder, that a new
Warrant of like tenor for the balance of the remaining Common Shares purchasable
hereunder shall be delivered to the undersigned at the address stated below.

Dated:                              Signed:
      --------------------                  -------------------------------

                                    Address:
                                             ------------------------------

<PAGE>

                         SERIES C - WARRANT TO PURCHASE
                                  COMMON STOCK
                                       OF
                        BBC GRAPHICS OF PALM BEACH. INC.

         This is to certify that ___________________________ (the "Holder") is
entitled, subject to the terms and conditions hereinafter set forth, to purchase
________________ shares of Common Stock, par value $.001 per share (the "Common
Shares"), of BBC GRAPHICS OF PALM BEACH, INC., a Florida corporation (the
"Company"), from the Company at the price per share and on the terms set forth
herein and to receive a certificate for the Common Shares so purchased on
presentation and surrender to the Company with the subscription form attached,
duly executed and accompanied by payment of the purchase price of each share
purchased either in cash or by certified or bank cashier's check or other check
payable to the order of the Company.

         The purchase rights represented by this Warrant are exercisable
commencing on the date hereof through and including October 15, 2005, at a price
per Common Share of $3.00.

         The purchase rights represented by this Warrant are exercisable at the
option of the registered owner hereof in whole or in part, from time to time,
within the period specified; provided, however, that such purchase rights shall
not be exercisable with respect to a fraction of a Common Share. In case of the
purchase of less than all the Common Shares purchasable under this Warrant, the
Company shall cancel this Warrant on surrender hereof and shall execute and
deliver a new Warrant of like tenor and date for the balance of the shares
purchasable hereunder.

         The Company agrees at all times to reserve or hold available a
sufficient number of Common Shares to cover the number of shares issuable on
exercise of this and all other Warrants of like tenor then outstanding.

         The Company may call this Warrant at a call price of $.001 per
underlying Common Share should the Company's Common Stock trade at or above
$5.00 per share, based on the reported closing bid price of the Common Stock,
for ten consecutive trading days following 15 days' prior written notice of the
Company's intention to call this Warrant. In the event this Warrant has not been
exercised by written notice within such 15-day notice period, this Warrant will
cease to exist.

         This Warrant shall not entitle the holder hereof to any voting rights
or other rights as a shareholder of the Company, or to any other rights whatever
except the rights herein expressed and such as are set forth, and no dividends
shall be payable or accrue in respect of this Warrant or the interest
represented hereby or the Common Shares purchasable hereunder until or unless,
and except to the extent that, this Warrant shall be exercised.

<PAGE>

         In the event that the outstanding Common Shares hereafter are changed
into or exchanged for a different number or kind of shares or other securities
of the Company or of another corporation by reason of merger, consolidation,
other reorganization, recapitalization, reclassification, combination of shares,
stock split-up or stock dividend:

                  (a) The aggregate number, price and kind of Common Shares
subject to this Warrant shall be adjusted appropriately;

                  (b) Rights under this Warrant, both as to the number of
subject Common Shares and the Warrant exercise price, shall be adjusted
appropriately; and

                  (c) In the event of dissolution or liquidation of the Company
or any merger or combination in which the Company is not a surviving
corporation, this Warrant shall terminate, but the registered owner of this
Warrant shall have the right, immediately prior to such dissolution,
liquidation, merger or combination, to exercise this Warrant in whole or in part
to the extent that it shall not have been exercised.

         The foregoing adjustments and the manner of application of the
foregoing provisions may provide for the elimination of fractional share
interests.

         The Company shall not be required to issue or deliver any certificate
for Common Shares purchased on exercise of this Warrant or any portion thereof
prior to fulfillment of all the following conditions:

         The Holder acknowledges and recognizes that unless a Registration
Statement is effective and current with respect to the underlying Common Shares,
sales may only be made pursuant to Rule 144 under the Securities Act of 1933
(the "Act").

         The Holder shall have the right to exercise all or a portion of this
Warrant as follows:

                  (a) The completion of any required registration or other
qualification of such shares under any federal or state law or under the rulings
or regulations of the Securities and Exchange Commission or any other government
regulatory body which is necessary;

                  (b) The obtaining of any approval or other clearance from any
federal or state government agency which is necessary;

                  (c) The obtaining from the registered owner of the Warrant, as
required in the sole judgment of the Company, a representation in writing that
the owner is acquiring such Common Shares for the owner's own account for
investment and not with a view to, or for sale in connection with, the
distribution of any part thereof, if the Warrants and the related shares have
not been registered under the Act; and

<PAGE>

                  (d) The placing on the certificate, as required in the sole
judgment of the Company, of an appropriate legend and the issuance of stop
transfer instructions in connection with this Warrant and the underlying shares
of Common Stock to the following effect:

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE LAWS OF ANY STATE
         AND HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION
         PERTAINING TO SUCH SECURITIES AND PURSUANT TO A REPRESENTATION BY THE
         SECURITY HOLDER NAMED HEREON THAT SAID SECURITIES HAVE BEEN ACQUIRED
         FOR PURPOSES OF INVESTMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
         PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION. FURTHERMORE, NO
         OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS TO TAKE PLACE WITHOUT
         THE PRIOR WRITTEN APPROVAL OF COUNSEL OR THE ISSUER BEING AFFIXED TO
         THIS CERTIFICATE. THE TRANSFER AGENT HAS BEEN ORDERED TO EXECUTE
         TRANSFERS OF THIS CERTIFICATE ONLY IN ACCORDANCE WITH THE ABOVE
         INSTRUCTIONS."

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by the signature of its duly authorized officer.

                        BBC GRAPHICS OF PALM BEACH, INC.

                         By:
                            --------------------------------------------------
                                           Suzanne Brady, President

Dated:
      -------------

<PAGE>

                                SUBSCRIPTION FORM

                  (To be executed by the registered holder to exercise the
                  rights to purchase Common Shares evidenced by the within
                  Warrant.)

BBC GRAPHICS OF PALM BEACH, INC.
4301 Oak Circle, Suite 25
Boca Raton, Florida  33431

         The undersigned hereby irrevocably subscribes for _________ Common
Shares pursuant to and in accordance with the terms and conditions of this
Warrant, and herewith makes payment of $__________ therefor, and requests that a
certificate for such Common Shares be issued in the name of the undersigned and
be delivered to the undersigned at the address stated below, and if such number
of shares shall not be all of the shares purchasable hereunder, that a new
Warrant of like tenor for the balance of the remaining Common Shares purchasable
hereunder shall be delivered to the undersigned at the address stated below.

Dated:                              Signed:
      --------------------                  -------------------------------

                                    Address:
                                             ------------------------------

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