Document:

Unassociated Document

    

    
      

      

    

    

    

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

    
 

     

    OPTION
      ONE MORTGAGE CORPORATION

    Servicer

     

     

    and

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

     

    
 

    POOLING
      AND SERVICING AGREEMENT

    

     

    Dated
      as
      of May 1, 2006

     

     

    ___________________________

     

    Soundview
      Home Loan Trust 2006-OPT4

     

    

     

    Asset-Backed
      Certificates, Series 2006-OPT4

     

    

    
      

      

    

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    TABLE
      OF CONTENTS

     

    ARTICLE
      I
      DEFINITIONS

     

    SECTION
      1.01      Defined
      Terms

    SECTION
      1.02      Accounting

    SECTION
      1.03      Allocation
      of Certain Interest Shortfalls

    SECTION
      1.04      Rights
      of
      the NIMS Insurer.

     

    ARTICLE
      II
      CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01      Conveyance
      of Mortgage Loans

    SECTION
      2.02      Acceptance
      by Trustee

    SECTION
      2.03      Repurchase
      or Substitution of Mortgage Loans by the Originator

    SECTION
      2.04      Intentionally
      Omitted

    SECTION
      2.05      Representations,
      Warranties and Covenants of the Servicer

    SECTION
      2.06      Representations
      and Warranties of the Depositor

    SECTION
      2.07      Issuance
      of Certificates

    SECTION
      2.08      [Reserved]

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

     

    ARTICLE
      III
      ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

     

    SECTION
      3.01      Servicer
      to Act as Servicer

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

    SECTION
      3.03      Successor
      Sub-Servicers

    SECTION
      3.04      Liability
      of the Servicer

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

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

    SECTION
      3.07      Collection
      of Certain Mortgage Loan Payments

    SECTION
      3.08      Sub-Servicing
      Accounts

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

    SECTION
      3.10      Collection
      Account and Distribution Account

    SECTION
      3.11      Withdrawals
      from the Collection Account and Distribution Account

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

    SECTION
      3.13      [Reserved]

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

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

    SECTION
      3.16      Realization
      Upon Defaulted Mortgage Loans

    SECTION
      3.17      Trustee
      to Cooperate; Release of Mortgage Files

    SECTION
      3.18      Servicing
      Compensation

    SECTION
      3.19      Reports
      to the Trustee; Collection Account Statements

    SECTION
      3.20      Statement
      as to Compliance

    SECTION
      3.21      Assessments
      of Compliance and Attestation Reports

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

    SECTION
      3.23      Title,
      Management and Disposition of REO Property

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

    SECTION
      3.25      [Reserved]

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

    SECTION
      3.27      Solicitations

    SECTION
      3.28      [Reserved]

    SECTION
      3.29      Advance
      Facility

    SECTION
      3.30      Pool
      Policy

     

    ARTICLE
      IV
      FLOW OF
      FUNDS

     

    SECTION
      4.01      Distributions

    SECTION
      4.02      [Reserved]

    SECTION
      4.03      Statements

    SECTION
      4.04      Remittance
      Reports; Advances

    SECTION
      4.05      Swap
      Account

    SECTION
      4.06      Tax
      Treatment of Swap Payments and Swap Termination Payments

    SECTION
      4.07      Commission
      Reporting

    SECTION
      4.08      Net
      WAC
      Rate Carryover Reserve Account

    SECTION
      4.09      Distributions
      on the REMIC Regular Interests

    SECTION
      4.10      Allocation
      of Realized Losses

     

    ARTICLE
      V
      THE
      CERTIFICATES

     

    SECTION
      5.01      The
      Certificates

    SECTION
      5.02      Registration
      of Transfer and Exchange of Certificates

    SECTION
      5.03      Mutilated,
      Destroyed, Lost or Stolen Certificates

    SECTION
      5.04      Persons
      Deemed Owners

    SECTION
      5.05      Appointment
      of Paying Agent

     

    ARTICLE
      VI
      THE
      SERVICER, THE DEPOSITOR AND THE CREDIT RISK MANAGER

     

    SECTION
      6.01      Liability
      of the Servicer and the Depositor

    SECTION
      6.02      Merger
      or
      Consolidation of, or Assumption of the Obligations of, the Servicer or the
      Depositor

    SECTION
      6.03      Limitation
      on Liability of the Servicer and Others

    SECTION
      6.04      Servicer
      Not to Resign

    SECTION
      6.05      Delegation
      of Duties

    SECTION
      6.06      [Reserved]

    SECTION
      6.07      Inspection

    SECTION
      6.08      Credit
      Risk Manager

     

    ARTICLE
      VII
      DEFAULT

     

    SECTION
      7.01      Servicer
      Events of Termination

    SECTION
      7.02      Trustee
      to Act; Appointment of Successor

    SECTION
      7.03      Waiver
      of
      Defaults

    SECTION
      7.04      Notification
      to Certificateholders

    SECTION
      7.05      Survivability
      of Servicer Liabilities

     

    ARTICLE
      VIII
      THE
      TRUSTEE

     

    SECTION
      8.01      Duties
      of
      Trustee

    SECTION
      8.02      Certain
      Matters Affecting the Trustee

    SECTION
      8.03      Trustee
      Not Liable for Certificates or Mortgage Loans

    SECTION
      8.04      Trustee
      May Own Certificates

    SECTION
      8.05      Trustee
      Compensation, Custodial Fee and Expenses

    SECTION
      8.06      Eligibility
      Requirements for Trustee

    SECTION
      8.07      Resignation
      or Removal of Trustee

    SECTION
      8.08      Successor
      Trustee

    SECTION
      8.09      Merger
      or
      Consolidation of Trustee

    SECTION
      8.10      Appointment
      of Co-Trustee or Separate Trustee

    SECTION
      8.11      Limitation
      of Liability

    SECTION
      8.12      Trustee
      May Enforce Claims Without Possession of Certificates

    SECTION
      8.13      Suits
      for
      Enforcement

    SECTION
      8.14      Waiver
      of
      Bond Requirement

    SECTION
      8.15      Waiver
      of
      Inventory, Accounting and Appraisal Requirement

    SECTION
      8.16      Appointment
      of the Custodian

     

    ARTICLE
      IX
      REMIC
      ADMINISTRATION

     

    SECTION
      9.01      REMIC
      Administration

    SECTION
      9.02      Prohibited
      Transactions and Activities

    SECTION
      9.03      Indemnification
      with Respect to Certain Taxes and Loss of REMIC Status

     

    ARTICLE
      X
      TERMINATION

     

    SECTION
      10.01    Termination

    SECTION
      10.02    Additional
      Termination Requirements

     

    ARTICLE
      XI
      MISCELLANEOUS PROVISIONS

     

    SECTION
      11.01    Amendment

    SECTION
      11.02    Recordation
      of Agreement; Counterparts

    SECTION
      11.03    Limitation
      on Rights of Certificateholders

    SECTION
      11.04    Governing
      Law; Jurisdiction

    SECTION
      11.05    Notices

    SECTION
      11.06    Severability
      of Provisions

    SECTION
      11.07    Article
      and Section References

    SECTION
      11.08    Notice
      to
      the Rating Agencies, the Swap Provider and the NIMS Insurer

    SECTION
      11.09    Further
      Assurances

    SECTION
      11.10    Third
      Party Rights

    SECTION
      11.11    Benefits
      of Agreement

    SECTION
      11.12    Acts
      of
      Certificateholders

    SECTION
      11.13    Intention
      of the Parties and Interpretation

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits:

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class I-A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class II-A-1 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class II-A-2 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class II-A-3 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class II-A-4 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-18

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s/Custodian’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s/Custodian’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              Form
                of Custodial Agreement 

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Limited Power of Attorney

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Form
                of Transfer Affidavit for Residual Certificates

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of ERISA Representation Letter

            
	
              Exhibit
                N-1

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

            
	
              Exhibit
                N-2

            	
              Form
                Certification to be Provided to the Depositor by the
                Trustee

            
	
              Exhibit
                N-3

            	
              Form
                Certification to be Provided to the Depositor by the
                Servicer

            
	
              Exhibit
                O

            	
              Form
                of Pool Policy

            
	
              Exhibit
                P

            	
              Form
                of Annual Statement as to Compliance

            
	
              Exhibit
                Q

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                R

            	
              Form
                of Swap Administration Agreement

            
	
              Exhibit
                S

            	
              Servicing
                Criteria

            
	
              Exhibit
                T

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

            
	
              Schedule
                I

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                II

            	
              Swap
                Payment Schedule

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of May 1, 2006 (the “Agreement”),
      among FINANCIAL ASSET SECURITIES CORP., as depositor (the “Depositor”), OPTION
      ONE MORTGAGE CORPORATION, as servicer (the “Servicer”) and DEUTSCHE BANK
      NATIONAL TRUST COMPANY, as trustee and supplemental interest trust trustee
      (the
“Trustee” and the “Supplemental Interest Trust 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-A-1 Certificates, (ii) the Class
      II-A-1 Certificates, (iii) the Class II-A-2 Certificates, (iv) Class II-A-3
      Certificates, (v) the Class II-A-4 Certificates, (vi) the Class M-1 Certificates
      (vii) the Class M-2 Certificates, (viii) the Class M-3 Certificates, (ix) the
      Class M-4 Certificates, (x) the Class M-5 Certificates, (xi) the Class M-6
      Certificates, (xii) the Class M-7 Certificates, (xiii) the Class M-8
      Certificates, (xiv) the Class M-9 Certificates, (xv) the Class C Certificates,
      (xvi) the Class P Certificates, (xvii) the Class R Certificates and (xviii)
      the
      Class R-X Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

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

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial

              Uncertificated
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              I

            	 	
              Variable
                (2)

            	 	 	
              $
                17,496,713.97 

            	 	
              June
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable
                (2)

            	 	 	
              $
                5,753,132.50 

            	 	
              June
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable
                (2)

            	 	 	
              $
                5,753,132.50 

            	 	
              June
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable
                (2)

            	 	 	
              $
                7,256,463.75 

            	 	
              June
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable
                (2)

            	 	 	
              $
                7,256,463.75 

            	 	
              June
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable
                (2)

            	 	 	
              $
                9,701,115.00 

            	 	
              June
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable
                (2)

            	 	 	
              $
                9,701,115.00 

            	 	
              June
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable
                (2)

            	 	 	
              $
                10,627,846.25 

            	 	
              June
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable
                (2)

            	 	 	
              $
                10,627,846.25 

            	 	
              June
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable
                (2)

            	 	 	
              $
                11,524,808.75 

            	 	
              June
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable
                (2)

            	 	 	
              $
                11,524,808.75 

            	 	
              June
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable
                (2)

            	 	 	
              $
                12,391,703.75 

            	 	
              June
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable
                (2)

            	 	 	
              $
                12,391,703.75 

            	 	
              June
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable
                (2)

            	 	 	
              $
                13,217,382.50 

            	 	
              June
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable
                (2)

            	 	 	
              $
                13,217,382.50 

            	 	
              June
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable
                (2)

            	 	 	
              $
                13,966,521.25 

            	 	
              June
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable
                (2)

            	 	 	
              $
                13,966,521.25 

            	 	
              June
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable
                (2)

            	 	 	
              $
                14,469,140.00 

            	 	
              June
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable
                (2)

            	 	 	
              $
                14,469,140.00 

            	 	
              June
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable
                (2)

            	 	 	
              $
                14,107,172.50 

            	 	
              June
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable
                (2)

            	 	 	
              $
                14,107,172.50 

            	 	
              June
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable
                (2)

            	 	 	
              $
                13,588,531.25 

            	 	
              June
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable
                (2)

            	 	 	
              $
                13,588,531.25 

            	 	
              June
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable
                (2)

            	 	 	
              $
                13,323,730.00 

            	 	
              June
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable
                (2)

            	 	 	
              $
                13,323,730.00 

            	 	
              June
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable
                (2)

            	 	 	
              $
                12,853,521.25 

            	 	
              June
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable
                (2)

            	 	 	
              $
                12,853,521.25 

            	 	
              June
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable
                (2)

            	 	 	
              $
                12,713,747.50 

            	 	
              June
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable
                (2)

            	 	 	
              $
                12,713,747.50 

            	 	
              June
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable
                (2)

            	 	 	
              $
                14,447,738.75 

            	 	
              June
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable
                (2)

            	 	 	
              $
                14,447,738.75 

            	 	
              June
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable
                (2)

            	 	 	
              $
                13,561,303.75 

            	 	
              June
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable
                (2)

            	 	 	
              $
                13,561,303.75 

            	 	
              June
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable
                (2)

            	 	 	
              $
                12,785,518.75 

            	 	
              June
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable
                (2)

            	 	 	
              $
                12,785,518.75 

            	 	
              June
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable
                (2)

            	 	 	
              $
                11,908,905.00 

            	 	
              June
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable
                (2)

            	 	 	
              $
                11,908,905.00 

            	 	
              June
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable
                (2)

            	 	 	
              $
                10,348,202.50 

            	 	
              June
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable
                (2)

            	 	 	
              $
                10,348,202.50 

            	 	
              June
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable
                (2)

            	 	 	
              $
                11,540,486.25 

            	 	
              June
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable
                (2)

            	 	 	
              $
                11,540,486.25 

            	 	
              June
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable
                (2)

            	 	 	
              $
                19,189,106.25 

            	 	
              June
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable
                (2)

            	 	 	
              $
                19,189,106.25 

            	 	
              June
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable
                (2)

            	 	 	
              $
                18,921,380.00 

            	 	
              June
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable
                (2)

            	 	 	
              $
                18,921,380.00 

            	 	
              June
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable
                (2)

            	 	 	
              $
                16,867,867.50 

            	 	
              June
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable
                (2)

            	 	 	
              $
                16,867,867.50 

            	 	
              June
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable
                (2)

            	 	 	
              $
                14,284,730.00 

            	 	
              June
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable
                (2)

            	 	 	
              $
                14,284,730.00 

            	 	
              June
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable
                (2)

            	 	 	
              $
                8,340,720.00 

            	 	
              June
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable
                (2)

            	 	 	
              $
                8,340,720.00 

            	 	
              June
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable
                (2)

            	 	 	
              $
                6,974,502.50 

            	 	
              June
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable
                (2)

            	 	 	
              $
                6,974,502.50 

            	 	
              June
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable
                (2)

            	 	 	
              $
                6,670,391.25 

            	 	
              June
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable
                (2)

            	 	 	
              $
                6,670,391.25 

            	 	
              June
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable
                (2)

            	 	 	
              $
                6,384,757.50 

            	 	
              June
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable
                (2)

            	 	 	
              $
                6,384,757.50 

            	 	
              June
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable
                (2)

            	 	 	
              $
                6,112,287.50 

            	 	
              June
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable
                (2)

            	 	 	
              $
                6,112,287.50 

            	 	
              June
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable
                (2)

            	 	 	
              $
                5,852,255.00 

            	 	
              June
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable
                (2)

            	 	 	
              $
                5,852,255.00 

            	 	
              June
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable
                (2)

            	 	 	
              $
                5,603,773.75 

            	 	
              June
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable
                (2)

            	 	 	
              $
                5,603,773.75 

            	 	
              June
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable
                (2)

            	 	 	
              $
                5,366,286.25 

            	 	
              June
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable
                (2)

            	 	 	
              $
                5,366,286.25 

            	 	
              June
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable
                (2)

            	 	 	
              $
                5,139,355.00 

            	 	
              June
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable
                (2)

            	 	 	
              $
                5,139,355.00 

            	 	
              June
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable
                (2)

            	 	 	
              $
                4,922,025.00 

            	 	
              June
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable
                (2)

            	 	 	
              $
                4,922,025.00 

            	 	
              June
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable
                (2)

            	 	 	
              $
                4,714,528.75 

            	 	
              June
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable
                (2)

            	 	 	
              $
                4,714,528.75 

            	 	
              June
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable
                (2)

            	 	 	
              $
                4,516,440.00 

            	 	
              June
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable
                (2)

            	 	 	
              $
                4,516,440.00 

            	 	
              June
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable
                (2)

            	 	 	
              $
                4,327,101.25 

            	 	
              June
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable
                (2)

            	 	 	
              $
                4,327,101.25 

            	 	
              June
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable
                (2)

            	 	 	
              $
                4,146,092.50 

            	 	
              June
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable
                (2)

            	 	 	
              $
                4,146,092.50 

            	 	
              June
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable
                (2)

            	 	 	
              $
                3,973,048.75 

            	 	
              June
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable
                (2)

            	 	 	
              $
                3,973,048.75 

            	 	
              June
                25, 2036

            	 
	
              I-40-A

            	 	
              Variable
                (2)

            	 	 	
              $
                3,807,596.25 

            	 	
              June
                25, 2036

            	 
	
              I-40-B

            	 	
              Variable
                (2)

            	 	 	
              $
                3,807,596.25 

            	 	
              June
                25, 2036

            	 
	
              I-41-A

            	 	
              Variable
                (2)

            	 	 	
              $
                3,649,391.25 

            	 	
              June
                25, 2036

            	 
	
              I-41-B

            	 	
              Variable
                (2)

            	 	 	
              $
                3,649,391.25 

            	 	
              June
                25, 2036

            	 
	
              I-42-A

            	 	
              Variable
                (2)

            	 	 	
              $
                3,498,125.00 

            	 	
              June
                25, 2036

            	 
	
              I-42-B

            	 	
              Variable
                (2)

            	 	 	
              $
                3,498,125.00 

            	 	
              June
                25, 2036

            	 
	
              I-43-A

            	 	
              Variable
                (2)

            	 	 	
              $
                3,353,476.25 

            	 	
              June
                25, 2036

            	 
	
              I-43-B

            	 	
              Variable
                (2)

            	 	 	
              $
                3,353,476.25 

            	 	
              June
                25, 2036

            	 
	
              I-44-A

            	 	
              Variable
                (2)

            	 	 	
              $
                3,215,138.75 

            	 	
              June
                25, 2036

            	 
	
              I-44-B

            	 	
              Variable
                (2)

            	 	 	
              $
                3,215,138.75 

            	 	
              June
                25, 2036

            	 
	
              I-45-A

            	 	
              Variable
                (2)

            	 	 	
              $
                3,082,832.50 

            	 	
              June
                25, 2036

            	 
	
              I-45-B

            	 	
              Variable
                (2)

            	 	 	
              $
                3,082,832.50 

            	 	
              June
                25, 2036

            	 
	
              I-46-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,956,283.75 

            	 	
              June
                25, 2036

            	 
	
              I-46-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,956,283.75 

            	 	
              June
                25, 2036

            	 
	
              I-47-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,835,231.25 

            	 	
              June
                25, 2036

            	 
	
              I-47-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,835,231.25 

            	 	
              June
                25, 2036

            	 
	
              I-48-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,719,432.50 

            	 	
              June
                25, 2036

            	 
	
              I-48-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,719,432.50 

            	 	
              June
                25, 2036

            	 
	
              I-49-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,608,693.75 

            	 	
              June
                25, 2036

            	 
	
              I-49-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,608,693.75 

            	 	
              June
                25, 2036

            	 
	
              I-50-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,502,832.50 

            	 	
              June
                25, 2036

            	 
	
              I-50-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,502,832.50 

            	 	
              June
                25, 2036

            	 
	
              I-51-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,401,787.50 

            	 	
              June
                25, 2036

            	 
	
              I-51-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,401,787.50 

            	 	
              June
                25, 2036

            	 
	
              I-52-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,305,307.50 

            	 	
              June
                25, 2036

            	 
	
              I-52-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,305,307.50 

            	 	
              June
                25, 2036

            	 
	
              I-53-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,212,431.25 

            	 	
              June
                25, 2036

            	 
	
              I-53-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,212,431.25 

            	 	
              June
                25, 2036

            	 
	
              I-54-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,123,461.25 

            	 	
              June
                25, 2036

            	 
	
              I-54-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,123,461.25 

            	 	
              June
                25, 2036

            	 
	
              I-55-A

            	 	
              Variable
                (2)

            	 	 	
              $
                2,038,327.50 

            	 	
              June
                25, 2036

            	 
	
              I-55-B

            	 	
              Variable
                (2)

            	 	 	
              $
                2,038,327.50 

            	 	
              June
                25, 2036

            	 
	
              I-56-A

            	 	
              Variable
                (2)

            	 	 	
              $
                1,957,076.25 

            	 	
              June
                25, 2036

            	 
	
              I-56-B

            	 	
              Variable
                (2)

            	 	 	
              $
                1,957,076.25 

            	 	
              June
                25, 2036

            	 
	
              I-57-A

            	 	
              Variable
                (2)

            	 	 	
              $
                51,590,613.75 

            	 	
              June
                25, 2036

            	 
	
              I-57-B

            	 	
              Variable
                (2)

            	 	 	
              $
                51,590,613.75 

            	 	
              June
                25, 2036

            	 

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

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

     

    

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              	 	 	
                Initial
                  Uncertificated

                Principal
                  Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                LTAA

              	 	
                Variable(2)

              	 	
                $

              	
                979,999,932.84
                  

              	 	
                June
                  25, 2036

              
	
                LTIA1

              	 	
                Variable(2)

              	 	
                $

              	
                3,212,260.00
                  

              	 	
                June
                  25, 2036

              
	
                LTIIA1

              	 	
                Variable(2)

              	 	
                $

              	
                2,607,890.00
                  

              	 	
                June
                  25, 2036

              
	
                LTIIA2

              	 	
                Variable(2)

              	 	
                $

              	
                757,580.00
                  

              	 	
                June
                  25, 2036

              
	
                LTIIA3

              	 	
                Variable(2)

              	 	
                $

              	
                1,085,170.00
                  

              	 	
                June
                  25, 2036

              
	
                LTIIA4

              	 	
                Variable(2)

              	 	
                $

              	
                377,100.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM1

              	 	
                Variable(2)

              	 	
                $

              	
                725,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM2

              	 	
                Variable(2)

              	 	
                $

              	
                215,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM3

              	 	
                Variable(2)

              	 	
                $

              	
                185,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM4

              	 	
                Variable(2)

              	 	
                $

              	
                175,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM5

              	 	
                Variable(2)

              	 	
                $

              	
                175,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM6

              	 	
                Variable(2)

              	 	
                $

              	
                120,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM7

              	 	
                Variable(2)

              	 	
                $

              	
                100,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM8

              	 	
                Variable(2)

              	 	
                $

              	
                70,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTM9

              	 	
                Variable(2)

              	 	
                $

              	
                95,000.00
                  

              	 	
                June
                  25, 2036

              
	
                LTZZ

              	 	
                Variable(2)

              	 	
                $

              	
                10,099,998.63
                  

              	 	
                June
                  25, 2036

              
	
                LTP

              	 	
                Variable(2)

              	 	
                $

              	
                100.00
                  

              	 	
                June
                  25, 2036

              
	
                LTIO

              	 	
                Variable(2)

              	 	 	
                (3)

              	 	
                June
                  25, 2036

              

      

    

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

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

     

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

     

    

      
        	
                Designation

              	 	 	
                Original
                  Class Certificate

                Principal
                  Balance

              	 	
                Pass-Through
                  Rate

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                Class
                  I-A-1

              	 	
                $

              	
                321,226,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  II-A-1

              	 	
                $

              	
                260,789,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  II-A-2

              	 	
                $

              	
                75,758,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  II-A-3

              	 	
                $

              	
                108,517,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  II-A-4

              	 	
                $

              	
                37,710,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-1

              	 	
                $

              	
                72,500,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-2

              	 	
                $

              	
                21,500,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-3

              	 	
                $

              	
                18,500,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-4

              	 	
                $

              	
                17,500,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-5

              	 	
                $

              	
                17,500,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-6

              	 	
                $

              	
                12,000,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-7

              	 	
                $

              	
                10,000,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-8

              	 	
                $

              	
                7,000,000.00

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  M-9

              	 	
                $

              	
                9,500,000.00
                  

              	 	
                Variable(2)

              	 	
                June
                  25, 2036

              
	
                Class
                  C Interest

              	 	
                $

              	
                9,999,931.47

              	 	
                Variable(4)

              	 	
                June
                  25, 2036

              
	
                Class
                  P Interest

              	 	
                $

              	
                100.00
                  

              	 	
                Variable(5)

              	 	
                June
                  25, 2036

              
	
                Class
                  IO Interest

              	 	 	
                (6)

              	 	
                (7)

              	 	
                June
                  25, 2036

              

      

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

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

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

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

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

    As
      provided herein, the Trustee shall make an election to treat the 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 4.”
The Class R-4 Interest represents the sole class of “residual interests” in
      REMIC 4 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate
      ,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 4 created hereunder:

     

    
      	
              Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                C

            	
              $
                9,999,931.47

            	
              Variable(2)

            	
              June
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

    As
      provided herein, the Trustee shall make an election to treat the 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 5.”
The Class R-5 Interest represents the sole class of “residual interests” in
      REMIC 5 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 5 created hereunder:

     

    
      	
              Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P

            	
              $ 100.00

            	
              Variable(2)

            	
              June
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

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

     

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

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              SWAP
                IO

            	
              N/A

            	
              Variable(2)

            	
              June
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

    
 

    DEFINITIONS

     

    SECTION
      1.01 Defined
      Terms.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Book-Entry
      Certificates”: Any of the Certificates that shall be registered in the name of
      the Depository or its nominee, the ownership of which is reflected on the books
      of the Depository or on the books of a Person maintaining an account with the
      Depository (directly, as a “Depository Participant”, or indirectly, as an
      indirect participant in accordance with the rules of the Depository and as
      described in Section 5.02 hereof). On the Closing Date, the Class A and
      Mezzanine Certificates shall be Book-Entry Certificates.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings institutions in the State of Delaware, the State of Florida, the State
      of New York, the State of Texas, the State of California, the Commonwealth
      of
      Pennsylvania, or in the city in which the Corporate Trust Office of the Trustee
      is located are authorized or obligated by law or executive order to be
      closed.

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

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

     

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

     

    
      	
              Class

            	
              REMIC
                2

              Regular

              Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              I-A-1

            	
              LTIA1

            	
              0.1500%

            	
              0.3000%

            
	
              II-A-1

            	
              LTIIA1

            	
              0.0300%

            	
              0.0600%

            
	
              II-A-2

            	
              LTIIA2

            	
              0.0900%

            	
              0.1800%

            
	
              II-A-3

            	
              LTIIA3

            	
              0.1500%

            	
              0.3000%

            
	
              II-A-4

            	
              LTIIA4

            	
              0.2300%

            	
              0.4600%

            
	
              M-1

            	
              LTM1

            	
              0.2800%

            	
              0.4200%

            
	
              M-2

            	
              LTM2

            	
              0.3100%

            	
              0.4650%

            
	
              M-3

            	
              LTM3

            	
              0.3600%

            	
              0.5400%

            
	
              M-4

            	
              LTM4

            	
              0.3900%

            	
              0.5850%

            
	
              M-5

            	
              LTM5

            	
              0.4600%

            	
              0.6900%

            
	
              M-6

            	
              LTM6

            	
              0.9000%

            	
              1.3500%

            
	
              M-7

            	
              LTM7

            	
              1.2000%

            	
              1.8000%

            
	
              M-8

            	
              LTM8

            	
              2.0000%

            	
              3.0000%

            
	
              M-9

            	
              LTM9

            	
              2.5000%

            	
              3.7500%

            

    

    __________

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

    (2) For
      each
      other Accrual Period.

    

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-15, representing (i) a Regular Interest in
      REMIC 4, (ii) the obligation to pay Net WAC Rate Carryover Amounts and Swap
      Termination Payments and (iii) the right to receive the Class IO Distribution
      Amount.

     

    “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 REMIC Regular
      Interest in REMIC 3.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      M-1/M-2 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date) and (ii) the aggregate Certificate Principal Balance
      of the Class M-1 Certificates and the Class M-2 Certificates immediately prior
      to such Distribution Date over (y) the lesser of (A) the product of (i) 79.60%
      and (ii) the Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

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

     

    “Class
      M-3 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date) and (iv) the Certificate Principal Balance of the Class
      M-3 Certificates immediately prior to such Distribution Date over (y) the lesser
      of (A) the product of (i) 83.30% and (ii) the aggregate Stated Principal Balance
      of the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the related Overcollateralization Floor.

     

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

     

    “Class
      M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date) (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date) and (v) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 86.80% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

    “Class
      M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 90.30% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

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

     

    “Class
      M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 92.70% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

    “Class
      M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 94.70% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

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

     

    “Class
      M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 96.10% 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 related Overcollateralization
      Floor.

     

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

     

    “Class
      M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (x) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 98.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-16, representing a Regular Interest in REMIC
      5.

     

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

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trustee, and authenticated
      and delivered by the Certificate Registrar, substantially in the form annexed
      hereto as Exhibit A-17 and evidencing the ownership of the Class R-1 Interest,
      the Class R-2 Interest and the Class R-3 Interest.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-18 and evidencing the ownership of the Class
      R-4 Interest, the Class R-5 Interest and the Class R-6 Interest.

     

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

     

    “Closing
      Date”: May 26, 2006.

     

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

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.10(a), which shall be entitled “Deutsche Bank National
      Trust Company, as Trustee, in trust for registered Holders of Soundview Home
      Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4,” which must
      be an Eligible Account.

     

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

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at 1761 East St. Andrew Place, Santa Ana, CA
      92705-4934, Attention: Trust Administration- GC06O4, or at such other address
      as
      the Trustee may designate from time to time by notice to the Certificateholders,
      the Depositor, the Servicer and the Originator.

     

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

     

    
      	
              REMIC
                2 Regular Interest

            	
              Regular
                Certificate

            
	
              LTIA1

            	
              Class
                I-A-1

            
	
              LTIIA1

            	
              Class
                II-A-1

            
	
              LTIIA2

            	
              Class
                II-A-2

            
	
              LTIIA3

            	
              Class
                II-A-3

            
	
              LTIIA4

            	
              Class
                II-A-4

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTM8

            	
              Class
                M-8

            
	
              LTM9

            	
              Class
                M-9

            
	
              LTP

            	
              Class
                P

            

    

    

    “Credit
      Risk Management Agreement”: The Credit Risk Management Agreement, dated May 26,
      2006, between the Servicer and the Credit Risk Manager.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Custodial
      Fee Rate”: for any Distribution Date is 0.0050% per annum.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Depositor”:
      Financial Asset Securities Corp., a Delaware corporation, or any successor
      in
      interest.

     

    “Depository”:
      The initial Depository shall be The Depository Trust Company, whose nominee
      is
      Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
      The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(3) of the Uniform Commercial Code of the State of
      New
      York.

     

    “Depository
      Participant”: A broker, dealer, bank or other financial institution or other
      person for whom from time to time a Depository effects book-entry transfers
      and
      pledges of securities deposited with the Depository.

     

    “Determination
      Date”: With respect to any Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.

     

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

     

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

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b) which shall be entitled “Distribution Account,
      Deutsche Bank National Trust Company, as Trustee, in trust for the registered
      Certificateholders of Soundview Home Loan Trust 2006-OPT4, Asset-Backed
      Certificates, Series 2006-OPT4” and which must be an Eligible
      Account.

     

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

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under the terms of which the Monthly Payment for such Mortgage Loan was
      due
      on a day other than the first day of the calendar month in which such
      Distribution Date occurs, the day during the related Due Period on which such
      Monthly Payment was due), exclusive of any days of grace.

     

    “Due
      Period”: With respect to any Distribution Date, the period commencing on the
      second day of the month preceding the month in which such Distribution Date
      occurs and ending on the first day of the month in which such Distribution
      Date
      occurs.

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated A-1+ by S&P,
      F-1 by Fitch and P-1 by Moody’s (or comparable ratings if S&P, Fitch and
      Moody’s are not the Rating Agencies) at the time any amounts are held on deposit
      therein, (ii) an account or accounts the deposits in which are fully insured
      by
      the FDIC up to the insured amount, (iii) a trust account or accounts maintained
      with the trust department of a federal or state chartered depository
      institution, national banking association or trust company acting in its
      fiduciary capacity or (iv) an account otherwise acceptable to each Rating Agency
      without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trustee
      and
      the NIMS Insurer. Eligible Accounts may bear interest.

     

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

     

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

     

    “Escrow
      Payments”: The amounts constituting ground rents, taxes, assessments, water
      rates, fire and hazard insurance premiums and other payments required to be
      escrowed by the Mortgagor with the mortgagee pursuant to any Mortgage
      Loan.

     

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

     

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

     

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

     

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor thereto.

     

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

     

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

     

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

     

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

     

    “Floating
      Rate Certificates”: Any Class A Certificate or Mezzanine
      Certificate.

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) Swap LIBOR, (ii) a notional amount equal to the lesser of
      (a)
      the related Base Calculation Amount (as
      defined in the Interest Rate Swap Agreement)
      and (b)
      1/250 multiplied by the aggregate Certificate Principal Balance of the Floating
      Rate Certificates for such Distribution Date, (iii) 250 and (iv) a fraction,
      the
      numerator of which is the actual number of days elapsed from and including
      the
      previous Floating Rate Payer Payment Date (as defined in the Interest Rate
      Swap
      Agreement) to but excluding the current Floating Rate Payer Payment Date (or,
      for the first Floating Rate Payer Payment Date, the actual number of days
      elapsed from the Closing Date to but excluding the first Floating Rate Payer
      Payment Date), and the denominator of which is 360.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I with a Stated Principal
      Balance at origination that conforms to Fannie Mae and Freddie Mac loan limits.
      The aggregate principal balance of the Group I Mortgage Loans as of the Cut-off
      Date is equal to $399,534,521.12.

     

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

     

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

     

    “Group
      I
      Senior Principal Distribution Amount”: The excess of (x) the Certificate
      Principal Balance of the Group I Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 60.80% and
      (ii)
      the aggregate Stated Principal Balance of the Group I Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group I Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

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

     

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

     

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

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II with a Stated
      Principal Balance at origination that may or may not conform to Fannie Mae
      and
      Freddie Mac loan limits. The aggregate principal balance of the Group II
      Mortgage Loans as of the Cut-off Date is equal to $600,465,510.35.

     

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

     

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

     

    “Group
      II
      Senior Principal Distribution Amount”: The excess of (x) the aggregate
      Certificate Principal Balance of the Group II Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 60.80%
      and
      (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Group II Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of May 26, 2006 (together with the schedule thereto, the Master
      Agreement) between the Swap Provider and the Trustee (in its capacity as
      Supplemental Interest Trust Trustee).

     

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

     

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

     

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

     

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

     

    Notwithstanding
      the foregoing, LIBOR for the Class A and Floating Rate Certificates for the
      first Accrual Period will be 5.0837% per annum.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Losses”:
      As defined in Section 9.03.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Mortgage
      Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of May
      16, 2006, among the Originator, the Sellers and the Depositor.

     

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

     

    (1) the
      Mortgage Loan identifying number;

     

    (2) [reserved];

     

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

     

    
      	 	
              (4)

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

            

    

     

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

     

    (6) the
      original months to maturity;

     

    
      	 	
              (7)

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

            

    

     

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

     

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

     

    
      	 	
              (10)

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

            

    

     

    (11) the
      stated maturity date;

     

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

     

    
      	 	
              (13)

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

            

    

     

    
      	 	
              (14)

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

            

    

     

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

     

    
      	 	
              (16)

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

            

    

     

    
      	 	
              (17)

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

            

    

     

    (18) the
      Mortgage Rate at origination;

     

    
      	 	
              (19)

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

            

    

     

    (20) the
      risk
      grade;

     

    (21) the
      Value
      of the Mortgaged Property;

     

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

     

    
      	 	
              (23)

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

            

    

     

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

     

    
      	 	
              (25)

            	
              with
                respect to any Adjustable-Rate Mortgage Loan, the rounding code,
                the
                Minimum Mortgage Rate, the Maximum Mortgage Rate, the Gross Margin,
                the
                next Adjustment Date and the Periodic Rate
                Cap;

            

    

     

    (26) the
      program code;

     

    (27) the
      Loan
      Group; and

     

    (28) the
      lien
      priority.

     

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

     

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

     

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

     

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

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of related Mortgaged Property (including REO Property) the related
      Liquidation Proceeds and Insurance Proceeds net of Advances, Servicing Advances,
      Servicing Fees and any other accrued and unpaid servicing fees or ancillary
      income received and retained in connection with the liquidation of such Mortgage
      Loan or Mortgaged Property.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 4.08.

     

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

     

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

     

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

     

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

     

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

     

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      or by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of the Servicer, the Originator or the Depositor, as
      applicable.

     

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

     

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

     

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

     

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

     

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

     

    “Overcollateralization
      Floor”: With respect to the Group I Certificates, $1,997,672.61. With respect to
      the Group II Certificates, $3,002,327.55. With respect to the Mezzanine
      Certificates, $5,000,000.16.

     

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

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date (x) prior to the Stepdown
      Date, an amount equal to 1.00% of the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date and (y) on or after the Stepdown Date
      provided a Trigger Event is not in effect, the greater of (A) 2.00% of 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) 0.50% of the aggregate Principal Balance of the Mortgage Loans
      as of the Cut-off Date; and (z) on
      or
      after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date.
      Notwithstanding the foregoing, on and after any Distribution Date following
      the
      reduction of the aggregate Certificate Principal Balance of the Class A and
      Mezzanine Certificates to zero, the Overcollateralization Target Amount shall
      be
      zero.

     

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

     

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

     

    “Pass-Through
      Rate”: With respect to the Floating Rate Certificates and any Distribution Date,
      the lesser of (a) the related Formula Rate and (b) the Net WAC Rate for such
      Distribution Date. 

     

    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
      (x)
      the sum of (i) 100% of the interest on REMIC 2 Regular Interest LTP and (ii)
      interest on the Uncertificated Balance of each REMIC 2 Regular Interest listed
      in clause (y) at a rate equal to the related Uncertificated REMIC 2 Pass-Through
      Rate minus the Marker Rate and the denominator of which is (y) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interests LTAA, LTIA1,
      LTIIA1, LTIIA2, LTIIA3, LTIIA4, LTM1, LTM2, LTM3, LTM4, LTM5, LTM6, LTM7, LTM8,
      LTM9 and LTZZ.

     

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

     

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

     

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

     

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

     

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

     

    “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 represented by such Certificate and the
      denominator of which is the Original Class Certificate Principal Balance of
      the
      related Class. With respect to a Residual Certificate, the portion of the Class
      evidenced thereby, expressed as a percentage, as stated on the face of such
      Certificate; provided, however, that the sum of all such percentages for each
      such 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 Servicer, the NIMS Insurer, the Trustee
      or any of their respective Affiliates or for which an Affiliate of the NIMS
      Insurer or Trustee serves as an advisor:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    provided,
      that no instrument described hereunder shall evidence either the right to
      receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations.

     

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

     

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

     

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

     

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

     

    “Pool
      Insurer”: MGIC Insurance Corporation, a Wisconsin private mortgage insurance
      corporation, or any successor in interest.

     

    “Pool
      Policy”: The mortgage pool insurance policy dated the Closing Date and issued by
      the Pool Insurer.

     

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

     

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

     

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

     

    (viii) the
      Mortgage Loan identifying number;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the portion
      of the related Prepayment Period occurring from the first day of the related
      Prepayment Period through the last day of the calendar month preceding the
      month
      in which such Distribution Date occurs, an amount equal to one-month’s interest
      at the applicable Net Mortgage Rate less any payments made by the
      Mortgagor.

     

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

     

    “Principal
      Balance”: As to any Mortgage Loan other than a Liquidated Mortgage Loan, and any
      day, the related Cut-off Date Principal Balance, minus all collections credited
      against the Cut-off Date Principal Balance of any such Mortgage Loan. For
      purposes of this definition, a Liquidated Mortgage Loan shall be deemed to
      have
      a Principal Balance equal to the Principal Balance of the related Mortgage
      Loan
      as of the final recovery of related Liquidation Proceeds and a Principal Balance
      of zero thereafter. As to any REO Property and any day, the Principal Balance
      of
      the related Mortgage Loan immediately prior to such Mortgage Loan becoming
      REO
      Property minus any REO Principal Amortization received with respect thereto
      on
      or prior to such day.

     

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

     

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

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated May 16, 2006 relating to
      the public offering of the Class A Certificates and the Mezzanine Certificates
      (other than the Class M-9 Certificates).

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Reimbursement
      amount”: As defined in Section 3.29.

     

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

     

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

     

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

     

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

     

    “REMIC
      1
      Regular Interests”: Any of the separate non-certificated beneficial ownership
      interests in REMIC 1 issued hereunder and designated as a “regular interest” in
      REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related
      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
      2
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and related REO Properties then outstanding and (ii) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTAA
      minus
      the Marker Rate, divided by (b) 12.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “SEC”:
      Securities and Exchange Commission. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Servicing
      Standard”: As defined in Section 3.01.

     

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

     

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

     

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

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date on which the aggregate
      Certificate Principal Balance of the Class A Certificates have been reduced
      to
      zero and (ii) the later to occur of (x) the Distribution Date occurring in
      June
      2009 and (y) the first Distribution Date on which the Senior Credit Enhancement
      Percentage (calculated for this purpose only after taking into account payments
      of principal on the Mortgage Loans but prior to distribution of the Group I
      Principal Distribution Amount and the Group II Principal Distribution Amount
      to
      the Certificates then entitled to distributions of principal on such
      Distribution Date) is equal to or greater than 39.20%.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Supplemental
      Interest Trust Trustee”: Deustsche Bank National Trust Company, a national
      banking association, not in its individual capacity but solely in its capacity
      as supplemental interest Trust Trustee, and any successor thereto.

     

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

     

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

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amount of REMIC 6 Regular
      Interest SWAP IO and the scheduled notional amount pursuant to the Swap
      Administration Agreement.

     

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

     

    “Swap
      Provider”: Wachovia Bank, N.A..

     

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

     

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

     

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

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of the REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      by
      the Trustee on behalf of each REMIC, together with any and all other information
      reports or returns that may be required to be furnished to the
      Certificateholders or filed with the Internal Revenue Service or any other
      governmental taxing authority under any applicable provisions of federal, state
      or local tax laws.

     

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

     

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

     

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

     

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

     

    (b) the
      Delinquency
      Percentage exceeds
      39.20% of the Senior Credit Enhancement Percentage; or

     

    (c) the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (reduced by the aggregate amount of
      Subsequent Recoveries received since the Cut-off Date through the last day
      of
      the related Due Period) divided by the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date (the “Realized Loss
      Percentage”):

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              June
                2008 through May 2009

            	
              1.75%
                for the first month, plus an additional 1/12th
                of
                2.20% for each month thereafter.

            
	
              June
                2009 through May 2010

            	
              3.95%
                for the first month, plus an additional 1/12th
                of
                2.25% for each month thereafter.

            
	
              June
                2010 through May 2011

            	
              6.20%
                for the first month, plus an additional 1/12th
                of
                1.80% for each month thereafter.

            
	
              June
                2011 through May 2012

            	
              8.00%
                for the first month, plus an additional 1/12th
                of
                0.95% for each month thereafter.

            
	
              June
                2012 through May 2013

            	
              8.95%
                for the first month, plus an additional 1/12th
                of
                0.05% for each month thereafter.

            
	
              June
                2013 and thereafter

            	
              9.00%
                for each month.

            

    

    

    “Trust”:
      Soundview Home Loan Trust 2006-OPT4, the trust created hereunder.

     

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

     

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

     

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

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
      of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest
      will be reduced by any Net Prepayment Interest Shortfalls, Relief Act Interest
      Shortfalls (allocated to such REMIC Regular Interests based on their respective
      entitlements to interest irrespective of any Net Prepayment Interest Shortfalls
      and Relief Act Interest Shortfalls for such Distribution Date).

     

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interests

            
	
              1st
                through 2nd

            	
              I-1-A
                through I-57-A

            
	
              3

            	
              I-2-A
                through I-57-A

            
	
              4

            	
              I-3-A
                through I-57-A

            
	
              5

            	
              I-4-A
                through I-57-A

            
	
              6

            	
              I-5-A
                through I-57-A

            
	
              7

            	
              I-6-A
                through I-57-A

            
	
              8

            	
              I-7-A
                through I-57-A

            
	
              9

            	
              I-8-A
                through I-57-A

            
	
              10

            	
              I-9-A
                through I-57-A

            
	
              11

            	
              I-10-A
                through I-57-A

            
	
              12

            	
              I-11-A
                through I-57-A

            
	
              13

            	
              I-12-A
                through I-57-A

            
	
              14

            	
              I-13-A
                through I-57-A

            
	
              15

            	
              I-14-A
                through I-57-A

            
	
              16

            	
              I-15-A
                through I-57-A

            
	
              17

            	
              I-16-A
                through I-57-A

            
	
              18

            	
              I-17-A
                through I-57-A

            
	
              19

            	
              I-18-A
                through I-57-A

            
	
              20

            	
              I-19-A
                through I-57-A

            
	
              21

            	
              I-20-A
                through I-57-A

            
	
              22

            	
              I-21-A
                through I-57-A

            
	
              23

            	
              I-22-A
                through I-57-A

            
	
              24

            	
              I-23-A
                through I-57-A

            
	
              25

            	
              I-24-A
                through I-57-A

            
	
              26

            	
              I-25-A
                through I-57-A

            
	
              27

            	
              I-26-A
                through I-57-A

            
	
              28

            	
              I-27-A
                through I-57-A

            
	
              29

            	
              I-28-A
                through I-57-A

            
	
              30

            	
              I-29-A
                through I-57-A

            
	
              31

            	
              I-30-A
                through I-57-A

            
	
              32

            	
              I-31-A
                through I-57-A

            
	
              33

            	
              I-32-A
                through I-57-A

            
	
              34

            	
              I-33-A
                through I-57-A

            
	
              35

            	
              I-34-A
                through I-57-A

            
	
              36

            	
              I-35-A
                through I-57-A

            
	
              37

            	
              I-36-A
                through I-57-A

            
	
              38

            	
              I-37-A
                through I-57-A

            
	
              39

            	
              I-38-A
                through I-57-A

            
	
              40

            	
              I-39-A
                through I-57-A

            
	
              41

            	
              I-40-A
                through I-57-A

            
	
              42

            	
              I-41-A
                through I-57-A

            
	
              43

            	
              I-42-A
                through I-57-A

            
	
              44

            	
              I-43-A
                through I-57-A

            
	
              45

            	
              I-44-A
                through I-57-A

            
	
              46

            	
              I-45-A
                through I-57-A

            
	
              47

            	
              I-46-A
                through I-57-A

            
	
              48

            	
              I-47-A
                through I-57-A

            
	
              49

            	
              I-48-A
                through I-57-A

            
	
              50

            	
              I-49-A
                through I-57-A

            
	
              51

            	
              I-50-A
                through I-57-A

            
	
              52

            	
              I-51-A
                through I-57-A

            
	
              53

            	
              I-52-A
                through I-57-A

            
	
              54

            	
              I-53-A
                through I-57-A

            
	
              55

            	
              I-54-A
                through I-57-A

            
	
              56

            	
              I-55-A
                through I-57-A

            
	
              57

            	
              I-56-A
                and I-57-A

            
	
              58

            	
              I-57-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

    “Uncertificated
      Principal Balance”: With
      respect to each REMIC Regular Interest, the 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 4.08 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.08, and the Uncertificated Principal Balance
      of
      REMIC Regular Interest LTZZ shall be increased by interest deferrals as provided
      in Section 4.08. With respect to the Class C Interest as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates and the Class P Certificates then outstanding. The
      Uncertificated Principal Balance of each REMIC Regular Interest that has an
      Uncertificated Principal Balance shall never be less than zero.

     

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

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I, a per
      annum rate equal to the weighted average Net Mortgage Rate of the Mortgage
      Loans. With respect to each REMIC 1 Regular Interest ending with the designation
      “A”, a per annum rate equal to the weighted average Net Mortgage Rate of the
      Mortgage Loans multiplied by 2, subject to a maximum rate of 10.9100%. With
      respect to each REMIC 1 Regular Interest ending with the designation “B”, the
      greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied
      by the weighted average Net Mortgage Rate of the Mortgage Loans over (ii)
      10.9100% and (y) 0.00%.

     

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	
              I-1-A
                through I-57-A

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

            
	
              3

            	
              I-2-A
                through I-57-A

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

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	
              I-3-A
                through I-57-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	
              I-4-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	
              I-5-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	
              I-6-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	
              I-7-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	
              I-8-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	
              I-9-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	
              I-10-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-11-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-12-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-13-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-14-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-15-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-16-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-17-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-18-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-19-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-20-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-21-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-22-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-23-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-24-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-25-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-26-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-27-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-28-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-29-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-30-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-31-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              I-32-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              I-33-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              I-34-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              I-35-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	
              I-36-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              I-37-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-38-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-39-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-40-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-41-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-42-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-43-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-44-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	
              I-45-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	
              I-46-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	
              I-47-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	
              I-48-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	
              I-49-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	
              I-50-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	
              I-51-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	
              I-52-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              54

            	
              I-53-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              55

            	
              I-54-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-53-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              56

            	
              I-55-A
                through I-57-A

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

            
	 	
              I-1-A
                through I-54-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              57

            	
              I-56-A
                and I-57-A

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

            
	 	
              I-1-A
                through I-55-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              58

            	
              I-57-A

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

            
	 	
              I-1-A
                through I-56-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LTIO and (a) the first Distribution Date,
      the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates
      for REMIC 1 Regular Interests ending with the designation “A” and (b) the second
      Distribution Date through the 58th Distribution Date, the excess of (i) the
      weighted average of the Uncertificated REMIC 1 Pass-Through Rates for REMIC
      1
      Regular Interests ending with the designation “A”, over (ii) 2 multiplied by
      Swap LIBOR and (c) thereafter, 0.00%. 

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.14.

     

    “United
      States Person” or “U.S. Person”: A citizen or resident of the United States, a
      corporation, partnership (or other entity treated as a corporation or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States, any state thereof, or the District
      of Columbia (except in the case of a partnership, to the extent provided in
      Treasury Regulations) provided that, for purposes solely of the restrictions
      on
      the transfer of Residual Certificates, no partnership or other entity treated
      as
      a partnership for United States federal income tax purposes shall be treated
      as
      a United States Person unless all persons that own an interest in such
      partnership either directly or through any entity that is not a corporation
      for
      United States federal income tax purposes are required by the applicable
      operative agreement to be United States Persons, or an estate the income of
      which from sources without the United States is includible in gross income
      for
      United States federal income tax purposes regardless of its connection with
      the
      conduct of a trade or business within the United States, or a trust if a court
      within the United States is able to exercise primary supervision over the
      administration of the trust and one or more United States persons have authority
      to control all substantial decisions of the trust. The term “United States”
shall have the meaning set forth in Section 7701 of the Code or successor
      provisions.

     

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

     

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

     

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

     

    SECTION
      1.02 Accounting.

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    SECTION
      1.03 Allocation
      of Certain Interest Shortfalls.

     

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

     

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

     

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

     

    SECTION
      1.04 Rights
      of
      the NIMS Insurer.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01 Conveyance
      of Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse for the benefit of the Certificateholders all the right, title and
      interest of the Depositor, including any security interest therein for the
      benefit of the Depositor, in and to (i) each Mortgage Loan identified on the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon on and after the Cut-off Date and all collections
      in respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) the rights of the Depositor under the
      Mortgage Loan Purchase Agreement, (v) payments made to the Trustee by the Swap
      Administrator under the Swap Administration Agreement and the Swap Account,
      (vi)
      all other assets included or to be included in the Trust Fund and (vii) all
      proceeds of any of the foregoing. Such assignment includes all interest and
      principal due and collected by the Depositor or the Servicer after the Cut-off
      Date with respect to the Mortgage Loans.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    The
      Trustee agrees to execute and deliver (or cause the Custodian to execute and
      deliver) and to the Depositor on or prior to the Closing Date an acknowledgment
      of receipt of the original Mortgage Note (with any exceptions noted),
      substantially in the form attached as Exhibit F-3 hereto.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      2.02 Acceptance
      by Trustee.

     

    Subject
      to the provisions of Section 2.01 and subject to the review described below
      and
      any exceptions noted on the exception report described in the next paragraph
      below, the Trustee acknowledges receipt by it or the Custodian on its behalf
      of
      the documents referred to in Section 2.01 above and all other assets included
      in
      the definition of “Trust Fund” and declares that it (or the Custodian on its
      behalf) holds and will hold such documents and the other documents delivered
      to
      it constituting a Mortgage File, and that it holds or will hold all such assets
      and such other assets included in the definition of “Trust Fund” in trust for
      the exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees that it (or a Custodian will agree on its behalf) shall, for
      the
      benefit of the Certificateholders, review, or that it or a Custodian on its
      behalf has reviewed pursuant to Section 2.01 each Mortgage File on or prior
      to
      the Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage Loan, within 45 days after the
      assignment thereof). The Trustee further agrees that it or a Custodian on its
      behalf shall, for the benefit of the Certificateholders, certify to the
      Depositor and the Servicer (with
      a
      copy to the NIMS Insurer)
      in
      substantially the form attached hereto as Exhibit F-1, within 45 days after
      the
      Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage, within 45 days after the
      assignment thereof) that, as to each Mortgage Loan listed in the respective
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents required to be
      delivered to it (or the Custodian on its behalf) pursuant to Section 2.01 of
      this Agreement are in its possession, (ii) such documents have been reviewed
      by
      it (or the Custodian on its behalf) and have not been mutilated, damaged or
      torn
      and appear on their face to relate to such Mortgage Loan and (iii) based on
      its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1) and (3) of the Mortgage
      Loan Schedule accurately reflects information set forth in the Mortgage File.
      It
      is herein acknowledged that, in conducting such review, the Trustee (or the
      Custodian, as applicable) is under no duty or obligation to inspect, review
      or
      examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, legally enforceable, valid or binding or
      appropriate for the represented purpose or that they have actually been recorded
      or that they are other than what they purport to be on their face.

     

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

     

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

     

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

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

     

    SECTION
      2.03 Repurchase
      or Substitution of Mortgage Loans by the Originator.

     

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

     

    (b) Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation, warranty or covenant of the
      Depositor set forth in Section 2.06, which materially and adversely affects
      the
      interests of the Certificateholders in any Mortgage Loan, the Depositor shall
      cure such breach in all material respects. It is understood by the parties
      hereto that a breach of the representations and warranties made in Section
      2.06
      (x), (xi), (xii), (xiii) and (xiv) shall be deemed to materially and adversely
      affect the interests of the Certificateholders in the related Mortgage Loan.
      

     

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

     

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

     

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

     

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

     

    (e) Upon
      discovery by the Depositor, the Servicer, the NIMS Insurer or the Trustee that
      any Mortgage Loan does not constitute a “qualified mortgage” within the meaning
      of Section 860G(a)(3) of the Code, the party discovering such fact shall within
      two Business Days give written notice thereof to the other parties hereto.
      In
      connection therewith, the Originator or the Depositor, as the case may be,
      shall
      repurchase or, subject to the limitations set forth in Section 2.03(d),
      substitute one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made (i) by the Originator if the affected Mortgage Loan’s
      status as a non-qualified mortgage is or results from a breach of any
      representation, warranty or covenant made by the Originator under the Mortgage
      Loan Purchase Agreement or (ii) the Depositor, if the affected Mortgage Loan’s
      status as a non-qualified mortgage is a breach of any representation or warranty
      of the Depositor set forth in Section 2.06, or if its status as a non-qualified
      mortgage is a breach of no representation or warranty. Any such repurchase
      or
      substitution shall be made in the same manner as set forth in Section 2.03(a)
      or
      2.03(d), if made by the Originator, or Section 2.03(b), if made by the
      Depositor. The Trustee (or the Custodian on behalf of the Trustee) shall
      reconvey to the Depositor or the Originator, as the case may be, the Mortgage
      Loan to be released pursuant hereto in the same manner, and on the same terms
      and conditions, as it would a Mortgage Loan repurchased for breach of a
      representation or warranty.

     

    (f) In
      addition to the foregoing, to the extent of a breach of the representation
      of
      the Depositor set forth in Section 2.06(x), the Depositor shall repurchase
      or,
      subject to the limitations set forth in Section 2.03(d), substitute one or
      more
      Qualified Substitute Mortgage Loans for the affected Mortgage Loan within 90
      days of the earlier of discovery or receipt of such notice with respect to
      such
      affected Mortgage Loan. The Depositor acknowledges that a breach of the
      representation set forth in Section 2.06(x) will be deemed to materially
      adversely affect the interests of the Certificateholders and shall require
      a
      repurchase of the affected Mortgage Loan.

     

    SECTION
      2.04 Intentionally
      Omitted.

     

    SECTION
      2.05 Representations,
      Warranties and Covenants of the Servicer.

     

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

     

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

     

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

     

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

     

    (iv) [Reserved];

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      2.06 Representations
      and Warranties of the Depositor.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vii) The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or, to the knowledge of the Depositor, constitute a default under, any
      indenture, mortgage, deed of trust, loan agreement or other agreement or
      instrument to which the Depositor is a party or by which the Depositor is bound
      or to which any of the property or assets of the Depositor is subject, nor
      will
      such actions result in any violation of the provisions of the articles of
      incorporation or by-laws of the Depositor or, to the best of the Depositor’s
      knowledge without independent investigation, any statute or any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Depositor or any of its properties or assets (except for such conflicts,
      breaches, violations and defaults as would not have a material adverse effect
      on
      the ability of the Depositor to perform its obligations under this
      Agreement);

     

    (viii) To
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or Blue Sky laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    (ix) There
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement. 

     

    SECTION
      2.07 Issuance
      of Certificates.

     

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

     

    SECTION
      2.08 [Reserved].

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    SECTION
      3.01 Servicer
      to Act as Servicer.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.03 Successor
      Sub-Servicers.

     

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

     

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

     

    SECTION
      3.04 Liability
      of the Servicer.

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.07 Collection
      of Certain Mortgage Loan Payments.

     

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

     

    SECTION
      3.08 Sub-Servicing
      Accounts.

     

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

     

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

     

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

     

    SECTION
      3.10 Collection
      Account and Distribution Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.11 Withdrawals
      from the Collection Account and Distribution Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ix) to
      pay
      itself any Prepayment Interest Excess;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ii) [Reserved];

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.13 [Reserved].

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.16 Realization
      Upon Defaulted Mortgage Loans.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.17 Trustee
      to Cooperate; Release of Mortgage Files.

     

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

     

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

     

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

     

    SECTION
      3.18 Servicing
      Compensation.

     

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

     

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

     

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

     

    SECTION
      3.19 Reports
      to the Trustee; Collection Account Statements.

     

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

     

    SECTION
      3.20 Statement
      as to Compliance.

     

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

     

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

     

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

     

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

     

    SECTION
      3.21 Assessments
      of Compliance and Attestation Reports.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.23 Title,
      Management and Disposition of REO Property.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.25 [Reserved].

     

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

     

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

     

    SECTION
      3.27 Solicitations.

     

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

     

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

    

    SECTION
      3.28 [Reserved].

     

    SECTION
      3.29 Advance
      Facility.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.30 Pool
      Policy

     

    The
      Servicer shall prepare and file on a timely basis with the Pool Insurer, all
      claims which may be made under the Pool Policy with respect to the covered
      Mortgage Loans. The Servicer shall enforce the obligations of the Servicer
      to
      take all actions required under the Pool Policy as a condition to the payment
      of
      any such claim. The Trustee agrees to hold the Pool Policy, substantially in
      the
      form attached as Exhibit O hereto. Upon termination of the Trust Fund pursuant
      to Section 10.01 or expiration of the Pool Policy, the Trustee will return
      the
      Pool Policy to the Pool Insurer.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

     

    FLOW
      OF
      FUNDS

     

    SECTION
      4.01 Distributions.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xii) to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xiii) to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xiv) to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xv) to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (xvi) to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, first, to the Holders of the Class II-A-1
      Certificates, until the Certificate Principal Balance of the Class II-A-1
      Certificates has been reduced to zero; second, to the Holders of the Class
      II-A-2 Certificates, until the Certificate Principal Balance of the Class II-A-2
      Certificates has been reduced to zero; third,
      to
      the Holders of the Class II-A-3 Certificates, until the Certificate Principal
      Balance of the Class II-A-3 Certificates has been reduced to zero
      and
      fourth, to the Holders of the Class II-A-4 Certificates, until the Certificate
      Principal Balance of the Class II-A-4 Certificates has been reduced to zero;
      provided, however, on any Distribution Date on which the aggregate Certificate
      Principal Balance of the Mezzanine Certificates and the Class C Certificates
      has
      been reduced to zero, all principal distributions will be distributed
      concurrently, to the Holders of the Class A Certificates, on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such Class.

     

    (c) On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
      follows:

     

    (i) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Group I Principal Distribution Amount and/or the Group II Principal Distribution
      Amount as described under Section 4.01(b) above;

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates and Class M-9
      Certificates in that order, in each case, first, up to the Unpaid Interest
      Shortfall Amount for each such Class and second, up to the Allocated Realized
      Loss Amount, for each such Class;

     

    (iii) to
      the
      Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
      Amounts, without taking into account amounts, if any, received under the
      Interest Rate Swap Agreement;

     

    (iv) to
      the
      Supplemental Interest Trust Trustee for payment to the Swap Provider, any Swap
      Termination Payments resulting from a Swap Provider Trigger Event;

     

    (v) to
      the
      Holders of the Class C Certificates, (a) the Monthly Interest Distributable
      Amount for such Distribution Date and any Overcollateralization Release Amount
      for such Distribution Date and (b) on any Distribution Date on which the
      Certificate Principal Balances of the Class A and Mezzanine Certificates have
      been reduced to zero, any remaining amounts in reduction of the Certificate
      Principal Balance of the Class C Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (vi) if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero; and

     

    (vii) any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      Class R-3 Interest).

     

    (d) On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trustee shall withdraw from the Net WAC Rate Carryover Reserve
      Account, to the extent of amounts remaining on deposit therein, the aggregate
      of
      any Net WAC Rate Carryover Amounts for such Distribution Date and distribute
      such amount in the following order of priority:

     

    (i) concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, on a pro
      rata
      basis
      based on the Net WAC Rate Carryover Amount for each such Class; and

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates and Class M-9 Certificates in that order, the related Net WAC
      Rate
      Carryover Amount.

     

    (e) On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
      Reserve Account as set forth above, the Trustee shall distribute the amount
      on
      deposit in the Swap Account as follows:

     

    (i) to
      the
      Supplemental Interest Trust Trustee for payment to the Swap Provider, any Net
      Swap Payment owed to the Swap Provider pursuant to the Interest Rate Swap
      Agreement for such Distribution Date;

     

    (ii) to
      the
      Supplemental Interest Trust Trustee for payment to the Swap Provider, any Swap
      Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger
      Event pursuant to the Interest Rate Swap Agreement;

     

    (iii) concurrently,
      to each Class of Class A Certificates, the related Monthly Interest
      Distributable Amount and Unpaid Interest Shortfall Amount remaining
      undistributed after the distributions of the Group I Interest Remittance Amount
      and the Group II Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Monthly Interest Distributable Amount and
      Unpaid Interest Shortfall Amount;

     

    (iv) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8 and Class M-9 Certificates, in that order, the related Monthly
      Interest Distributable Amount and Unpaid Interest Shortfall Amount, to the
      extent remaining undistributed after the distributions of the Group I Interest
      Remittance Amount, the Group II Interest Remittance Amount and the Net Monthly
      Excess Cashflow;

     

    (v) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Group I Principal Distribution Amount and/or the Group II Principal Distribution
      Amount, after taking into account distributions made pursuant to Section
      4.01(a)(4)(i);

     

    (vi) sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8 and Class M-9 Certificates, in that order, in each case up to
      the
      related Allocated Realized Loss Amount related to such Certificates for such
      Distribution Date remaining undistributed after distribution of the Net Monthly
      Excess Cashflow;

     

    (vii) concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed after distributions are made
      from
      the Net WAC Rate Carryover Reserve Account, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining; 

     

    (viii) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8 and Class M-9 Certificates, in that order, the related Net WAC
      Rate Carryover Amount, to the extent remaining undistributed after distributions
      are made from the Net WAC Rate Carryover Reserve Account; and

     

    (ix) any
      remaining amounts to the Holders of the Class C Certificates.

     

    (f) On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and any Servicer
      Prepayment Charge Payment Amounts paid by the Servicer during the related
      Prepayment Period will be withdrawn from the Distribution Account and
      distributed by the Trustee to the Holders of the Class P Certificates and shall
      not be available for distribution to the Holders of any other Class of
      Certificates. The payment of the foregoing amounts to the Holders of the Class
      P
      Certificates shall not reduce the Certificate Principal Balances
      thereof.

     

    (g) The
      Trustee shall make distributions in respect of a Distribution Date to each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 respecting the final distribution), in the case of
      Certificateholders of the Regular Certificates, by check or money order mailed
      to such Certificateholder at the address appearing in the Certificate Register,
      or by wire transfer. Distributions among Certificateholders shall be made in
      proportion to the Percentage Interests evidenced by the Certificates held by
      such Certificateholders.

     

    (h) Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Servicer shall have
      any
      responsibility therefor except as otherwise provided by applicable
      law.

     

    On
      each
      Distribution Date, following the foregoing distributions, an amount equal to
      the
      amount of Subsequent Recoveries deposited into the Collection Account pursuant
      to Section 3.10 shall be applied to increase the Certificate Principal Balance
      of the Class of Certificates with the Highest Priority up to the extent of
      such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. Holders of such Certificates will not be entitled to any
      distribution in respect of interest on the amount of such increases for any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (i) It
      is the
      intention of all of the parties hereto that the Class C Certificates receive
      all
      principal and interest received by the Trust on the Mortgage Loans that is
      not
      otherwise distributable to any other Class of Regular Certificates or REMIC
      Regular Interests and that the Residual Certificates are to receive no principal
      and interest. If the Trustee determines that the Residual Certificates are
      entitled to any distributions, the Trustee, prior to any such distribution
      to
      any Residual Certificate, shall notify the Depositor of such impending
      distribution but shall make such distribution in accordance with the terms
      of
      this Agreement until this Agreement is amended as specified in the following
      sentence. Upon such notification, the Depositor will request an amendment to
      the
      Pooling and Servicing Agreement to revise such mistake in the distribution
      provisions. The Residual Certificate Holders, by acceptance of their
      Certificates, and the Servicer(s), hereby agree to any such amendment and no
      further consent shall be necessary, notwithstanding anything to the contrary
      in
      Section 11.01 of this Pooling and Servicing Agreement; provided, however, that
      such amendment shall otherwise comply with Section 11.01 hereof.

     

    SECTION
      4.02 [Reserved].

     

    SECTION
      4.03 Statements.

     

    (a) On
      each
      Distribution Date, based, as applicable, on information provided to it by the
      Servicer, the Trustee shall prepare and make available to each Holder of the
      Regular Certificates, the NIMS Insurer, the Servicer, the Swap Provider and
      the
      Rating Agencies, a statement as to the distributions made on such Distribution
      Date:

     

    (i) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates, separately identified, allocable to principal
      and
      the amount of the distribution made to the Holders of the Class P Certificates
      allocable to Prepayment Charges and Servicer Prepayment Charge Payment
      Amounts;

     

    (ii) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates (other than the Class P Certificates) allocable
      to
      interest, separately identified;

     

    (iii) the
      Net
      Monthly Excess Cashflow, the Overcollateralized Amount, the
      Overcollateralization Release Amount, the Overcollateralization Deficiency
      Amount and the Overcollateralization Target Amount and the Senior Credit
      Enhancement Percentage as of such Distribution Date and the Excess
      Overcollateralized Amount for the Mortgage Pool for such Distribution
      Date;

     

    (iv) the
      fees
      and expenses of the Trust Fund accrued and paid on such Distribution Date and
      to
      whom such fees and expenses were paid;

     

    (v) the
      aggregate amount of Advances for the related Due Period (including the general
      purpose of such Advances);

     

    (vi) the
      aggregate Principal Balance of the Mortgage Loans and any REO Properties as
      of
      the end of the relted Due Period;

     

    (vii) the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Determination Date;

     

    (viii) the
      number and aggregate unpaid Stated Principal Balance of Mortgage Loans that
      were
      (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and
      REO
      Properties) using the OTS Method (as described below) (1) 30 to 59 days, (2)
      60
      to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings
      have
      been commenced and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3)
      90 or
      more days, (C) in bankruptcy and Delinquent (1) 30 to 59 days, (2) 60 to 89
      days
      and (3) 90 or more days, in each case as of the Close of Business on the last
      day of the calendar month preceding such Distribution Date and (D) REO
      Properties, as well as the aggregate principal balance of Mortgage Loans that
      were liquidated and the net proceeds resulting therefrom;

     

    (ix) the
      total
      number and cumulative Stated Principal Balance of all REO Properties as of
      the
      Close of Business of the last day of the calendar month preceding the related
      Distribution Date;

     

    (x) the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period, separately indicating Principal Prepayments in full and Principal
      Prepayments in part;

     

    (xi) the
      Delinquency Percentage and the Realized Loss Percentage;

     

    (xii) the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the cumulative amount of Realized Losses and the aggregate amount
      of
      Subsequent Recoveries received during the related Prepayment Period and the
      cumulative amount of Subsequent Recoveries received since the Closing
      Date;

     

    (xiii) the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiv) the
      Certificate Principal Balance of each Class of Class A Certificates, Mezzanine
      Certificates and the Class C Certificates, before and after giving effect to
      the
      distributions, and allocations of Realized Losses, made on such Distribution
      Date;

     

    (xv) the
      Monthly Interest Distributable Amount in respect of each Class of Class A
      Certificates, Mezzanine Certificates and the Class C Certificates for such
      Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect
      to each Class of Class A Certificates, Mezzanine Certificates and the Class
      C
      Certificates for such Distribution Date;

     

    (xvi) the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.24;

     

    (xvii) the
      Net
      WAC Rate Carryover Amount for each Class of Class A and Mezzanine Certificates,
      if any, for such Distribution Date and the amount remaining unpaid after
      reimbursements therefor on such Distribution Date;

     

    (xviii) whether
      the Stepdown Date or a Trigger Event has occurred;

     

    (xix) the
      total
      cashflows received and the general sources thereof;

     

    (xx) the
      respective Pass-Through Rates applicable to each Class of Class A Certificates,
      Mezzanine Certificates and the Class C Certificates for such Distribution Date
      and the Pass-Through Rate applicable to each Class of Class A and Mezzanine
      Certificates for the immediately succeeding Distribution Date; 

     

    (xxi) the
      amount of any Net Swap Payments or Swap Termination Payments; and

     

    (xxii) the
      applicable Record Dates, Accrual Periods and Determination Dates for calculating
      distributions for such Distribution Date. 

     

    The
      Trustee will make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the NIMS Insurer, the Credit Risk Manager and the Rating
      Agencies via the Trustee’s internet website. The Trustee’s internet website
      shall initially be located at “https://www.tss.db.com/invr”. Assistance in using
      the website can be obtained by calling the Trustee’s customer service desk at
      (800) 735-7777. Parties that are unable to use the above distribution option
      are
      entitled to have a paper copy mailed to them via first class mail by calling
      the
      customer service desk and indicating such. The Trustee shall have the right
      to
      change the way such statements are distributed in order to make such
      distribution more convenient and/or more accessible to the above parties and
      the
      Trustee shall provide timely and adequate notification to all above parties
      regarding any such changes. As a condition to access to the Trustee’s internet
      website, the Trustee may require registration and the acceptance of a
      disclaimer. The Trustee will not be liable for the dissemination of information
      in accordance with this Agreement. The Trustee shall also be entitled to rely
      on
      but shall not be responsible for the content or accuracy of any information
      provided by third parties for purposes of preparing the Distribution Date
      statement and may affix thereto any disclaimer it deems appropriate in its
      reasonable discretion (without suggesting liability on the part of any other
      party thereto).

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    For
      all
      purposes of this Agreement, with respect to any Mortgage Loan, delinquencies
      shall be determined and reported based on the “OTS” methodology for determining
      delinquencies on mortgage loans similar to the Mortgage Loans. By way of
      example, a Mortgage Loan would be Delinquent with respect to a Monthly Payment
      due on a Due Date if such Monthly Payment is not made by the close of business
      on the Mortgage Loan’s next succeeding Due Date, and a Mortgage Loan would be
      more than 30-days Delinquent with respect to such Monthly Payment if such
      Monthly Payment were not made by the close of business on the Mortgage Loan’s
      second succeeding Due Date. The Servicer hereby represents and warrants to
      the
      Depositor that this delinquency recognition policy is not less restrictive
      than
      any delinquency recognition policy established by the primary safety and
      soundness regulator, if any, of the Servicer.

     

    (b) Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall, upon written request, furnish to the NIMS Insurer and each Person who
      at
      any time during the calendar year was a Certificateholder of a Regular
      Certificate, if requested in writing by such Person, such information as is
      reasonably necessary to provide to such Person a statement containing the
      information set forth in subclauses (i) and (ii) above, aggregated for such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder. Such obligation of the Trustee shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Trustee to Certificateholders pursuant to any
      requirements of the Code as are in force from time to time.

     

    (c) On
      each
      Distribution Date, the Trustee shall make available to the NIMS Insurer and
      the
      Residual Certificateholders a copy of the reports forwarded to the Regular
      Certificateholders in respect of such Distribution Date with such other
      information as the Trustee deems necessary or appropriate.

     

    (d) Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      deliver to the NIMS Insurer, upon request, and each Person who at any time
      during the calendar year was a Residual Certificateholder, if requested in
      writing by such Person, such information as is reasonably necessary to provide
      to such Person a statement containing the information provided pursuant to
      the
      previous paragraph aggregated for such calendar year or applicable portion
      thereof during which such Person was a Residual Certificateholder. Such
      obligation of the Trustee shall be deemed to have been satisfied to the extent
      that substantially comparable information shall be prepared and furnished to
      Certificateholders by the Trustee pursuant to any requirements of the Code
      as
      from time to time in force.

     

    (e) On
      each
      Distribution Date, the Trustee shall supply an electronic tape to Bloomberg
      Financial Markets, Inc. in a format acceptable to Bloomberg Financial Markets,
      Inc. on a monthly basis, and shall supply an electronic tape to Loan Performance
      and Intex Solutions in a format acceptable to Loan Performance and Intex
      Solutions on a monthly basis.

     

    SECTION
      4.04 Remittance
      Reports; Advances.

     

    (a) By
      the
      third Business Day following each Determination Date, but in no event later
      than
      the earlier of (i) such date which would allow the indenture trustee to submit
      a
      claim to the NIMS Insurer under the Indenture so as to allow a timely payment
      by
      the NIMS Insurer under the insurance policy related to the notes insured by
      the
      NIMS Insurer and (ii) the 20th
      day of
      each month (or if such 20th
      day is
      not a Business Day, the preceding Business Day), the Servicer shall deliver
      to
      the Trustee and the Trustee shall make available to the NIMS Insurer, by
      telecopy or electronic mail (or by such other means as the Servicer and the
      Trustee may agree from time to time) a Remittance Report with respect to the
      related Distribution Date, which Remittance Reports the Trustee shall use in
      preparing the statement pursuant to Section 4.03. No later than the 20th day
      of
      each month, the Servicer shall deliver or cause to be delivered to the Trustee
      in addition to the information provided on the Remittance Report, such other
      information reasonably available to it with respect to the Mortgage Loans as
      the
      Trustee may reasonably require to perform the calculations necessary to (i)
      make
      the distributions contemplated by Section 4.01, (ii) to prepare the statements
      to Certificateholders contemplated by Section 4.03 and (iii) to prepare the
      Form
      10-D contemplated by Section 4.07. The Trustee shall not be responsible to
      recompute, recalculate or verify any information provided to it by the
      Servicer.

     

    (b) The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Due
      Period in respect of the Mortgage Loans, which Monthly Payments were delinquent
      on a contractual basis as of the Close of Business on the related Determination
      Date and (ii) with respect to each REO Property, which REO Property was acquired
      during or prior to the related Due Period and as to which REO Property an REO
      Disposition did not occur during the related Due Period, an amount equal to
      the
      excess, if any, of the REO Imputed Interest on such REO Property for the most
      recently ended calendar month, over the net income from such REO Property
      transferred to the Distribution Account pursuant to Section 3.23 for
      distribution on such Distribution Date. For purposes of the preceding sentence,
      the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon
      Payment is equal to the assumed monthly payment that would have been due on
      the
      related Due Date based on the original principal amortization schedule for
      such
      Balloon Mortgage Loan.

     

    On
      or
      before 1:00 p.m. New York time on the Servicer Remittance Date, the Servicer
      shall remit in immediately available funds to the Trustee for deposit in the
      Distribution Account an amount equal to the aggregate amount of Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Distribution Date either (i) from its own funds or (ii) from the
      Collection Account, to the extent of funds held therein for future distribution
      (in which case it will cause to be made an appropriate entry in the records
      of
      Collection Account that amounts held for future distribution have been, as
      permitted by this Section 4.04, used by the Servicer in discharge of any such
      Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
      the
      total amount of Advances to be made by the Servicer with respect to the Mortgage
      Loans and REO Properties. Any amounts held for future distribution used by
      the
      Servicer to make an Advance as permitted in the preceding sentence or withdrawn
      by the Servicer as permitted in Section 3.11(a)(ii) in reimbursement for
      Advances previously made shall be appropriately reflected in the Servicer’s
      records and replaced by the Servicer by deposit in the Collection Account on
      or
      before any future Servicer Remittance Date to the extent that the Available
      Funds for the related Distribution Date (determined without regard to Advances
      to be made on the Servicer Remittance Date) shall be less than the total amount
      that would be distributed to the Classes of Certificateholders pursuant to
      Section 4.01 on such Distribution Date if such amounts held for future
      distributions had not been so used to make Advances. The Trustee will provide
      notice to the NIMS Insurer and the Servicer by telecopy by the Close of Business
      on any Servicer Remittance Date in the event that the amount remitted by the
      Servicer to the Trustee on such date is less than the Advances required to
      be
      made by the Servicer for the related Distribution Date, as set forth in the
      related Remittance Report.

     

    (c) The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until the Mortgage Loan is paid
      in
      full or until all Liquidation Proceeds thereon have been recovered, or a Final
      Recovery Determination has been made thereon.

     

    (d) Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by an Officers’ Certificate of the Servicer
      delivered to the NIMS Insurer, the Depositor and the Trustee.

     

    SECTION
      4.05 Swap
      Account.

     

    (a) On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
      Swap Agreement and (ii) the Swap Administration Agreement. The Supplemental
      Interest Trust shall be maintained by the Supplemental Interest Trust Trustee,
      who initially, shall be the Trustee. No later than the Closing Date, the
      Supplemental Interest Trust Trustee shall establish and maintain a separate,
      segregated trust account to be held in the Supplemental Interest Trust, titled,
      “Swap Account, Deutsche Bank National Trust Company, as Supplemental Interest
      Trust Trustee, in trust for the registered Certificateholders of Soundview
      Home
      Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4.” Such account
      shall be an Eligible Account and funds on deposit therein shall be held separate
      and apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Trustee held pursuant to this Agreement.
      Amounts therein shall be held uninvested.

     

    (b) On
      each
      Distribution Date, prior to any distribution to any Certificate, the Trustee
      shall deposit into the Swap Account: (i) the amount of any Net Swap Payment
      or
      Swap Termination Payment (other than any Swap Termination Payment resulting
      from
      a Swap Provider Trigger Event) owed to the Swap Provider (after taking into
      account any upfront payment received from the counterparty to a replacement
      interest rate swap agreement) from funds collected and received with respect
      to
      the Mortgage Loans prior to the determination of Available Funds for
      distribution in accordance with Section 4.01(e) hereof and (ii) amounts received
      by the Supplemental Interest Trust Trustee from the Swap Administrator, for
      distribution in accordance with Section 4.01(e) hereof, pursuant to the Swap
      Administration Agreement, dated as of the Closing Date (the “Swap Administration
      Agreement”), among Deutsche Bank National Trust Company, in its capacity as
      Supplemental Interest Trust Trustee, Deutsche Bank National Trust Company,
      in
      its capacity as Swap Administrator and the majority Holder of the Class C
      Certificates. For federal income tax purposes, any amounts paid to the Swap
      Provider on each Distribution Date shall first be deemed paid to the Swap
      Provider in respect of REMIC 6 Regular Interest SWAP IO to the extent of the
      amount distributable on REMIC 6 Regular Interest SWAP IO on such Distribution
      Date, and any remaining amount shall be deemed paid to the Swap Provider in
      respect of a Class IO Distribution Amount (as defined below).

     

    (c) It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a partnership. The
      Supplemental Interest Trust will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h).

     

    (d) To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e) The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      C, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class C Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class C, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class C Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the REMIC 3 Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Net WAC Rate, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding principal balance
      to
      the extent of such balance. In addition, pursuant to such notional principal
      contract, the Holder of the Class C Certificates shall be treated as having
      agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates
      (other than the Class CE, Class P and Class R Certificates) in accordance with
      the terms of this Agreement. Any payments to the Certificates from amounts
      deemed received in respect of this notional principal contract shall not be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Code Section 860G(a)(1). However, any payment from the Certificates (other
      than
      the Class CE, Class P, Class R and Class R-X Certificates) of a Class IO
      Distribution Amount shall be treated for tax purposes as having been received
      by
      the Holders of such Certificates in respect of their interests in REMIC 3 and
      as
      having been paid by such Holders to the Swap Administrator pursuant to the
      notional principal contract. Thus, each Certificate (other than the Class P,
      Class R and Class R-X Certificates) shall be treated as representing not only
      ownership of Regular Interests in REMIC 3, but also ownership of an interest
      in,
      and obligations with respect to, a notional principal contract.

     

    SECTION
      4.06 Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of a Class A and Mezzanine Certificate
      is deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trustee will account for payments to each
      Class
      A and Mezzanine Certificates as follows: each Class A and Mezzanine Certificate
      will be treated as receiving their entire payment from REMIC 3 (regardless
      of
      any Swap Termination Payment or obligation under the Interest Rate Swap
      Agreement) and subsequently paying their portion of any Swap Termination Payment
      in respect of each such Class’ obligation under the Interest Rate Swap
      Agreement. In the event that any such Class is resecuritized in a REMIC, the
      obligation under the Interest Rate Swap Agreement to pay any such Swap
      Termination Payment (or any shortfall in the Net Swap Payment), will be made
      by
      one or more of the REMIC Regular Interests issued by the resecuritization REMIC
      subsequent to such REMIC Regular Interest receiving its full payment from any
      such Class A or Mezzanine Certificate. 

     

    The
      REMIC
      regular interest corresponding to a Class A or Mezzanine Certificate will be
      entitled to receive interest and principal payments at the times and in the
      amounts equal to those made on the certificate to which it corresponds, except
      that (i) the maximum interest rate of that REMIC regular interest will equal
      the
      Net WAC Rate computed for this purpose by limiting the Base Calculation Amount
      of the Interest Rate Swap Agreement to the aggregate Stated Principal Balance
      of
      the Mortgage Loans and (ii) any Swap Termination Payment will be treated as
      being payable solely from Net Monthly Excess Cashflow. As a result of the
      foregoing, the amount of distributions and taxable income on the REMIC regular
      interest corresponding to a Class A or Mezzanine Certificate may exceed the
      actual amount of distributions on such Certificate

     

    SECTION
      4.07 Commission
      Reporting.

     

    (a) The
      Trustee and the Servicer shall reasonably cooperate with the Depositor in
      connection with the Trust’s satisfying the reporting requirements under the
      Exchange Act.

     

    (b) (i)
      Within 12 calender days after each Distribution Date, the Trustee shall, in
      accordance with industry standards, file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form
      10-D, signed by the Depositor, with a copy of the monthly statement to be
      furnished by the Trustee to the Certificateholders for such Distribution Date.
      Any disclosure in addition to the monthly statement required to be included
      on
      the Form 10-D (“Additional Form 10-D Disclosure”) shall be determined and
      prepared by the entity that is indicated in Exhibit T as the responsible party
      for providing that information, if other than the Trustee, and the Trustee
      will
      have no duty or liability to verify the accuracy or sufficiency of any such
      Additional Form 10-D Disclosure and the Trustee shall have no liability with
      respect to any failure to properly prepare or file such Form 10-D resulting
      from
      or relating to the Trustee’s inability or failure to obtain any information in a
      timely manner from the party responsible for delivery of such Additional Form
      10-D Disclosure.

     

    Within
      3
      calendar days after the related Distribution Date, each entity that is indicated
      in Exhibit T as the responsible party for providing Additional Form 10-D
      Disclosure shall be required to provide to the Trustee and the Depositor, to
      the
      extent known, clearly identifying which item of Form 10-D the information
      relates to, any Additional Form 10-D Disclosure, if applicable. The Trustee
      shall compile the information provided to it, prepare the Form 10-D and forward
      the Form 10-D to the Depositor for verification. The Depositor will approve,
      as
      to form and substance, or disapprove, as the case may be, the Form 10-D. No
      later than three Business Days prior to the 10th
      calendar
      day after the related Distribution Date, an officer of the Depositor shall
      sign
      the Form 10-D and return an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the
      Trustee. The
      Indenture Trustee shall have no liability with respect to any failure to
      properly file any Form 10-D resulting from or relating to the Depositor’s
      failure to timely comply with the provisions of this section.

     

    (ii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), the Depositor shall prepare
      and file any Form 8-K, as required by the Exchange Act, in addition to the
      initial Form 8-K in connection with the issuance of the Certificates. Any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be
      determined and prepared by the entity that is indicated in Exhibit T as the
      responsible party for providing that information.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit T as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Depositor, to the extent known, the form and
      substance of any Form 8-K Disclosure Information, if applicable. The Depositor
      shall compile the information provided to it, and prepare and file the Form
      8-K,
      which shall be signed by an officer of the Depositor.

     

    (iii) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, the Trustee shall, in accordance with industry standards, file
      a
      Form 15 Suspension Notice with respect to the Trust Fund, if applicable. On
      or
      before (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, on or before March 15 of each year thereafter, the
      Servicer shall provide the Trustee with an Annual Compliance Statement, together
      with a copy of the Assessment of Compliance and Attestation Report to be
      delivered by the Servicer pursuant to Sections 3.20 and 3.21 (including with
      respect to any Sub-Servicer or any subcontractor, if required to be filed).
      Prior to (x) March 31, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, March 31 of each year thereafter, the Trustee shall
      file
      a Form 10-K, in substance as required by applicable law or applicable Securities
      and Exchange Commission staff’s interpretations and conforming to industry
      standards, with respect to the Trust Fund. Such Form 10-K shall include the
      Assessment of Compliance, Attestation Report, Annual Compliance Statements
      and
      other documentation provided by the Servicer pursuant to Sections 3.20 and
      3.21
      (including with respect to any Sub-Servicer or subcontractor, if required to
      be
      filed) and Section 3.21 with respect to the Trustee, and the Form 10-K
      certification in the form attached hereto as Exhibit N-1 (the “Certification”)
      signed by the senior officer of the Depositor in charge of securitization.
      The
      Trustee shall receive the items described in the preceding sentence no later
      than March 15 of each calendar year prior to the filing deadline for the Form
      10-K.

     

    Any
      disclosure or information in addition to that described in the preceding
      paragraph that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and prepared by the entity that is indicated in
      Exhibit T as the responsible party for providing that information, if other
      than
      the Trustee, and the Trustee will have no duty or liability to verify the
      accuracy or sufficiency of any such Additional Form 10-K
      Disclosure.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Trustee shall file an amended Form 10-K including such
      documents as exhibits reasonably promptly after they are delivered to the
      Trustee. The Trustee shall have no liability with respect to any failure to
      properly prepare or file such periodic reports resulting from or relating to
      the
      Trustee’s inability or failure to timely obtain any information from any other
      party.

     

    Prior
      to
      (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 1 of each year thereafter, each entity that
      is
      indicated in Exhibit T as the responsible party for providing Additional Form
      10-K Disclosure shall be required to provide to the Trustee and the Depositor,
      to the extent known, the form and substance of any Additional Form 10-K
      Disclosure Information, if applicable. The Trustee shall compile the information
      provided to it, prepare the Form 10-K and forward the Form 10-K to the Depositor
      for verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-K by no later than March 25 of
      the
      relevant year (or the immediately preceding Business Day if March 25 is not
      a
      Business Day), an officer of the Depositor shall sign the Form 10-K and return
      an electronic or fax copy of such signed Form 10-K (with an original executed
      hard copy to follow by overnight mail) to the Trustee.

     

    The
      Servicer shall be responsible for determining the pool concentration applicable
      to any Sub-Servicer to which the Servicer delegated any of its responsibilities
      with respect to the Mortgage Loans at any time, for purposes of disclosure
      as
      required by Items 1117 and 1119 of Regulation AB. The Trustee will provide
      electronic or paper copies of all Form 10-D, 8-K and 10-K filings free of charge
      to any Certificateholder upon request. Any expenses incurred by the Trustee
      in
      connection with the previous sentence shall be reimbursable to the Trustee
      out
      of the Trust Fund. The Indenture Trustee shall have no liability with respect
      to
      any failure to properly file any Form 10-K resulting from or relating to the
      Depositor’s failure to timely comply with the provisions of this
      section.

     

    The
      Trustee shall sign a certification (in the form attached hereto as
      Exhibit N-2) for the benefit of the Depositor and its officers, directors
      and Affiliates in respect of items 1 through 3 of the Certification (provided,
      however, that the Trustee shall not undertake an analysis of the Attestation
      Report attached as an exhibit to the Form 10-K), and the Servicer shall sign
      a
      certification (the “Servicer Certification) solely with respect to the Servicer
      (in the form attached hereto as Exhibit N-3) for the benefit of the
      Depositor, the Trustee and each Person, if any, who “controls” the Depositor or
      the Trustee within the meaning of the Securities Act of 1933, as amended, and
      their respective officers and directors. Each such certification shall be
      delivered to the Depositor and the Trustee by March 15th
      of each
      year (or if not a Business Day, the immediately preceding Business Day). The
      Certification attached hereto as Exhibit N-1 shall be delivered to the
      Trustee by March 20th
      for
      filing on or prior to March 30th
      of each
      year (or if not a Business Day, the immediately preceding Business
      Day).

     

    (c) (A)
      The
      Trustee shall indemnify and hold harmless the Depositor, the Servicer and their
      respective officers, directors and Affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon (i) a breach of the Trustee’s obligations under this Section 4.07 caused by
      the Trustee’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Assessment of
      Compliance delivered by the Trustee pursuant to Section 3.21, and (B) the
      Servicer shall indemnify and hold harmless the Depositor, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) the failure of the Servicer to timely deliver the Servicer
      Certification or (ii) any material misstatement or omission in the Statement
      as
      to Compliance delivered by the Servicer pursuant to Section 3.20, the Assessment
      of Compliance delivered by the Servicer pursuant to Section 3.21 or the Servicer
      Certification. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Depositor, then (i) the Trustee agrees that
      it
      shall contribute to the amount paid or payable by the Depositor as a result
      of
      the losses, claims, damages or liabilities of the Depositor in such proportion
      as is appropriate to reflect the relative fault of the Depositor on the one
      hand
      and the Trustee on the other in connection with a breach of the Trustee’s
      obligations under this Section 4.07 caused by the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith and (ii) the Servicer agrees
      that it shall contribute to the amount paid or payable by the Depositor and
      the
      Trustee as a result of the losses, claims, damages or liabilities of the
      Depositor and the Trustee in such proportion as is appropriate to reflect the
      relative fault of the Depositor and the Trustee on the one hand and the Servicer
      on the other in connection with the Servicer Certification and the related
      obligations of the Servicer under this Section 4.07.

     

    Upon
      any
      filing with the Securities and Exchange Commission, the Trustee shall promptly
      deliver to the Depositor a copy of any such executed report, statement or
      information.

     

    SECTION
      4.08 Net
      WAC
      Rate Carryover Reserve Account.

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Deutsche Bank National Trust Company, as Trustee, in trust for
      registered Holders of Soundview Home Loan Trust 2006-OPT4 Asset-Backed
      Certificates, Series 2006-OPT4” All amounts deposited in the Net WAC Rate
      Carryover Reserve Account shall be distributed to the Holders of the Class
      A and
      Mezzanine Certificates in the manner set forth in Section 4.01(d).

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A or Mezzanine Certificates, the Trustee has been directed by
      the
      Class C Certificateholders to, and therefore will, deposit into the Net WAC
      Rate
      Carryover Reserve Account the amounts described in Section 4.01(d)(iv), rather
      than distributing such amounts to the Class C Certificateholders. On each such
      Distribution Date, the Trustee shall hold all such amounts for the benefit
      of
      the Holders of the Class A and Mezzanine Certificates, and will distribute
      such
      amounts to the Holders of the Class A and Mezzanine Certificates in the amounts
      and priorities set forth in Section 4.01(d).

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership. All amounts deposited into the Net WAC Rate Carryover
      Reserve Account shall be treated as amounts distributed by REMIC 3 to the Holder
      of the Class C Interest and by REMIC 4 to the Holder of the Class C
      Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside
      reserve fund” within the meaning of Treasury regulation Section 1.860G-2(h).
      Upon the termination of the Trust, or the payment in full of the Class A and
      Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate
      Carryover Reserve Account will be released by the Trust and distributed to
      the
      Holders of the Class C Certificates or their designees. The Net WAC Rate
      Carryover Reserve Account will be part of the Trust but not part of any REMIC
      and any payments to the Holders of the Class A and Mezzanine Certificates of
      Net
      WAC Rate Carryover Amounts will not be payments with respect to a “regular
      interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trustee, and the Trustee hereby is directed, to deposit into the
      Net
      WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class C Certificateholders. By accepting
      a
      Class C Certificate, each Class C Certificateholder further agrees that such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Class A Certificates and the Class M Certificates to receive payments from
      the
      Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover
      Amount may have more than a de
      minimis
      value.

     

    SECTION
      4.09 Distributions
      on the REMIC Regular Interests.

     

    On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 1 to
      REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (i) to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-57-B, on a pro
      rata
      basis,
      in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1
      Regular Interests for such Distribution Date, plus (B) any amounts payable
      in
      respect thereof remaining unpaid from previous Distribution Dates;

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular Interest I and then to REMIC Regular Interests I-1-A through I-57-B
      starting with the lowest numerical denomination until the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest is reduced to zero,
      provided that, for REMIC 1 Regular Interests with the same numerical
      denomination, such payments of principal shall be allocated pro rata between
      such REMIC 1 Regular Interests; and

     

    (iii) to
      the
      Holders of REMIC 1 Regular Interest I-57-B, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b) On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 2 to
      REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-2 Interest), as the case may be:

     

    (i) first,
      to
      the Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii) second,
      to the extent of Available Funds, to Holders of REMIC 2 Regular Interest LTAA,
      REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTZZ and REMIC 2 Regular Interest LTP, on a pro
      rata
      basis,
      in an amount equal to (A) the Uncertificated Accrued Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest
      in respect of REMIC 2 Regular Interest LTZZ shall be reduced and deferred when
      the REMIC 2 Overcollateralization Amount is less than the REMIC 2
      Overcollateralization Target Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC 2 Regular Interest
      LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular
      Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3,
      REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular
      Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8
      and
      REMIC 2 Regular Interest LTM9 in the same proportion as the
      Overcollateralization Deficiency Amount is allocated to the Corresponding
      Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular
      Interest LTZZ shall be increased by such amount; and

     

    (iii) third,
      to
      the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
      of
      the Available Funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC 2
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder first, to the Holders of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8 and REMIC 2 Regular
      Interest LTM9 1.00% of and in the same proportion as principal payments are
      allocated to the Corresponding Certificates, until the Uncertificated Principal
      Balances of such REMIC 2 Regular Interests are reduced to zero, and second,
      to
      the Holders of REMIC 2 Regular Interest LTZZ, 1.00% of such remainder,until
      the
      Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced
      to
      zero; and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest);

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause.

     

    SECTION
      4.10 Allocation
      of Realized Losses.

     

    (a) All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as follows: first, to
      Net
      Monthly Excess Cashflow; second, to Net Swap Payments received under the
      Interest Rate Swap Agreement; third, to the Class C Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fourth, to
      the
      Class M-9 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; fifth, to the Class M-8 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; sixth, to the Class M-7
      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-5 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to the Class M-4 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; tenth, to the Class M-3 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-2 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero and twelfth, to the Class M-1 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero. All Realized
      Losses to be allocated to the Certificate Principal Balances of all Classes
      on
      any Distribution Date shall be so allocated after the actual distributions
      to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class C Certificates
      shall be made first by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(d)(iv). No allocations of any Realized Losses shall
      be
      made to the Certificate Principal Balances of the Class A Certificates or the
      Class P Certificates.

     

    (b) With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated shall be allocated by the Securities Administrator
      on
      each Distribution Date, first to REMIC 1 Regular Interest I until the
      Uncertificated Principal Balance has been reduced to zero, and second, to REMIC
      1 Regular Interest I-1-A through REMIC 1 Regular Interest I-57-B, starting
      with
      the lowest numerical denomination until such REMIC 1 Regular Interest has been
      reduced to zero, provided that, for REMIC 1 Regular Interests with the same
      numerical denomination, such Realized Losses shall be allocated pro rata between
      such REMIC 1 Regular Interests.

     

    (c) With
      respect to the REMIC 2 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be deemed to have been allocated in the specified percentages,
      as
      follows: first, to Uncertificated Accrued Interest payable to the REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Interest Loss Allocation Amount, 98% and 2%,
      respectively; second, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC 2 Regular
      Interest LTAA, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular Interest LTZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest LTM9 has been reduced to zero; fourth, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM8 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM8 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM7 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM7 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM6 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM6 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTM5 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM5 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM4 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM4 has been
      reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM3 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM3 has been reduced to zero; tenth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM2 has been reduced to zero; eleventh, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM1 has been
      reduced to zero.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    SECTION
      5.01 The
      Certificates.

     

    Each
      of
      the Class A Certificates, the Mezzanine Certificates, the Class P Certificates,
      the Class C Certificates and the Residual Certificates shall be substantially
      in
      the forms annexed hereto as exhibits, and shall, on original issue, be executed,
      authenticated and delivered by the Trustee to or upon the order of the Depositor
      concurrently with the sale and assignment to the Trustee of the Trust Fund.
      The
      Class A and Mezzanine Certificates shall be initially evidenced by one or more
      Certificates representing a Percentage Interest with a minimum dollar
      denomination of $25,000 and integral dollar multiples of $1.00 in excess
      thereof, provided that Class A and Mezzanine Certificates must be purchased
      in
      minimum total investments of $100,000 per class, except that one Certificate
      of
      each such Class of Certificates may be in a different denomination so that
      the
      sum of the denominations of all outstanding Certificates of such Class shall
      equal the Certificate Principal Balance of such Class on the Closing Date.
      The
      Class P Certificates, the Class C Certificates and the Residual Certificates
      are
      issuable in any Percentage Interests; provided, however, that the sum of all
      such percentages for each such Class totals 100% and no more than ten
      Certificates of each Class may be issued and outstanding at any one
      time.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Trustee substantially in the form provided for herein, and such
      authentication upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Class A and Mezzanine Certificates shall be
      Book-Entry Certificates. The other Classes of Certificates shall not be
      Book-Entry Certificates.

     

    SECTION
      5.02 Registration
      of Transfer and Exchange of Certificates.

     

    (a) The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Certificate Registrar shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Trustee shall initially serve as Certificate Registrar for the purpose
      of
      registering Certificates and transfers and exchanges of Certificates as herein
      provided.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph which office shall initially be the offices designated
      by
      the Trustee and, in the case of a Residual Certificate, upon satisfaction of
      the
      conditions set forth below, the Trustee on behalf of the Trust shall execute,
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same aggregate Percentage
      Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and authenticate and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trustee or the Certificate Registrar)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      satisfactory to the Trustee and the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for two separate certificates,
      each representing such holder’s respective Percentage Interest in the Class R-1
      Interest, the Class R-2 Interest and the Class R-3 Interest that was evidenced
      by the Class R Certificate being exchanged and (ii) with respect to each Class
      R-X Certificate, the holder thereof may exchange, in the manner described above,
      such Class R-X Certificate for three separate certificates, each representing
      such holder’s respective Percentage Interest in the Class R-4 Interest, the
      Class R-5 Interest and the Class R-6 Interest that was evidenced by the Class
      R-X Certificate being exchanged.

     

    (b) Except
      as
      provided in paragraph (c) below, the Book-Entry Certificates shall at all times
      remain registered in the name of the Depository or its nominee and at all times:
      (i) registration of such Certificates may not be transferred by the Trustee
      except to another Depository; (ii) the Depository shall maintain book-entry
      records with respect to the Certificate Owners and with respect to ownership
      and
      transfers of such Certificates; (iii) ownership and transfers of registration
      of
      such Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iv) the Depository may collect its usual
      and customary fees, charges and expenses from its Depository Participants;
      (v)
      the Trustee shall for all purposes deal with the Depository as representative
      of
      the Certificate Owners of the Certificates for purposes of exercising the rights
      of Holders under this Agreement, and requests and directions for and votes
      of
      such representative shall not be deemed to be inconsistent if they are made
      with
      respect to different Certificate Owners; (vi) the Trustee may rely and shall
      be
      fully protected in relying upon information furnished by the Depository with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to indirect participating firms and Persons shown
      on
      the books of such indirect participating firms as direct or indirect Certificate
      Owners; and (vii) the direct participants of the Depository shall have no rights
      under this Agreement under or with respect to any of the Certificates held
      on
      their behalf by the Depository, and the Depository may be treated by the Trustee
      and its agents, employees, officers and directors as the absolute owner of
      the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c) If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the Financial Intermediaries and the Depository
      Participants in writing that the continuation of a book-entry system through
      the
      Depository to the exclusion of definitive, fully registered certificates (the
      “Definitive Certificates”) to Certificate Owners is no longer in the best
      interests of the Certificate Owners. Upon surrender to the Certificate Registrar
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall, in the
      case of (i) and (ii) above, execute on behalf of the Trust and authenticate
      the
      Definitive Certificates. Neither the Depositor nor the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Certificates, the Trustee, the Certificate Registrar, the Servicer,
      any Paying Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d) No
      transfer, sale, pledge or other disposition of any Class C Certificate, Class
      P
      Certificate or Residual Certificate (the “Private Certificates”) shall be made
      unless such disposition is exempt from the registration requirements of the
      Securities Act of 1933, as amended (the “1933 Act”), and any applicable state
      securities laws or is made in accordance with the 1933 Act and laws. In the
      event of any such transfer (other than in connection with (i) the initial
      transfer of any such Certificate by the Depositor to an Affiliate of the
      Depositor or, in the case of the Class R-X Certificates, the first transfer
      by
      an Affiliate of the Depositor, (ii) the transfer of any such Class C, Class
      P or
      Residual Certificate to the issuer under the Indenture or the indenture trustee
      under the Indenture or (iii) a transfer of any such Class C, Class P or Residual
      Certificate from the issuer under the Indenture or the indenture trustee under
      the Indenture to the Depositor or an Affiliate of the Depositor), (i) unless
      such transfer is made in reliance upon Rule 144A (as evidenced by the investment
      letter delivered to the Trustee, in substantially the form attached hereto
      as
      Exhibit J) under the 1933 Act, the Trustee and the Depositor shall require
      a
      written Opinion of Counsel (which may be in-house counsel) acceptable to and
      in
      form and substance reasonably satisfactory to the Trustee and the Depositor
      that
      such transfer may be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from the 1933 Act or is being made pursuant
      to
      the 1933 Act, which Opinion of Counsel shall not be an expense of the Trustee
      or
      the Depositor or (ii) the Trustee shall require the transferor to execute a
      transferor certificate (in substantially the form attached hereto as Exhibit
      L)
      and the transferee to execute an investment letter (in substantially the form
      attached hereto as Exhibit J) acceptable to and in form and substance reasonably
      satisfactory to the Depositor and the Trustee certifying to the Depositor and
      the Trustee the facts surrounding such transfer, which investment letter shall
      not be an expense of the Trustee or the Depositor. The Holder of a Private
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferor will be deemed to have made each of the transferor
      representations and warranties set forth Exhibit L hereto in respect of such
      interest as if it was evidenced by a Definitive Certificate and the transferee
      will be deemed to have made each of the transferee representations and
      warranties set forth Exhibit J hereto in respect of such interest as if it
      was
      evidenced by a Definitive Certificate. The Certificate Owner of any such
      Ownership Interest in any such Book-Entry Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described above in this
      Section 5.02(d) will be required in connection with the transfer, on the Closing
      Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the 1933 Act.

     

    No
      transfer of a Private Certificate (other than a Class M-9 Certificate) or any
      interest therein shall be made to any Plan, any Person acting, directly or
      indirectly, on behalf of any such Plan or any Person acquiring such Certificates
      with “Plan Assets” of a Plan within the meaning of the Department of Labor
      regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan Assets”), as certified
      by such transferee in the form of Exhibit M, unless the Trustee is provided
      with
      an Opinion of Counsel for the benefit of the Depositor, the Trustee and the
      Servicer and on which they may rely which establishes to the satisfaction of
      the
      Trustee that the purchase of such Certificates is permissible under applicable
      law, will not constitute or result in any prohibited transaction under ERISA
      or
      Section 4975 of the Code and will not subject the Depositor, the Servicer,
      the
      Trustee or the Trust Fund to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in this Agreement, which Opinion of Counsel shall not be an expense
      of the Depositor, the Servicer, the Trustee or the Trust Fund. Neither a
      certification nor an Opinion of Counsel will be required in connection with
      (i)
      the initial transfer of any such Certificate by the Depositor to an Affiliate
      of
      the Depositor, (ii) the transfer of any such Class C, Class P or Residual
      Certificate to the issuer under the Indenture or the indenture trustee under
      the
      Indenture or (iii) a transfer of any such Class C, Class P or Residual
      Certificate from the issuer under the Indenture or the indenture trustee under
      the Indenture to the Depositor or an Affiliate of the Depositor (in which case,
      the Depositor or any Affiliate thereof shall have deemed to have represented
      that such Affiliate is not a Plan or a Person investing Plan Assets) and the
      Trustee shall be entitled to conclusively rely upon a representation (which,
      upon the request of the Trustee, shall be a written representation) from the
      Transferor of the status of such transferee as an affiliate of the
      Depositor.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, no Transfer of a Class
      A or
      Mezzanine Certificate shall be made unless either (i) the Trust Administrator
      shall have received a representation from the transferee (in the form of Exhibit
      M) of such Certificate acceptable to and in form and substance satisfactory
      to
      the Trustee, to the effect that such transferee is not a Plan, or a Person
      acting on behalf of a Plan or using the assets a Plan, or (ii) the transferee
      is
      deemed to represent that (a) such Plan is an accredited invester within the
      meaning of Prohibited Transaction Exemption (“PTE”) 2002-41, 67 Fed. Reg 54487
      (August 22, 2002), and (b) the proposed transfer or holding of such Certificate
      is eligible for exemptive relief under an individual or class prohibited
      transaction exemption, including, but not limited to, for the Class A
      Certificates, Prohibited Transaction Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE
      90-1, PTCE 95-60 or PTE 96-23 and for Mezzanine Certificates, PTCE
      95-60.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each Transferee of a
      Mezzanine Certificate will be deemed to have represented by virtue of its
      purchase or holding of such Certificate (or interest therein) that either (a)
      such Transferee is not a Plan or purchasing such Certificate with Plan Assets
      or
      (b) the following conditions are satisfied: (i) such Transferee is an insurance
      company, (ii) the source of funds used to purchase or hold such Certificate
      (or
      interest therein) is an “insurance company general account” as defined in PTCE
      95-60, and (iii) the conditions set forth in Sections I and III of PTCE 95-60
      have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      provisions of the three preceding paragraphs, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of that Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any such Certificate
      or interest therein was effected in violation of the provisions of the two
      preceding paragraphs shall indemnify and hold harmless the Depositor, the
      Servicer, the NIMS Insurer, the Trustee and the Trust from and against any
      and
      all liabilities, claims, costs or expenses incurred by those parties as a result
      of that acquisition or holding.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (ii) No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata
      undivided interest.

     

    (iii) In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall as a condition to registration of the transfer,
      require delivery to it, in form and substance satisfactory to it, of each of
      the
      following:

     

    (A) an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Residual Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (B) a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv) Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on such Residual Certificate
      to the Holder thereof or taking any other action with respect to such Holder
      under the provisions of this Agreement so long as the Trustee received the
      documents specified in clause (iii). The Trustee shall be entitled to recover
      from any Holder of a Residual Certificate that was in fact not a Permitted
      Transferee at the time such distributions were made all distributions made
      on
      such Residual Certificate. Any such distributions so recovered by the Trustee
      shall be distributed and delivered by the Trustee to the prior Holder of such
      Residual Certificate that is a Permitted Transferee.

     

    (v) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee
      and
      the NIMS Insurer, in form and substance satisfactory to the Trustee and the
      NIMS
      Insurer, (i) written notification from each Rating Agency that the removal
      of
      the restrictions on transfer set forth in this Section will not cause such
      Rating Agency to downgrade its rating of the Certificates and (ii) an Opinion
      of
      Counsel to the effect that such removal will not cause any REMIC created
      hereunder to fail to qualify as a REMIC.

     

    (e) No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Certificate Registrar may require payment
      of
      a sum sufficient to cover any tax or governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    SECTION
      5.03 Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Depositor, the NIMS Insurer and the Certificate Registrar such security or
      indemnity as may be required by them to save each of them harmless, then, in
      the
      absence of notice to the Trustee or the Certificate Registrar that such
      Certificate has been acquired by a bona fide purchaser, the Trustee shall
      execute on behalf of the Trust, authenticate and deliver, in exchange for or
      in
      lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
      Certificate of like tenor and Percentage Interest. Upon the issuance of any
      new
      Certificate under this Section, the Trustee or the Certificate Registrar may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto and any other expenses (including
      the fees and expenses of the Trustee and the Certificate Registrar) in
      connection therewith. Any duplicate Certificate issued pursuant to this Section,
      shall constitute complete and indefeasible evidence of ownership in the Trust,
      as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    SECTION
      5.04 Persons
      Deemed Owners.

     

    The
      Servicer, the Depositor, the Trustee, the NIMS Insurer, the Certificate
      Registrar, any Paying Agent and any agent of the Servicer, the Depositor, the
      Trustee, the NIMS Insurer, the Certificate Registrar or any Paying Agent may
      treat the Person, including a Depository, in whose name any Certificate is
      registered as the owner of such Certificate for the purpose of receiving
      distributions pursuant to Section 4.01 and for all other purposes whatsoever,
      and none of the Servicer, the Trust, the Trustee nor any agent of any of them
      shall be affected by notice to the contrary.

     

    SECTION
      5.05 Appointment
      of Paying Agent.

     

    (a) The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and shall report the amounts
      of
      such distributions to the Trustee. The duties of the Paying Agent may include
      the obligation (i) to withdraw funds from the Collection Account pursuant to
      Section 3.11(a) and for the purpose of making the distributions referred to
      above and (ii) to distribute statements and provide information to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly organized and validly existing under the laws of
      the
      United States of America or any state thereof, authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the NIMS
      Insurer.

     

    (b) The
      Trustee shall cause the Paying Agent (if other than the Trustee) to execute
      and
      deliver to the Trustee an instrument in which such Paying Agent shall agree
      with
      the Trustee that such Paying Agent shall hold all sums, if any, held by it
      for
      payment to the Certificateholders in trust for the benefit of the
      Certificateholders entitled thereto until such sums shall be paid to such
      Certificateholders and shall agree that it shall comply with all requirements
      of
      the Code regarding the withholding of payments in respect of Federal income
      taxes due from Certificate Owners and otherwise comply with the provisions
      of
      this Agreement applicable to it.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VI

     

    THE
      SERVICER, THE DEPOSITOR
      AND THE
      CREDIT RISK MANAGER

     

    SECTION
      6.01 Liability
      of the Servicer and the Depositor.

     

    The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by Servicer herein. The
      Depositor shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the
      Depositor.

     

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

     

    Any
      entity into which the Servicer or Depositor may be merged or consolidated,
      or
      any entity resulting from any merger, conversion or consolidation to which
      the
      Servicer or the Depositor shall be a party, or any corporation succeeding to
      the
      business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, as the case may be, hereunder, without the execution
      or filing of any paper or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding; provided, however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    SECTION
      6.03 Limitation
      on Liability of the Servicer and Others.

     

    Neither
      the Servicer nor the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or negligence in the performance of duties of the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder. The Servicer and any director or officer or employee
      or
      agent of the Servicer may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Servicer and the Depositor, and any director or officer
      or employee or agent of the Servicer or the Depositor, shall be indemnified
      by
      the Trust and held harmless against any loss, liability or expense incurred
      in
      connection with (i) any legal action relating to this Agreement or the
      Certificates, other than any loss, liability or expense incurred by reason
      of
      its willful misfeasance, bad faith or negligence or by reason of its reckless
      disregard of its obligations and duties hereunder or by reason of its failure
      to
      perform its obligations or duties hereunder and (ii) any breach of a
      representation or warranty regarding the Mortgage Loans. The Servicer or the
      Depositor may initiate any such action which it may deem necessary or desirable
      in respect of this Agreement, and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, unless
      the
      Depositor or the Servicer acts without the consent of the Holders of
      Certificates entitled to at least 51% of the Voting Rights, the reasonable
      legal
      expenses and costs of such action and any liability resulting therefrom shall
      be
      expenses, costs and liabilities of the Trust and the Servicer shall be entitled
      to be reimbursed therefor from the Collection Account as and to the extent
      provided in Section 3.11, any such right of reimbursement being prior to the
      rights of the Certificateholders to receive any amount in the Collection
      Account. The Servicer’s right to indemnity or reimbursement pursuant to this
      Section shall survive any resignation or termination of the Servicer pursuant
      to
      Section 6.04 or 7.01 with respect to any losses, expenses, costs or liabilities
      arising prior to such resignation or termination (or arising from events that
      occurred prior to such resignation or termination). This paragraph shall apply
      to the Servicer solely in its capacity as Servicer hereunder and in no other
      capacities. Without limiting the foregoing, the Servicer shall undertake to
      defend any claims against the Trust Fund, the Trustee and/or itself initiated
      by
      a Borrower or otherwise related to the servicing of any Mortgage Loan, the
      reasonable legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust and the Servicer
      shall be entitled to be reimbursed therefor from the Collection Account as
      and
      to the extent provided in Section 3.11, any such right of reimbursement being
      prior to the rights of the Certificateholders to receive any amount in the
      Collection Account.

     

    Neither
      the Credit Risk Manager, nor any of the directors, officers, employees or agents
      of the Credit Risk Manager, shall be under any liability to the Trustee, the
      Certificateholders or the Depositor for any action taken or for refraining
      from
      the taking of any action in good faith pursuant to this Agreement, in reliance
      upon information provided by Servicer under the Credit Risk Management Agreement
      or for errors in judgment; provided, however, that this provision shall not
      protect the Credit Risk Manager or any such person against liability that would
      otherwise be imposed by reason of willful malfeasance, bad faith or negligence
      in its performance of its duties or by reason of reckless disregard for its
      obligations and duties under this Agreement or the Credit Risk Management
      Agreement. The Credit Risk Manager and any director, officer, employee or agent
      of the Credit Risk Manager may rely in good faith on any document of any kind
      prima facie properly executed and submitted by any Person respecting any matters
      arising hereunder, and may rely in good faith upon the accuracy of information
      furnished by the Servicer pursuant to the Credit Risk Management Agreement
      in
      the performance of its duties thereunder and hereunder.

    

    SECTION
      6.04 Servicer
      Not to Resign.

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor servicer to
      the
      Trustee and the NIMS Insurer in writing and such proposed successor servicer
      is
      reasonably acceptable to the Trustee and the NIMS Insurer and (b) each Rating
      Agency shall have delivered a letter to the Trustee and the NIMS Insurer prior
      to the appointment of the successor servicer stating that the proposed
      appointment of such successor servicer as Servicer hereunder will not result
      in
      the reduction or withdrawal of the then current rating of the Certificates;
      provided, however, that no such resignation by the Servicer shall become
      effective until such successor servicer or, in the case of (i) above, the
      Trustee shall have assumed the Servicer’s responsibilities and obligations
      hereunder or the Trustee shall have designated, with the consent of the NIMS
      Insurer, a successor servicer in accordance with Section 7.02. Except as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
      beneficiary hereunder and the parties hereto shall not be required to recognize
      any Subservicer as an indemnitee under this Agreement.

     

    SECTION
      6.05 Delegation
      of Duties.

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegee
      subservicing any Mortgage Loans. The Servicer shall provide the Trustee and
      the
      NIMS Insurer with 60 days prior written notice prior to the delegation of any
      of
      its duties to any Person other than any of the Servicer’s Affiliates or their
      respective successors and assigns.

     

    SECTION
      6.06 [Reserved].

     

    SECTION
      6.07 Inspection.

     

    The
      Servicer, in its capacity as Servicer, shall afford the Trustee and the NIMS
      Insurer, upon reasonable notice, during normal business hours, access to all
      records maintained by the Servicer in respect of its rights and obligations
      hereunder and access to officers of the Servicer responsible for such
      obligations.

     

    SECTION
      6.08 Credit
      Risk Manager.

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans.  Such reports and recommendations will be based upon information
      provided to the Credit Risk Manager pursuant to the Credit Risk Management
      Agreement, and the Credit Risk Manager shall look solely to the Servicer for
      all
      information and data (including loss and delinquency information and data)
      relating to the servicing of the Mortgage Loans.  Upon any termination of
      the Credit Risk Manager or the appointment of a successor Credit Risk Manager,
      the Trustee, if it has been notified in writing of such termination or
      appointment, shall give written notice thereof to the Servicer and the
      Depositor.

     

    If
      Holders of the Certificates entitled to 66 2/3% or more of the Voting Rights
      request in writing to the Trustee to terminate the Credit Risk Manager under
      this Agreement, the Credit Risk Manager shall be removed pursuant to this
      Section 6.08.  Upon receipt of such notice, the Trustee shall provide
      written notice to the Credit Risk Manager and the Servicer of the Credit Risk
      Manager’s removal, which shall be effective upon receipt of such notice by the
      Credit Risk Manager.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01 Servicer
      Events of Termination.

     

    (a) If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i) (A)
      The
      failure by the Servicer to make any Advance;
      or (B)
      any other failure by the Servicer to deposit in the Collection Account or the
      Distribution Account any deposit required to be made under the terms of this
      Agreement which continues unremedied for a period of one Business Day after
      the
      date upon which written notice of such failure shall have been given to the
      Servicer by the Trustee or to the Servicer and the Trustee by the NIMS Insurer
      or any Holders of a Regular Certificate evidencing at least 25% of the Voting
      Rights; or

     

    (ii) The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days (or
      if
      such failure or breach cannot be remedied within 30 days, then such remedy
      shall
      have been commenced within 30 days and diligently pursued thereafter; provided,
      however, that in no event shall such failure or breach be allowed to exist
      for a
      period of greater than 90 days), after the date (A) on which written notice
      of
      such failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Trustee or to the Trustee by the NIMS Insurer or any Holders
      of
      a Regular Certificate evidencing at least 25% of the Voting Rights or (B) of
      actual knowledge of such failure by a Servicing Officer of the Servicer;
      or

     

    (iii) The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv) The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations;

     

    (v) A
      Delinquency Servicer Termination Trigger has occurred and is
      continuing;

     

    (b) then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trustee shall give the Servicer notice of such failure to
      advance by 5:00 P.M. New York time on the Servicer Remittance Date), the Trustee
      shall, at the direction of the NIMS Insurer, terminate all of the rights and
      obligations of the Servicer under this Agreement, to the extent permitted by
      law, and in and to the Mortgage Loans and the proceeds thereof and the Trustee,
      or a successor servicer appointed in accordance with Section 7.02, shall
      immediately make such Advance and assume, pursuant to Section 7.02, the duties
      of a successor Servicer and (y) in the case of (i)(B), (ii), (iii) or (iv)
      above, the Trustee shall, at the direction of the NIMS Insurer or the Holders
      of
      each Class of Regular Certificates evidencing Percentage Interests aggregating
      not less than 51%, by notice then given in writing to the Servicer (and to
      the
      Trustee if given by the NIMS Insurer or the Holders of Certificates), terminate
      all of the rights and obligations of the Servicer as servicer under this
      Agreement. Any such notice to the Servicer shall also be given to each Rating
      Agency, the Depositor and the Servicer. On or after the receipt by the Servicer
      (and by the Trustee if such notice is given by the Holders) of such written
      notice, all authority and power of the Servicer under this Agreement, whether
      with respect to the Certificates or the Mortgage Loans or otherwise, shall
      pass
      to and be vested in the Trustee pursuant to and under this Section; and, without
      limitation, and the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and related documents or otherwise. The Servicer agrees to cooperate with
      the Trustee (or the applicable successor Servicer) in effecting the termination
      of the responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the Trustee of all documents and records requested
      by it to enable it to assume the Servicer’s functions under this Agreement
      within ten Business Days subsequent to such notice, the transfer within one
      Business Day subsequent to such notice to the Trustee (or the applicable
      successor Servicer) for the administration by it of all cash amounts that shall
      at the time be held by the Servicer and to be deposited by it in the Collection
      Account, the Distribution Account, any REO Account or any Servicing Account
      or
      that have been deposited by the Servicer in such accounts or thereafter received
      by the Servicer with respect to the Mortgage Loans or any REO Property received
      by the Servicer. All reasonable costs and expenses (including attorneys’ fees)
      incurred in connection with transferring the Mortgage Files to the successor
      Servicer and amending this Agreement to reflect such succession as Servicer
      pursuant to this Section shall be paid by the predecessor Servicer (or if the
      predecessor Servicer is the Trustee, the initial Servicer) upon presentation
      of
      reasonable documentation of such costs and expenses and to the extent not paid
      by the Servicer, by the Trust.

     

    SECTION
      7.02 Trustee
      to Act; Appointment of Successor.

     

    (a) From
      the
      time the Servicer (and the Trustee, if notice is sent by the Holders) receives
      a
      notice of termination pursuant to Section 7.01 or 6.04, the Trustee (or such
      other successor Servicer as is approved in accordance with this Agreement)
      shall
      be the successor in all respects to the Servicer in its capacity as servicer
      under this Agreement and the transactions set forth or provided for herein
      and
      shall be subject to all the responsibilities, duties and liabilities relating
      thereto placed on the Servicer by the terms and provisions hereof arising on
      and
      after its succession. Notwithstanding the foregoing, the parties hereto agree
      that the Trustee, in its capacity as successor Servicer, immediately will assume
      all of the obligations of the Servicer to make advances. Notwithstanding the
      foregoing, the Trustee, in its capacity as successor Servicer, shall not be
      responsible for the lack of information and/or documents that it cannot obtain
      through reasonable efforts. It is understood and agreed by the parties hereto
      that there will be a period of transition (not to exceed 90 days) before the
      transition of servicing obligations is fully effective. As compensation
      therefor, the Trustee (or such other successor Servicer) shall be entitled
      to
      such compensation as the Servicer would have been entitled to hereunder if
      no
      such notice of termination had been given. Notwithstanding the above, (i) if
      the
      Trustee is unwilling to act as successor Servicer or (ii) if the Trustee is
      legally unable so to act, the Trustee shall appoint or petition a court of
      competent jurisdiction to appoint, any established housing and home finance
      institution, bank or other mortgage loan or home equity loan servicer having
      a
      net worth of not less than $50,000,000 as the successor to the Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Servicer hereunder; provided, that the appointment of
      any
      such successor Servicer shall be approved by the NIMS Insurer (such approval
      not
      to be unreasonably withheld), as evidenced by the prior written consent of
      the
      NIMS Insurer, and will not result in the qualification, reduction or withdrawal
      of the ratings assigned to the Certificates by the Rating Agencies as evidenced
      by a letter to such effect from the Rating Agencies. Pending appointment of
      a
      successor to the Servicer hereunder, the Trustee shall act in such capacity
      as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the
      Trustee and such successor shall agree, not to exceed the Servicing Fee). The
      appointment of a successor Servicer shall not affect any liability of the
      predecessor Servicer which may have arisen under this Agreement prior to its
      termination as Servicer to pay any deductible under an insurance policy pursuant
      to Section 3.14, to reimburse the Trustee pursuant to Section 3.06 or to
      indemnify the Trustee or the NIMS Insurer pursuant to Section 8.05(c)), nor
      shall any successor Servicer be liable for any acts or omissions of the
      predecessor Servicer or for any breach by such Servicer of any of its
      representations or warranties contained herein or in any related document or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      All Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Servicer defaults in its obligation to pay such costs, such costs shall be
      paid
      by the successor Servicer or the Trustee (in which case the successor Servicer
      or the Trustee, as applicable, shall be entitled to reimbursement therefor
      from
      the assets of the Trust).

     

    (b) Any
      successor to the Servicer, including the Trustee, shall during the term of
      its
      service as servicer continue to service and administer the Mortgage Loans for
      the benefit of Certificateholders, and maintain in force a policy or policies
      of
      insurance covering errors and omissions in the performance of its obligations
      as
      Servicer hereunder and a fidelity bond in respect of its officers, employees
      and
      agents to the same extent as the Servicer is so required pursuant to Section
      3.14.

     

    SECTION
      7.03 Waiver
      of
      Defaults.

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders and with
      the consent of the NIMS Insurer, waive any events permitting removal of the
      Servicer as servicer pursuant to this Article VII, provided, however, that
      the
      Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate and the consent of the NIMS Insurer. Upon any waiver of a past
      default, such default shall cease to exist and any Servicer Event of Termination
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trustee to the Rating Agencies
      and the NIMS Insurer.

     

    SECTION
      7.04 Notification
      to Certificateholders.

     

    (a) Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register, the NIMS Insurer, the Swap Provider and each Rating
      Agency.

     

    (b) No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders and to the NIMS Insurer notice of such occurrence
      unless such default or Servicer Event of Termination shall have been waived
      or
      cured.

     

    SECTION
      7.05 Survivability
      of Servicer Liabilities.

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VIII

     

    THE
      TRUSTEE

     

    SECTION
      8.01 Duties
      of
      Trustee.

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has knowledge, the Trustee
      shall exercise such of the rights and powers vested in it by this Agreement,
      and
      use the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided, however, that the Trustee will not
      be
      responsible for the accuracy or content of any such resolutions, certificates,
      statements, opinions, reports, documents or other instruments. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner the Trustee shall take such action as it deems appropriate
      to
      have the instrument corrected, and if the instrument is not corrected to the
      Trustee’s satisfaction, the Trustee will provide notice thereof to the
      Certificateholders and the NIMS Insurer.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that:

     

    (i) prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

    (ii) the
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer of the Trustee, unless it shall be proved that
      the Trustee was negligent in ascertaining the pertinent facts;

     

    (iii) the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the NIMS Insurer or the Majority Certificateholders relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee, or exercising or omitting to exercise any trust or power conferred
      upon the Trustee, under this Agreement; and

     

    (iv) the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or of the existence of any Servicer Event of Termination
      unless a Responsible Officer of the Trustee at the Corporate Trust Office
      obtains actual knowledge of such failure or the Trustee receives written notice
      of such failure from the Depositor, the Servicer, the NIMS Insurer or the
      Majority Certificateholders.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    SECTION
      8.02 Certain
      Matters Affecting the Trustee.

     

    (a) Except
      as
      otherwise provided in Section 8.01:

     

    (i) the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officers’ Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties, and the manner of obtaining consents and of
      evidencing the authorization of the execution thereof by Certificateholders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe;

     

    (ii) the
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii) the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders or the NIMS Insurer, pursuant to the provisions
      of this Agreement, unless such Certificateholders or the NIMS Insurer, as
      applicable shall have offered to the Trustee reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby; the right of the Trustee to perform any discretionary act enumerated
      in
      this Agreement shall not be construed as a duty, and the Trustee shall not
      be
      answerable for other than its negligence or willful misconduct in the
      performance of any such act;

     

    (iv) the
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v) prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the NIMS Insurer or the Majority
      Certificateholder; provided, however, that if the payment within a reasonable
      time to the Trustee of the costs, expenses or liabilities likely to be incurred
      by it in the making of such investigation is, in the opinion of the Trustee,
      not
      reasonably assured to the Trustee by the security afforded to it by the terms
      of
      this Agreement, the Trustee may require reasonable indemnity against such cost,
      expense or liability as a condition to such proceeding. The reasonable expense
      of every such examination shall be paid by the Servicer or the NIMS Insurer
      (if
      requested by the NIMS Insurer) or, if paid by the Trustee, shall be reimbursed
      by the Servicer or the NIMS Insurer (if requested by the NIMS Insurer) upon
      demand and, if not reimbursed by the Servicer or the NIMS Insurer (if requested
      by the NIMS Insurer), shall be reimbursed by the Trust. Nothing in this clause
      (v) shall derogate from the obligation of the Servicer to observe any applicable
      law prohibiting disclosure of information regarding the Mortgagors;

     

    (vi) the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      and thereupon only for the acts or omissions of the Trustee as successor
      Servicer;

     

    (vii) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys, custodians
      or
      nominees;

     

    (viii) the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;

     

    (ix) the
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Collection Account or the REO Account made
      at
      the direction of the Servicer pursuant to Section 3.12; and

     

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

     

    In
      order
      to comply with its duties under the U.S. Patriot Act, the Trustee shall obtain
      and verify certain information and documentation from the other parties hereto,
      including, but not limited to, such parties’ name, address and other identifying
      information.

     

    SECTION
      8.03 Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Depositor, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature and
      authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or
      related document or MERS or the MERS System other than with respect to the
      Trustee’s execution and authentication of the Certificates. The Trustee shall
      not be accountable for the use or application by the Servicer, or for the use
      or
      application of any funds paid to the Servicer in respect of the Mortgage Loans
      or deposited in or withdrawn from the Collection Account by the Servicer. The
      Trustee shall at no time have any responsibility or liability for or with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust or its ability to generate the payments to be distributed to
      Certificateholders under this Agreement, including, without limitation: the
      existence, condition and ownership of any Mortgaged Property; the existence
      and
      enforceability of any hazard insurance thereon (other than if the Trustee shall
      assume the duties of the Servicer pursuant to Section 7.02); the validity of
      the
      assignment of any Mortgage Loan to the Trustee or of any intervening assignment;
      the completeness of any Mortgage Loan; the performance or enforcement of any
      Mortgage Loan (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02); the compliance by the Depositor, the Originator
      or
      the Servicer with any warranty or representation made under this Agreement
      or in
      any related document or the accuracy of any such warranty or representation
      prior to the Trustee’s receipt of notice or other discovery of any
      non-compliance therewith or any breach thereof; any investment of monies by
      or
      at the direction of the Servicer or any loss resulting therefrom, it being
      understood that the Trustee shall remain responsible for any Trust property
      that
      it may hold in its individual capacity; the acts or omissions of any of the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), any Sub-Servicer or any Mortgagor; any action of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), or any Sub- Servicer taken in the name of the
      Trustee; the failure of the Servicer or any Sub-Servicer to act or perform
      any
      duties required of it as agent of the Trustee hereunder; or any action by the
      Trustee taken at the instruction of the Servicer (other than if the Trustee
      shall assume the duties of the Servicer pursuant to Section 7.02); provided,
      however, that the foregoing shall not relieve the Trustee of its obligation
      to
      perform its duties under this Agreement, including, without limitation, the
      Trustee’s duty to review the Mortgage Files pursuant to Section 2.01. The
      Trustee shall have no responsibility for filing any financing or continuation
      statement in any public office at any time or to otherwise perfect or maintain
      the perfection of any security interest or lien granted to it hereunder (unless
      the Trustee shall have become the successor Servicer).

     

    SECTION
      8.04 Trustee
      May Own Certificates.

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      and
      may transact any banking and trust business with the Originator, the Servicer,
      the Depositor or their Affiliates.

     

    SECTION
      8.05 Trustee
      Compensation, Custodial Fee and Expenses.

     

    (a) On
      each
      Distribution Date, prior to making any distributions to Certificateholders,
      the
      Trustee shall withdraw from the Distribution Account and pay to itself the
      Trustee Compensation payable on such Distribution Date consisting of all income
      earned on amounts on deposit in the Distribution Account. The Trustee shall
      be
      provided a copy of the separate fee schedule between the Depositor and the
      Custodian. The Trustee shall withdraw from the Distribution Account on each
      Distribution Date and pay to the Custodian, the Custodial Fee prior to making
      any distributions to Certificateholders.

     

    (b) The
      Trustee, or any director, officer, employee or agent of the Trustee, shall
      be
      indemnified by the Trust Fund and held harmless against any loss, liability
      or
      expense (not including expenses and disbursements incurred or made by the
      Trustee, including the compensation and the expenses and disbursements of its
      agents and counsel, in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee
      arising out of or in connection with the acceptance or administration of its
      obligations and duties under this Agreement, other than any loss, liability
      or
      expense (i) resulting from a breach of the Servicer’s obligations and duties
      under this Agreement for which the Trustee is indemnified under Section 8.05(b)
      or (ii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence of the Trustee in
      the
      performance of its duties hereunder or by reason of the Trustee’s reckless
      disregard of obligations and duties hereunder
      or as a
      result of a breach of the Trustee’s obligations under Article X hereof. It is
      understood by the parties hereto that a “claim” as used in the preceding
      sentence includes any claim for indemnification made by the Custodian under
      Section 22 of the Custodial Agreement; provided, however, that the Trustee
      shall
      not lose any right it may have to indemnification under this Section 8.05 due
      to
      the willful misfeasance, bad faith or negligence of the Custodian in the
      performance of its duties under the Custodial Agreement or by reason of the
      Custodian’s reckless disregard of its obligations and duties under the Custodial
      Agreement. Any amounts payable to the Trustee, or any director, officer,
      employee or agent of the Trustee, in respect of the indemnification provided
      by
      this Section 8.05(a), or pursuant to any other right of reimbursement from
      the
      Trust Fund that the Trustee, or any director, officer, employee or agent of
      the
      Trustee, may have hereunder in its capacity as such, may be withdrawn by the
      Trustee from the Distribution Account at any time. The foregoing indemnity
      shall
      survive the resignation or removal of the Trustee.

     

    (c) The
      Servicer agrees to indemnify the Trustee, the NIMS Insurer, the Custodian or
      any
      director, officer, employee or agent of the Trustee, the NIMS Insurer or
      Custodian from, and hold it harmless against, any loss, liability or expense
      resulting from a breach of the Servicer’s obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the Trustee and the Servicer for
      actions prior to such resignation or removal. Any payment hereunder made by
      the
      Servicer to the Trustee shall be from the Servicer’s own funds, without
      reimbursement from the Trust Fund therefor.

     

    SECTION
      8.06 Eligibility
      Requirements for Trustee.

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee and the NIMS Insurer at the time such Trustee
      is appointed Trustee to the effect that the Trust will not be a taxable entity
      under the laws of such state. In case at any time the Trustee shall cease to
      be
      eligible in accordance with the provisions of this Section 8.06, the Trustee
      shall resign immediately in the manner and with the effect specified in Section
      8.07.

     

    SECTION
      8.07 Resignation
      or Removal of Trustee.

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the NIMS Insurer, the Depositor, the
      Servicer and each Rating Agency. Upon receiving such notice of resignation,
      the
      Depositor shall promptly appoint a successor Trustee acceptable to the NIMS
      Insurer by written instrument, in duplicate, one copy of which instrument shall
      be delivered to the resigning Trustee and one copy to the successor Trustee.
      If
      no successor Trustee shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or the NIMS Insurer if at any time the Trustee shall be legally unable
      to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the
      Trustee or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Trustee or of its property or affairs for the purpose
      of rehabilitation, conservation or liquidation, then the Depositor, the Servicer
      or the NIMS Insurer may remove the Trustee. If the Depositor, the Servicer
      or
      the NIMS Insurer removes the Trustee under the authority of the immediately
      preceding sentence, the Depositor, with the consent of the NIMS Insurer, shall
      promptly appoint a successor Trustee by written instrument, in duplicate, one
      copy of which instrument shall be delivered to the Trustee so removed and one
      copy to the successor trustee.

     

    The
      Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee
      to perform its obligations hereunder) may at any time remove the Trustee by
      written instrument or instruments delivered to the Servicer, the Depositor
      and
      the Trustee; the Depositor shall thereupon use its best efforts to appoint
      a
      successor trustee acceptable to the NIMS Insurer in accordance with this
      Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    SECTION
      8.08 Successor
      Trustee.

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the NIMS Insurer, the Depositor, the Servicer and
      to
      its predecessor Trustee an instrument accepting such appointment hereunder,
      and
      thereupon the resignation or removal of the predecessor Trustee shall become
      effective, and such successor Trustee, without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with like effect as if originally
      named as Trustee. The Depositor, the Servicer and the predecessor Trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for fully and certainly vesting and confirming in the successor
      Trustee all such rights, powers, duties and obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of the Regular Certificates by either
      Rating Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    SECTION
      8.09 Merger
      or
      Consolidation of Trustee.

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the business of the Trustee, shall be the successor of the Trustee hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    SECTION
      8.10 Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee and the
      NIMS
      Insurer to act as co-trustee or co-trustees, jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust, and
      to
      vest in such Person or Persons, in such capacity and for the benefit of the
      Certificateholders, such title to the Trust, or any part thereof, and, subject
      to the other provisions of this Section 8.10, such powers, duties, obligations,
      rights and trusts as the Servicer and the Trustee may consider necessary or
      desirable. Any such co-trustee or separate trustee shall be subject to the
      written approval of the Servicer and the NIMS Insurer. If the Servicer and
      the
      NIMS Insurer shall not have joined in such appointment within 15 days after
      the
      receipt by it of a request so to do, or in the case a Servicer Event of
      Termination shall have occurred and be continuing, the Trustee alone shall
      have
      the power to make such appointment. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor trustee under
      Section 8.06, and no notice to Certificateholders of the appointment of any
      co-trustee or separate trustee shall be required under Section 8.08. The
      Servicer shall be responsible for the fees of any co-trustee or separate trustee
      appointed hereunder.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i) all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust or any portion thereof in any such jurisdiction) shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Trustee;

     

    (ii) no
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii) the
      Servicer and the Trustee, acting jointly and with the consent of the NIMS
      Insurer, may at any time accept the resignation of or remove any separate
      trustee or co-trustee except that following the occurrence of a Servicer Event
      of Termination, the Trustee acting alone may accept the resignation or remove
      any separate trustee or co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor, the Servicer and the NIMS Insurer.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor Trustee.

     

    SECTION
      8.11 Limitation
      of Liability.

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by the Trust Agreement. Each of the undertakings
      and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    SECTION
      8.12 Trustee
      May Enforce Claims Without Possession of Certificates.

     

    (a) All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b) The
      Trustee shall afford the Originator, the Depositor, the Servicer, the NIMS
      Insurer and each Certificateholder upon reasonable prior notice during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. Upon request, the Trustee shall furnish the Depositor,
      the Servicer, the NIMS Insurer and any requesting Certificateholder with its
      most recent financial statements. The Trustee shall cooperate fully with the
      Originator, the Servicer, the NIM Insurer, the Depositor and such
      Certificateholder and shall make available to the Originator, the Servicer,
      the
      Depositor, the NIMS Insurer and such Certificateholder for review and copying
      such books, documents or records as may be requested with respect to the
      Trustee’s duties hereunder. The Originator, the Depositor, the Servicer and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Trustee and are not obligated to supervise the
      performance of the Trustee under this Agreement or otherwise.

     

    SECTION
      8.13 Suits
      for
      Enforcement.

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders or the NIMS Insurer, or may, proceed to protect
      and enforce its rights and the rights of the Certificateholders or the NIMS
      Insurer under this Agreement by a suit, action or proceeding in equity or at
      law
      or otherwise, whether for the specific performance of any covenant or agreement
      contained in this Agreement or in aid of the execution of any power granted
      in
      this Agreement or for the enforcement of any other legal, equitable or other
      remedy, as the Trustee, being advised by counsel, and subject to the foregoing,
      shall deem most effectual to protect and enforce any of the rights of the
      Trustee, the NIMS Insurer and the Certificateholders.

     

    SECTION
      8.14 Waiver
      of
      Bond Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    SECTION
      8.15 Waiver
      of
      Inventory, Accounting and Appraisal Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    SECTION
      8.16 Appointment
      of the Custodian.

     

    The
      Trustee shall, at the direction of the Depositor and with the consent of the
      Servicer, appoint the Custodian to hold all or a portion of the Mortgage Files.
      The appointment of the Custodian may at any time be terminated and a substitute
      Custodian appointed therefor at the direction of the Depositor to the Trustee,
      the consent to which shall not be unreasonably withheld. The Custodian shall
      be
      entitled to its fees and expenses in accordance with the Custodial Agreement,
      which fees and expenses shall be paid to the Custodian from the Trust in
      accordance with Section 8.05. Subject to Article VIII hereof, the Trustee agrees
      to comply with the terms of the Custodial Agreement, which agreement may be
      amended from time to time, and shall have the right to enforce the terms and
      provisions thereof against the Custodian for the benefit of the
      Certificateholders having an interest in any Mortgage File held by the
      Custodian. Notwithstanding anything to the contrary in this Agreement, the
      Custodian is not an agent of the Trustee and in no event shall the Trustee
      be
      liable for any acts, omission, duties, obligations, or liabilities of the
      Custodian. In no event shall the appointment of the Custodian pursuant to the
      Custodial Agreement diminish the obligations of the Trustee
      hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    SECTION
      9.01 REMIC
      Administration.

     

    (a) REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement. The Securities
      Administrator and the Trustee shall not permit the creation of any “interests”
(within the meaning of Section 860G of the Code) in any REMIC created hereunder
      other than (a) the REMIC 1 Regular Interests, the REMIC 2 Regular Interests,
      the
      REMIC 3 Regular Interests, the REMIC 4 Regular Interests, the REMIC 5 Regular
      Interests or the REMIC 6 Regular Interests, the ownership of which is
      represented by the Class A and Class M Certificates, REMIC 6 Regular Interest
      SWAP IO, the Class C Certificates and the Class P Certificates and (b) the
      Class
      R-1 Interest, the Class R-2 Interest, the Class R-3 Interest, the Class R-4
      Interest, the Class R-5 Interest and the Class R-6 Interest. The Securities
      Administrator will apply for an Employee Identification Number from the IRS
      via
      form SS-4 or any other acceptable method for each Trust REMIC

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c) The
      Trustee shall pay any and all expenses relating to any tax audit of any REMIC
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to any Trust REMIC that involve the Internal
      Revenue Service or state tax authorities), including the expense of obtaining
      any tax related Opinion of Counsel. The Trustee shall be entitled to
      reimbursement of expenses incurred pursuant to this Section 9.01(c) to the
      extent provided in Section 8.05.

     

    (d) The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns (including Form 8811) as the direct representative
      each
      REMIC created hereunder. The expenses of preparing and filing such returns
      shall
      be borne by the Trustee.

     

    (e) The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC 1, REMIC 2
      and REMIC 3 and shall act as Tax Matters Person for REMIC 1, REMIC 2 and REMIC
      3. The Holder of the Class R-X Certificate at any time holding the largest
      Percentage Interest thereof shall be the Tax Matters Person with respect to
      REMIC 4, REMIC 5 and REMIC 6 and shall act as Tax Matters Person for REMIC
      4,
      REMIC 5 and REMIC 6. The Trustee, as agent for the Tax Matters Person, shall
      perform on behalf of each REMIC all reporting and other tax compliance duties
      that are the responsibility of such REMIC under the Code, the REMIC Provisions,
      or other compliance guidance issued by the Internal Revenue Service or any
      state
      or local taxing authority. Among its other duties, if required by the Code,
      the
      REMIC Provisions, or other such guidance, the Trustee, as agent for the Tax
      Matters Person, shall provide (i) to the Treasury or other governmental
      authority such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any disqualified person
      or
      organization and (ii) to the Certificateholders such information or reports
      as
      are required by the Code or REMIC Provisions. The Trustee, as agent for the
      Tax
      Matters Person, shall represent each REMIC in any administrative or judicial
      proceedings relating to an examination or audit by any governmental taxing
      authority, request an administrative adjustment as to any taxable year of any
      REMIC, enter into settlement agreements with any government taxing agency,
      extend any statute of limitations relating to any item of any REMIC and
      otherwise act on behalf of any REMIC in relation to any tax matter involving
      the
      Trust.

     

    (f) The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. Neither the Trustee, the Servicer
      nor the Holder of any Residual Certificate shall take any action, cause any
      REMIC created hereunder to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee, the NIMS
      Insurer and the Servicer have received an Opinion of Counsel (at the expense
      of
      the party seeking to take such action) to the effect that the contemplated
      action will not endanger such status or result in the imposition of such a
      tax.
      In addition, prior to taking any action with respect to any REMIC created
      hereunder or the assets therein, or causing such REMIC to take any action,
      which
      is not expressly permitted under the terms of this Agreement, any Holder of
      a
      Residual Certificate will consult with the Trustee, the NIMS Insurer and the
      Servicer, or their respective designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      REMIC, and no such Person shall take any such action or cause any REMIC to
      take
      any such action as to which the Trustee, the NIMS Insurer or the Servicer has
      advised it in writing that an Adverse REMIC Event could occur.

     

    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC. Subject to the foregoing, in the event
      that a REMIC incurs a state or local tax, including franchise taxes, as a result
      of a determination that such REMIC is domiciled in the State of California
      for
      state tax purposes by virtue of the location of the Servicer, the Servicer
      agrees to pay on behalf of such REMIC when due, any and all state and local
      taxes imposed as a result of such a determination, in the event that the Holder
      of the related Residual Certificate fails to pay such taxes, if any, when
      imposed.

     

    (h) The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j) Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      REMIC
      created hereunder will receive a fee or other compensation for
      services.

     

    (k) On
      or
      before April 15 of each calendar year beginning in 2006, the Servicer shall
      deliver to the NIMS Insurer, the Trustee and each Rating Agency an Officers’
Certificate stating the Servicer’s compliance with the provisions of this
      Section 9.01.

     

    (l) The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    SECTION
      9.02 Prohibited
      Transactions and Activities.

     

    Neither
      the Depositor, the Servicer nor the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it and the NIMS Insurer have received an Opinion
      of Counsel (at the expense of the party causing such sale, disposition, or
      substitution) that such disposition, acquisition, substitution, or acceptance
      will not (a) affect adversely the status of any REMIC created hereunder as
      a
      REMIC or of the interests therein other than the Residual Certificates as the
      regular interests therein, (b) affect the distribution of interest or principal
      on the Certificates, (c) result in the encumbrance of the assets transferred
      or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

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

     

    (a) In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the NIMS Insurer, the Trustee and the Trust Fund
      against any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided, however, that the Servicer shall
      not
      be liable for any such Losses attributable to the action or inaction of the
      Trustee, the Depositor or the Holder of such Residual Certificate, as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Servicer has relied. The
      foregoing shall not be deemed to limit or restrict the rights and remedies
      of
      the Holder of such Residual Certificate now or hereafter existing at law or
      in
      equity. Notwithstanding the foregoing, however, in no event shall the Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Servicer of its duties and obligations
      set
      forth herein, and (3) for any special or consequential damages to
      Certificateholders (in addition to payment of principal and interest on the
      Certificates).

     

    (b) In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Trust Fund against any and all Losses resulting
      from
      such negligence; provided, however, that the Trustee shall not be liable for
      any
      such Losses attributable to the action or inaction of the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Trustee of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      X

     

    TERMINATION

     

    SECTION
      10.01 Termination.

     

    (a) The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the Regular
      Certificates have been reduced to zero, (ii) the final payment or other
      liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
      by the Terminator of the Mortgage Loans as described below and (iv) the Assumed
      Final Maturity Date as defined in the Preliminary Statement. Notwithstanding
      the
      foregoing, in no event shall the trust created hereby continue beyond the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James’s, living on the date hereof.

     

    The
      Servicer (in such context, the “Terminator”), may, at its option, terminate this
      Agreement on any date on which the aggregate of the Stated Principal Balances
      of
      the Mortgage Loans (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Stated
      Principal Balances of the Mortgage Loans on the Cut-off Date, by purchasing,
      on
      the next succeeding Distribution Date, all of the outstanding Mortgage Loans
      and
      REO Properties at a price equal to the greater of (i) the Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) fair market
      value
      of the Mortgage Loans and REO Properties (as determined and as agreed upon
      in
      their good faith business judgment (determined as provided in the last sentence
      of this paragraph) as of the Close of Business on the third Business Day next
      preceding the date upon which notice of any such termination is furnished to
      the
      related Certificateholders pursuant to Section 10.01(c) by (x) the Terminator,
      (y) the Holders of a majority in Percentage Interest in the Class C Certificates
      and (z) if the Floating-Rate Certificates will not receive all amounts owed
      to
      it as a result of the termination, the Trustee (provided that if this clause
      (z)
      applies to such determination, such determination shall, notwithstanding
      anything to the contrary herein, be based solely upon an appraisal obtained
      as
      provided in the last sentence of this paragraph)), plus accrued and unpaid
      interest thereon at the weighted average of the Mortgage Rates through the
      end
      of the Due Period preceding the final Distribution Date plus unreimbursed
      Servicing Advances, Advances, any unpaid Servicing Fees allocable to such
      Mortgage Loans and REO Properties, any accrued and unpaid Net WAC Rate Carryover
      Amounts and any Swap Termination Payment payable to the Swap Provider then
      remaining unpaid or which is due to the exercise of such option (the
“Termination Price”); provided, however, such option may only be exercised if
      the Termination Price is sufficient to result in the payment of all interest
      accrued on, as well as amounts necessary to retire the principal balance of,
      each class of notes issued pursuant to the Indenture and any amounts owed to
      the
      NIMS Insurer (as it notifies the Trustee and Servicer in writing). If the
      determination of the fair market value of the Mortgage Loans and REO Properties
      shall be required to be made and agreed upon by the Terminator, the Holders
      of a
      majority in Percentage Interest in the Class C Certificates and the Trustee
      as
      provided in (ii) above in their good faith business judgment, such determination
      shall be based on an appraisal of the value of the Mortgage Loans and REO
      Properties conducted by an independent appraiser mutually agreed upon by the
      Terminator, the Holders of a majority in Percentage Interest in the Class C
      Certificates and the Trustee in their reasonable discretion, and (A) such
      appraisal shall be obtained at no expense to the Trustee and (B) notwithstanding
      anything to the contrary above, the Trustee may solely and conclusively rely
      on,
      and shall be protected in relying on, such appraisal in making such
      determination.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Terminator shall deposit in the Distribution Account all amounts then on deposit
      in the Collection Account, which deposit shall be deemed to have occurred
      immediately preceding such purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

    (b) Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Terminator, by letter to the
      Certificateholders and the Swap Provider (if the Interest Rate Swap Agreement
      has not terminated by its terms) mailed not earlier than the 15th
      day and
      not later than the 25th
      day of
      the month next preceding the month of such final distribution specifying (1)
      the
      Distribution Date upon which final distribution of the Certificates will be
      made
      upon presentation and surrender of such Certificates at the office or agency
      of
      the Trustee therein designated, (2) the amount of any such final distribution
      and (3) that the Record Date otherwise applicable to such Distribution Date
      is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Trustee therein
      specified.

     

    (c) Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Section 4.01 for such Distribution Date.
      By
      acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (d) In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) shall give
      a
      second written notice to the remaining Certificateholders, to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trustee upon transfer of such funds shall
      be discharged of any responsibility for such funds, and the Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    SECTION
      10.02 Additional
      Termination Requirements.

     

    (a) In
      the
      event that the Terminator exercises its purchase option as provided in Section
      10.01, each REMIC shall be terminated in accordance with the following
      additional requirements, unless the Trustee shall have been furnished with
      an
      Opinion of Counsel to the effect that the failure of the Trust to comply with
      the requirements of this Section will not (i) result in the imposition of taxes
      on “prohibited transactions” of the Trust as defined in Section 860F of the Code
      or (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a REMIC at any time that any Certificates are outstanding:

     

    (i) Within
      90
      days prior to the final Distribution Date, the Terminator shall adopt and the
      Trustee shall sign a plan of complete liquidation of each REMIC created
      hereunder meeting the requirements of a “Qualified Liquidation” under Section
      860F of the Code and any regulations thereunder; and

     

    (ii) At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trustee shall sell all of the assets
      of the Trust Fund to the Terminator for cash pursuant to the terms of the plan
      of complete liquidation.

     

    (b) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) adopt such a plan of complete
      liquidation (and the Certificateholders hereby appoint the Trustee as their
      attorney in fact to sign such plan) as appropriate and (ii) to take such other
      action in connection therewith as may be reasonably required to carry out such
      plan of complete liquidation all in accordance with the terms
      hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      11.01 Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee with the consent of the NIMS Insurer and without the consent of
      the
      Certificateholders (i) to cure any ambiguity, (ii) to correct or supplement
      any
      provisions herein which may be defective or inconsistent with any other
      provisions herein (iii) to amend the provisions of Section 3.22(b) or (iv)
      to
      make any other provisions with respect to matters or questions arising under
      this Agreement which shall not be inconsistent with the provisions of this
      Agreement; provided that such action shall not, as evidenced by either (a)
      an
      Opinion of Counsel delivered to the Trustee or (b) written notice to the
      Depositor, the Servicer and the Trustee from each Rating Agency that such action
      will not result in the reduction or withdrawal of the rating of any outstanding
      Class of Certificates with respect to which it is a Rating Agency, adversely
      affect in any material respect the interests of any Certificateholder. No
      amendment shall be deemed to adversely affect in any material respect the
      interests of any Certificateholder who shall have consented thereto, and no
      Opinion of Counsel or Rating Agency confirmation shall be required to address
      the effect of any such amendment on any such consenting Certificateholder.
      Notwithstanding the foregoing, neither an Opinion of Counsel nor written notice
      to the Depositor, the Servicer and the Trustee from the Rating Agencies will
      be
      required in connection with an amendment to the provisions of Section
      3.22(b).

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer and the Trustee with the consent of the NIMS Insurer, the Swap Provider
      and the Majority Certificateholders for the purpose of adding any provisions
      to
      or changing in any manner or eliminating any of the provisions of this Agreement
      or of modifying in any manner the rights of the Holders of Certificates;
      provided, however, that no such amendment or waiver shall (x) reduce in any
      manner the amount of, or delay the timing of, payments on the Certificates
      or
      distributions which are required to be made on any Certificate without the
      consent of the Holder of such Certificate, (y) adversely affect in any material
      respect the interests of the Swap Provider or Holders of any Class of
      Certificates (as evidenced by either (i) an Opinion of Counsel delivered to
      the
      Trustee or (ii) written notice to the Depositor, the Servicer and the Trustee
      from each Rating Agency that such action will not result in the reduction or
      withdrawal of the rating of any outstanding Class of Certificates with respect
      to which it is a Rating Agency) in a manner other than as described in clause
      (x) above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 66% Percentage Interest in such Class, or (z) reduce
      the
      percentage of Voting Rights required by clause (y) above without the consent
      of
      the Holders of all Certificates of such Class then outstanding. Upon approval
      of
      an amendment, a copy of such amendment shall be sent to the Rating
      Agencies.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment and satisfactory to the NIMS Insurer, to the effect that such
      amendment will not result in the imposition of a tax on any REMIC created
      hereunder constituting part of the Trust Fund pursuant to the REMIC Provisions
      or cause any REMIC created hereunder constituting part of the Trust to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding and that
      the amendment is being made in accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer or the Trustee shall enter into any amendment to this Agreement, if
      such amendment would have a material adverse effect on the Swap Provider,
      without the prior written consent of the Swap Provider (which consent shall
      not
      be unreasonably withheld).

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the
      Servicer (but in no event at the expense of the Trustee), otherwise at the
      expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer, the NIMS
      Insurer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section 11.01 that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    SECTION
      11.02 Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of Certificateholders accompanied by an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    SECTION
      11.03 Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    SECTION
      11.04 Governing
      Law; Jurisdiction.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws. With respect to any claim arising
      out
      of this Agreement, each party irrevocably submits to the exclusive jurisdiction
      of the courts of the State of New York and the United States District Court
      located in the Borough of Manhattan in The City of New York, and each party
      irrevocably waives any objection which it may have at any time to the laying
      of
      venue of any suit, action or proceeding arising out of or relating hereto
      brought in any such courts, irrevocably waives any claim that any such suit,
      action or proceeding brought in any such court has been brought in any
      inconvenient forum and further irrevocably waives the right to object, with
      respect to such claim, suit, action or proceeding brought in any such court,
      that such court does not have jurisdiction over such party, provided that
      service of process has been made by any lawful means.

     

    SECTION
      11.05 Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Servicer, Option One Mortgage Corporation, 3 Ada, Irvine,
      California 92618, or such other address or telecopy number as may hereafter
      be
      furnished to the Depositor, the NIMS Insurer and the Trustee in writing by
      the
      Servicer, (b) in the case of the Trustee, Deutsche Bank National Trust Company,
      1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention: Trust
      Administration - GC06O4 (telecopy number: (714) 247-6478), or such other address
      or telecopy number as may hereafter be furnished to the Depositor, the NIMS
      Insurer and the Servicer in writing by the Trustee (c) in the case of the
      Depositor, Financial Asset Securities Corp., 600 Steamboat Road, Greenwich,
      Connecticut 06830, Attention: Legal, or such other address as may be furnished
      to the Servicer, the NIMS Insurer and the Trustee in writing by the Depositor,
      (d) in the case of the NIMS Insurer, such address furnished to the Depositor,
      the Servicer and the Trustee in writing by the NIMS Insurer, or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      Servicer and the Trustee in writing by the NIMS Insurer or (e) in the case
      of
      the Swap Provider, Wachovia Bank, N.A. 301 South College Street DC-8, Charlotte,
      North Carolina 28202-0600, Attention: Risk Management or such other address
      or
      telecopy number as may hereafter be furnished to the Depositor, the Servicer
      and
      the Trustee in writing by the NIMS Insurer. Any notice required or permitted
      to
      be mailed to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Notice of any Servicer Event of Termination shall be given by telecopy and
      by
      certified mail. Any notice so mailed within the time prescribed in this
      Agreement shall be conclusively presumed to have duly been given when mailed,
      whether or not the Certificateholder receives such notice. A copy of any notice
      required to be telecopied hereunder shall also be mailed to the appropriate
      party in the manner set forth above.

     

    SECTION
      11.06 Severability
      of Provisions.

     

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

     

    SECTION
      11.07 Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      11.08 Notice
      to
      the Rating Agencies, the Swap Provider and the NIMS Insurer.

     

    (a) Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies, the Swap Provider
      and
      the NIMS Insurer with respect to each of the following of which a Responsible
      Officer of the Trustee or Servicer, as the case may be, has actual
      knowledge:

     

    (i) any
      material change or amendment to this Agreement;

     

    (ii) the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii) the
      resignation or termination of the Servicer or the Trustee;

     

    (iv) the
      final
      payment to Holders of the Certificates of any Class;

     

    (v) any
      change in the location of any Account; and

     

    (vi) if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b) In
      addition, the Trustee shall promptly make available to each Rating Agency copies
      of each Statement to Certificateholders described in Sections 4.03 and 3.19
      hereof and the Servicer shall promptly furnish to each Rating Agency copies
      of
      the following:

     

    (i) each
      annual statement as to compliance described in Section 3.20 hereof;

     

    (ii) each
      annual independent public accountants’ servicing report described in Section
      3.21 hereof; and

     

    (iii) each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) Fitch Ratings, 1 State
      Street Plaza, New York, New York 10004 and (ii) Standard & Poor’s, a
      division of The McGraw-Hill Companies, Inc., 55 Water Street, 41st Floor, New
      York, NY 10041, Attention: Residential Mortgage Surveillance Group.

     

    SECTION
      11.09 Further
      Assurances.

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    SECTION
      11.10 Third
      Party Rights.

     

    The
      NIMS
      Insurer and the Swap Provider shall each be deemed third-party beneficiaries
      of
      this Agreement to the same extent as if they were parties hereto, and shall
      have
      the right to enforce the provisions of this Agreement.

     

    SECTION
      11.11 Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders, the NIMS Insurer and the parties
      hereto and their successors hereunder, any benefit or any legal or equitable
      right, remedy or claim under this Agreement.

     

    SECTION
      11.12 Acts
      of
      Certificateholders.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    SECTION
      11.13 Intention
      of the Parties and Interpretation. 

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.07 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R.
      §§ 229.1100-229.1123), as such may be amended from time to time and subject to
      clarification and interpretive advice as may be issued by the staff of the
      SEC
      from time to time. Therefore, each of the parties agrees that (a) the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with requests made by the Depositor for delivery of additional
      or
      different information as the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB, and (d) no amendment of this
      Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    

      
        	 	
                FINANCIAL
                  ASSET SECURITIES CORP.,

                as
                  Depositor

              
	 	 	 
	 	
                By:

              	/s/
                Pat Leo 
	 	
                Name:

              	Pat
                Leo 
	 	
                Title:

              	Vice
                President

      

      

        
          	 	
                  
                    OPTION
                      ONE MORTGAGE CORPORATION., 

                    as
                      Servicer

                  

                
	 	 	 
	 	
                  By:

                	/s/
                  Charles R. Fulton
	 	
                  Name:

                	Charles
                  R. Fulton
	 	
                  Title:

                	Vice
                  President

        

        

          
            	 	
                    
                      
                        DEUTSCHE
                          BANK NATIONAL TRUST COMPANY, as Trustee and Supplemental
                          Interest Trust
                          Trustee

                      

                    

                  
	 	 	 
	 	
                    By:

                  	/s/
                    Ronaldo Reyes
	 	
                    Name:

                  	Ronaldo
                    Reyes
	 	
                    Title:

                  	Vice
                    President

          

          

            
              	 	 	 
	 	
                      By:

                    	/s/
                      Hang Luu
	 	
                      Name:

                    	Hang
                      Luu
	 	
                      Title:

                    	Authorized
                      Signatory

            

            

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

          

        

      

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

    

    On
      the
      ____ day of May, 2006 before me, a notary public in and for said State,
      personally appeared ___________________known to me to be a ____________________
      of Financial Asset Securities Corp., a Delaware corporation that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _____________________________

    Notary
      Public

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the____ day of May, 2006 before me, a notary public in and for said State,
      personally appeared ________________________known to me to be a
      ___________________ of Option One Mortgage Corporation, a corporation that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _____________________________

    Notary
      Public

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the
      ___ day of May, 2006 before me, a notary public in and for said State,
      personally appeared_______________________, known to me to be
      a(n)________________________ and ________________________, known to me to be
      a(n) ________________________of Deutsche Bank National Trust Company, one of
      the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said association, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _____________________________

    Notary
      Public

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS I-A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $321,226,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $321,226,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AA 0

            
	
              Class

            	
              :

            	
              I-A-1

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      I-A-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class I-A-1 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class I-A-1 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class I-A-1 Certificate (obtained by dividing the Denomination
      of this Class I-A-1 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class I-A-1 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class I-A-1 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Class I-A-1 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class I-A-1 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class I-A-1 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 
	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

     

    Dated:_________________

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS II-A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $260,789,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $260,789,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AB 8

            
	
              Class

            	
              :

            	
              II-A-1

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      II-A-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-1 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-1 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-1 Certificate (obtained by dividing the
      Denomination of this Class II-A-1 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of May 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-1
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-1
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-1 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-1 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    
 

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-1 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS II-A-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $75,758,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $75,758,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AC 6 

            
	
              Class

            	
              :

            	
              II-A-2

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      II-A-2

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-2 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-2 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-2 Certificate (obtained by dividing the
      Denomination of this Class II-A-2 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of May 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-2
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-2
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-2 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-2 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-2 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS II-A-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $108,517,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $108,517,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AD 4

            
	
              Class

            	
              :

            	
              II-A-3

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      II-A-3

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-3 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-3 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-3 Certificate (obtained by dividing the
      Denomination of this Class II-A-3 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of May 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-3
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-3
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-3 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-3 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-3 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date the Servicer may purchase, in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS II-A-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $37,710,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $37,710,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AE 2

            
	
              Class

            	
              :

            	
              II-A-4

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      II-A-4

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-4 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-4 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-4 Certificate (obtained by dividing the
      Denomination of this Class II-A-4 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of May 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-4
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-4
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-4 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-4 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-4 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-6

     

    FORM
      OF
      CLASS M-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES AND THE CLASS
      II-A-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $72,500,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $72,500,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AF 9

            
	
              Class

            	
              :

            	
              M-1

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-1 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
      of this Class M-1 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-1 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-1 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-1 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-1 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-1 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-7

     

    FORM
      OF
      CLASS M-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS
      I-A-1 CERTIFICATES, THE CLASS II-A-1 CERTIFICATES, THE CLASS II-A-2, THE CLASS
      II-A-3 CERTIFICATES, THE CLASS II-A-4 CERTIFICATES
      AND THE
      CLASS M-1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $21,500,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $21,500,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AG 7

            
	
              Class

            	
              :

            	
              M-2

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-2

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-2 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
      of this Class M-2 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-2 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-2 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-2 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-2 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-2 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-8

     

    FORM
      OF
      CLASS M-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $18,500,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $18,500,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AH 5

            
	
              Class

            	
              :

            	
              M-3

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-3

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-3 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
      of this Class M-3 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-3 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-3 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-3 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-3 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-3 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date the Servicer may purchase, in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-9

     

    FORM
      OF
      CLASS M-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE
      CLASS M-3 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $17,500,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $17,500,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AJ 1

            
	
              Class

            	
              :

            	
              M-4

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-4

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-4 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
      of this Class M-4 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-4 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-4 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-4 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-4 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-4 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-10

     

    FORM
      OF
      CLASS M-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES AND THE CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN
      THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $17,500,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $17,500,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AK 8

            
	
              Class

            	
              :

            	
              M-5

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-5

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-5 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
      of this Class M-5 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-5 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-5 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-5 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-5 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-5 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-11

     

    FORM
      OF
      CLASS M-6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES
      TO
      THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $12,000,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $12,000,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AL 6

            
	
              Class

            	
              :

            	
              M-6

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-6

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-6 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
      of this Class M-6 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-6 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-6 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-6 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-6 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-6 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-12

     

    FORM
      OF
      CLASS M-7 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND
      THE
      CLASS M-6 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $10,000,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $10,000,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AM 4

            
	
              Class

            	
              :

            	
              M-7

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-7

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-7 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
      of this Class M-7 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-7 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-7 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-7 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-7 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-7 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-13

     

    FORM
      OF
      CLASS M-8 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE
      CLASS M-6 CERTIFICATES AND THE CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED
      IN
      THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $7,000,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $7,000,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AN 2

            
	
              Class

            	
              :

            	
              M-8

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-8

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-8 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
      of this Class M-8 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-8 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-8 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-8 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-8 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-8 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-14

     

    FORM
      OF
      CLASS M-9 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE
      CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES AND THE CLASS M-8
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”)
      AND
      MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
      THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
      THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
      QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
      RULE
      144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
      REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
      WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
      STATES.

    

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                9,500,000.00

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                9,500,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	
              CUSIP

            	
              :

            	
              83611Y
                AP 7

            
	
              Class

            	
              :

            	
              M-9

            
	
              Assumed
                Maturity Date

            	
              :

            	
              June
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      M-9

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-9 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
      of this Class M-9 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-10 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-9 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-9 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-9 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-9 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-15

     

    FORM
      OF
      CLASS C CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS A-6 CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
      M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE
      CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES,
      THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES, THE CLASS M-10
      CERTIFICATES AND THE CLASS M-11 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $
                9,999,931.47

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $
                9,999,931.47

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Class

            	
              :

            	
              C

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      C

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class C Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class C Certificate does not evidence
      an obligation of, or an interest in, and is not guaranteed by the Depositor,
      the
      Servicer, or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Class C Certificate (obtained by dividing
      the Denomination of this Class C Certificate by the Original Class Certificate
      Principal Balance) in certain distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class C Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Class C Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

    

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class C Certificate set forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class C Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class C Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-16

     

    FORM
      OF
      CLASS 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

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $100.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $100.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Class

            	
              :

            	
              P

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      P

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class P Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class P Certificate does not evidence
      an obligation of, or an interest in, and is not guaranteed by the Depositor,
      the
      Servicer, or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Class P Certificate (obtained by dividing
      the Denomination of this Class P Certificate by the Original Class Certificate
      Principal Balance) in certain distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of May 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class P Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Class P Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    This
      Certificate does not have a pass-through rate and will be entitled to
      distributions only to the extent set forth in the Agreement.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class P Certificate set forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class P Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class P Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-17

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Class

            	
              :

            	
              R

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      R

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      a
      pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Servicer or the Trustee referred to below
      or
      any of their respective affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Financial Asset Securities Corp. (the “Depositor”). The Trust was created
      pursuant to a Pooling and Servicing Agreement dated as of May 1, 2006 (the
      “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
      (the “Servicer”), and Deutsche Bank National Trust Company, a national banking
      association, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      Office or the office or agency maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee of (a) a transfer
      affidavit of the proposed transferee and (b) a transfer certificate of the
      transferor, each of such documents to be in the form described in the Agreement,
      (iii) each person holding or acquiring any Ownership Interest in this
      Certificate must agree to require a transfer affidavit and to deliver a transfer
      certificate to the Trustee as required pursuant to the Agreement, (iv) each
      person holding or acquiring an Ownership Interest in this Certificate must
      agree
      not to transfer an Ownership Interest in this Certificate if it has actual
      knowledge that the proposed transferee is not a Permitted Transferee and (v)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee. Pursuant to the Agreement, The Trustee
      will
      provide the Internal Revenue Service and any pertinent persons with the
      information needed to compute the tax imposed under the applicable tax laws
      on
      transfers of residual interests to disqualified organizations, if any person
      other than a Permitted Transferee acquires an Ownership Interest on a Class
      R
      Certificate in violation of the restrictions mentioned above.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized officer of the
      Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class R Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4 Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-18

     

    FORM
      OF
      CLASS R-X CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
      WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	
              Cut-off
                Date

            	
              :

            	
              May
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              June
                26, 2006

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	
              Class

            	
              :

            	
              R-X

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    Series
      2006-OPT4

    CLASS
      R-X

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      a
      pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Servicer or the Trustee referred to below
      or
      any of their respective affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Financial Asset Securities Corp. (the “Depositor”). The Trust was created
      pursuant to a Pooling and Servicing Agreement dated as of May 1, 2006 (the
      “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
      (the “Servicer”), and Deutsche Bank National Trust Company, a national banking
      association, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      Office or the office or agency maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee of (a) a transfer
      affidavit of the proposed transferee and (b) a transfer certificate of the
      transferor, each of such documents to be in the form described in the Agreement,
      (iii) each person holding or acquiring any Ownership Interest in this
      Certificate must agree to require a transfer affidavit and to deliver a transfer
      certificate to the Trustee as required pursuant to the Agreement, (iv) each
      person holding or acquiring an Ownership Interest in this Certificate must
      agree
      not to transfer an Ownership Interest in this Certificate if it has actual
      knowledge that the proposed transferee is not a Permitted Transferee and (v)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee. Pursuant to the Agreement, The Trustee
      will
      provide the Internal Revenue Service and any pertinent persons with the
      information needed to compute the tax imposed under the applicable tax laws
      on
      transfers of residual interests to disqualified organizations, if any person
      other than a Permitted Transferee acquires an Ownership Interest on a Class
      R-X
      Certificate in violation of the restrictions mentioned above.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized officer of the
      Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      May __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT4

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class R-X Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT4

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT4

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in June 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      B

     

    [RESERVED]

     

    

    

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      C

     

    FORM
      OF
      MORTGAGE LOAN PURCHASE AGREEMENT

     

    

      OPTION
        ONE MORTGAGE CORPORATION,

       

      as
        Originator and Seller

       

      OPTION
        ONE OWNER TRUST 2001-1B,

       

      OPTION
        ONE OWNER TRUST 2001-2,

       

      OPTION
        ONE OWNER TRUST 2002-3,

       

      OPTION
        ONE OWNER TRUST 2003-4,

       

      OPTION
        ONE OWNER TRUST 2003-5,

       

      OPTION
        ONE OWNER TRUST 2005-6,

       

      OPTION
        ONE OWNER TRUST 2005-7,

       

      OPTION
        ONE OWNER TRUST 2005-8,

       

      OPTION
        ONE OWNER TRUST 2005-9

       

      

       

      as
        Sellers

       

      and

       

      

       

      FINANCIAL
        ASSET SECURITIES CORP.,

       

      as
        Purchaser

       

      

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

      
 

       

      Dated
        as
        of May 16, 2006

       

       

      Adjustable-Rate
        and Fixed-Rate Mortgage Loans

       

      Soundview
        Home Loan Trust 2006-OPT4

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Table
        of Contents

       

      
        	
                ARTICLE
                  I.

              
	
                DEFINITIONS

              
	 
	
                Section
                  1.01

              	
                Definitions

              
	 	 
	
                ARTICLE
                  II.

              
	
                SALE
                  OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

              
	 
	
                Section
                  2.01

              	
                Sale
                  of Mortgage Loans

              
	
                Section
                  2.02

              	
                Obligations
                  of the Originator Upon Sale

              
	
                Section
                  2.03

              	
                Payment
                  of Purchase Price for the Mortgage Loans.

              
	 	 
	
                ARTICLE
                  III.

              
	
                REPRESENTATIONS
                  AND WARRANTIES; REMEDIES FOR BREACH

              
	 
	
                Section
                  3.01

              	
                Originator
                  Representations and Warranties Relating to the Mortgage
                  Loans.

              
	
                Section
                  3.02

              	
                Originator
                  Representations and Warranties Relating to Option One Mortgage
                  Corporation.

              
	
                Section
                  3.03

              	
                Seller
                  Trust Representations and Warranties 

              
	
                Section
                  3.04

              	
                Remedies
                  for Breach of Representations and Warranties

              
	 	 
	
                ARTICLE
                  IV.

              
	
                SELLER’S
                  COVENANTS

              
	 
	
                Section
                  4.01

              	
                Covenants
                  of the Originator

              
	 	 
	
                ARTICLE
                  V.

              
	
                INDEMNIFICATION
                  WITH RESPECT TO THE MORTGAGE LOANS

              
	 
	
                Section
                  5.01

              	
                Indemnification.

              
	 	 
	
                ARTICLE
                  VI.

              
	
                TERMINATION

              
	 
	
                Section
                  6.01

              	
                Termination

              
	 	 
	
                ARTICLE
                  VII.

              
	
                MISCELLANEOUS
                  PROVISIONS

              
	 
	
                Section
                  7.01

              	
                Amendment

              
	
                Section
                  7.02

              	
                Governing
                  Law

              
	
                Section
                  7.03

              	
                Notices

              
	
                Section
                  7.04

              	
                Severability
                  of Provisions

              
	
                Section
                  7.05

              	
                Counterparts

              
	
                Section
                  7.06

              	
                Further
                  Agreements

              
	
                Section
                  7.07

              	
                Intention
                  of the Parties

              
	
                Section
                  7.08

              	
                Successors
                  and Assigns; Assignment of Purchase Agreement

              
	
                Section
                  7.09

              	
                Survival

              
	
                Section
                  7.10

              	
                Owner
                  Trustee

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of May 16, 2006 (the “Agreement”), among
        Option One Mortgage Corporation (the “Originator”), Option One Owner Trust
        2001-1B (“Seller Trust 1B”), Option One Owner Trust 2001-2 (“Seller Trust 2”),
        Option One Owner Trust 2002-3 (“Seller Trust 3”), Option One Owner Trust 2003-4
        (“Seller Trust 4”), Option One Owner Trust 2003-5 (“Seller Trust 5”), Option One
        Owner Trust 2005-6 (“Seller Trust 6”), Option One Owner Trust 2005-7 (“Seller
        Trust 7”), Option One Owner Trust 2005-8 (“Seller Trust 2005-8) and Option One
        Owner Trust 2005-9 (“Seller Trust 2005-9); each of Seller Trust 1B, Seller Trust
        2, Seller Trust 3, Seller Trust 4, Seller Trust 5, Seller Trust 6, Seller
        Trust
        7, Seller Trust 8 and Seller Trust 9, a “Seller
        Trust”
and
        collectively the “Seller
        Trusts”)
        (the
        Originator and each Seller Trust a “Seller” and collectively the “Sellers”) and
        Financial Asset Securities Corp. (the “Purchaser”).

       

      WITNESSETH

       

      WHEREAS,
        each Seller is the owner of (a) the notes or other evidence of indebtedness
        (the
“Mortgage Notes”) so indicated on the applicable Schedule hereto referred to
        below and (b) the other documents or instruments constituting the Mortgage
        File
        (collectively, the “Mortgage Loans”); and

       

      WHEREAS,
        the Sellers, as of the date hereof, own the mortgages (the “Mortgages”) on the
        properties (the “Mortgaged Properties”) securing such Mortgage Loans, including
        rights to (a) any property acquired by foreclosure or deed in lieu of
        foreclosure or otherwise and (b) the proceeds of any insurance policies covering
        the Mortgage Loans or the Mortgaged Properties or the obligors on the Mortgage
        Loans; and

       

      WHEREAS,
        the parties hereto desire that the Sellers sell the Mortgage Loans to the
        Purchaser pursuant to the terms of this Agreement; and

       

      WHEREAS,
        each Seller Trust is an indirect subsidiary of the Originator and the Originator
        is the administrator of each Seller Trust; and

       

      WHEREAS,
        the Originator originated or acquired the Mortgage Loans and subsequently
        sold
        the Mortgage Loans to the applicable Seller Trust; and

       

      WHEREAS,
        pursuant to the terms of a Pooling and Servicing Agreement dated as of May
        1,
        2006 (the “Pooling and Servicing Agreement”) among the Purchaser as depositor,
        the Originator as servicer and Deutsche Bank National Trust Company as trustee
        (the “Trustee”), the Purchaser will convey the Mortgage Loans to Soundview Home
        Loan Trust 2006-OPT4 (the “Trust”); and

       

      WHEREAS,
        the Originator is obligated, in connection with the transactions contemplated
        by
        this Agreement, to make certain representations, warranties and covenants
        with
        respect to itself and the Mortgage Loans; and

       

      WHEREAS,
        each Seller Trust is obligated, in connection with the transactions contemplated
        by this Agreement, to make certain representations, warranties and covenants
        with respect to itself.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants herein contained, the
        parties hereto agree as follows:

       

      ARTICLE
        I.

       

      DEFINITIONS

       

      Section
        1.01 Definitions.
        All
        capitalized terms used but not defined herein and below shall have the meanings
        assigned thereto in the Pooling and Servicing Agreement.

       

      “ORIGINATOR
        INFORMATION”:
        The
        information contained in the Prospectus Supplement, read either individually
        or
        collectively under “SUMMARY OF TERMS—Mortgage Loans,” the first sentence of the
        fourth bullet point under “RISK FACTORS—Unpredictability of Prepayments and
        Effect on Yields,” the second sentence under “RISK FACTORS—Payment Status of the
        Mortgage Loans,” the first sentence under “RISK FACTORS—Interest Only Mortgage
        Loans,” the second sentence under “RISK FACTORS—Second Lien Loan Risk,” the
        first sentence under “RISK FACTORS—Interest Only Mortgage Loans,” the second
        sentence of the third bullet point under “RISK FACTORS—Interest Generated by the
        Mortgage Loans May Be Insufficient to Maintain Overcollateralization,” the first
        and second sentence under “RISK FACTORS—Simultaneous Second Lien Risk,” “THE
        MORTGAGE POOL,” the first sentence of the fifth paragraph under “YIELD,
        PREPAYMENT AND MATURITY CONSIDERATIONS”, “THE ORIGINATOR AND THE SPONSOR” and
“THE SERVICER.”

       

      ARTICLE
        II.

       

      SALE
        OF
        MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

       

      Section
        2.01 Sale
        of Mortgage Loans.
        The
        applicable Seller, concurrently with the execution and delivery of this
        Agreement, does hereby sell, assign, set over, and otherwise convey to the
        Purchaser, without recourse, (i) all of its right, title and interest in
        and to
        each Mortgage Loan, identified on the related Schedule, including the related
        Cut-off Date Principal Balance, all interest accruing thereon on or after
        the
        Cut-off Date and all collections in respect of interest and principal due
        after
        the Cut-off Date; (ii) property which secured such Mortgage Loan and which
        has
        been acquired by foreclosure or deed in lieu of foreclosure; (iii) its interest
        in any insurance policies in respect of the Mortgage Loans; and (iv) all
        proceeds of any of the foregoing. In addition to the sale of the Mortgage
        Loans,
        the Originator will direct the Trustee to enter into the Interest Rate Swap
        Agreement and Swap Administration Agreement on behalf of the Trust.

       

      Section
        2.02 Obligations
        of the Originator Upon Sale.
        In
        connection with any transfer pursuant to Section 2.01 hereof, the Originator
        further agrees, at its own expense on or prior to the Closing Date, (a) to
        cause
        its books and records and the books and records of each Seller Trust, to
        indicate that the Mortgage Loans have been sold to the Purchaser pursuant
        to
        this Agreement and (b) to deliver to the Purchaser and the Trustee a computer
        file containing a true and complete list of all such Mortgage Loans specifying
        for each such Mortgage Loan, as of the Cut-off Date, (i) its account number
        and
        (ii) the Cut-off Date Principal Balance. Such files, which form a part of
        Exhibit D to the Pooling and Servicing Agreement, shall also be marked as
        Schedule I to this Agreement and are hereby incorporated into and made a
        part of
        this Agreement.

       

      In
        connection with any conveyance by the Sellers, the Originator shall on behalf
        of
        the Purchaser deliver to, and deposit with the Trustee (or the Custodian
        on
        behalf of the Trustee), as assignee of the Purchaser, on or before the Closing
        Date, the following documents or instruments with respect to each Mortgage
        Loan:

       

      (i) the
        original Mortgage Note, endorsed either (A) in blank, in which case the Trustee
        shall cause the endorsement to be completed or (B) in the following form:
“Pay
        to the order of Deutsche Bank National Trust Company, as Trustee,” or with
        respect to any lost Mortgage Note, an original Lost Note Affidavit stating
        that
        the original mortgage note was lost, misplaced or destroyed, together with
        a
        copy of the related mortgage note; provided,
        however,
        that
        such substitutions of Lost Note Affidavits for original Mortgage Notes may
        occur
        only with respect to Mortgage Loans, the aggregate Cut-off Date Principal
        Balance of which is less than or equal to 1.00% of the Pool Balance as of
        the
        Cut-off Date;

       

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

       

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

       

      (iv) an
        original of any intervening assignment of Mortgage showing a complete chain
        of
        assignments;

       

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

       

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

       

      The
        Originator hereby confirms to the Purchaser and the Trustee that it has caused
        the appropriate entries to be made in its general accounting records to indicate
        that such Mortgage Loans have been transferred to the Trustee and constitute
        part of the Trust in accordance with the terms of the Pooling and Servicing
        Agreement.

       

      If
        any of
        the documents referred to in Section 2.02(ii), (iii) or (iv) above has as
        of the
        Closing Date been submitted for recording but either (x) has not been returned
        from the applicable public recording office or (y) has been lost or such
        public
        recording office has retained the original of such document, the obligations
        of
        the Originator to deliver such documents shall be deemed to be satisfied
        upon
        (1) delivery to the Trustee or the Custodian, no later than the Closing Date,
        of
        a copy of each such document certified by the Originator in the case of (x)
        above or the applicable public recording office in the case of (y) above
        to be a
        true and complete copy of the original that was submitted for recording and
        (2)
        if such copy is certified by the Originator, delivery to the Trustee or the
        Custodian, promptly upon receipt thereof of either the original or a copy
        of
        such document certified by the applicable public recording office to be a
        true
        and complete copy of the original. If the original lender’s title insurance
        policy, or a certified copy thereof, was not delivered pursuant to Section
        2.02(v) above, the Originator shall deliver or cause to be delivered to the
        Trustee or the Custodian, the original or a copy of a written commitment
        or
        interim binder or preliminary report of title issued by the title insurance
        or
        escrow company, with the original or a certified copy thereof to be delivered
        to
        the Trustee or the Custodian, promptly upon receipt thereof. The Originator
        shall deliver or cause to be delivered to the Trustee or the Custodian promptly
        upon receipt thereof any other documents constituting a part of a Mortgage
        File
        received with respect to any Mortgage Loan, including, but not limited to,
        any
        original documents evidencing an assumption or modification of any Mortgage
        Loan.

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Originator shall have 90
        days
        to cure such defect or deliver such missing document to the Purchaser. If
        the
        Originator does not cure such defect or deliver such missing document within
        such time period, the Originator shall either repurchase or substitute for
        such
        Mortgage Loan pursuant to Section 2.03 of the Pooling and Servicing
        Agreement.

       

      Purchaser
        hereby acknowledges its acceptance of all right, title and interest to the
        Mortgage Loans and other property, now existing and hereafter created, conveyed
        to it pursuant to Section 2.01.

       

      The
        parties hereto intend that the transaction set forth herein be a sale by
        the
        Sellers to the Purchaser of all the applicable Seller’s right, title and
        interest in and to the related Mortgage Loans and other property described
        above. In the event the transaction set forth herein is deemed not to be
        a sale,
        each Seller hereby grants to the Purchaser a security interest in all of
        such
        Seller’s right, title and interest in, to and under the related Mortgage Loans
        and other property described above, whether now existing or hereafter created,
        to secure all of such Seller’s obligations hereunder; and this Agreement shall
        constitute a security agreement under applicable law.

       

      The
        Originator shall cause the Assignments which were delivered in blank to be
        completed and shall cause all Assignments referred to in Section 2.02(iii)
        hereof and, to the extent necessary, in Section 2.02(iv) hereof to be recorded.
        The Originator shall be required to deliver such assignments for recording
        within 180 days of the Closing Date. In the event that any such Assignment
        is
        lost or returned unrecorded because of a defect therein, the Originator shall
        promptly have a substitute Assignment prepared or have such defect cured,
        as the
        case may be, and thereafter cause each such Assignment to be duly recorded.
        Notwithstanding the foregoing, for administrative convenience and facilitation
        of servicing and to reduce closing costs, the Assignments of Mortgage shall
        not
        be required to be submitted for recording (except with respect to any Mortgage
        Loan located in Maryland) unless such failure to record would result in a
        withdrawal or a downgrading by any Rating Agency of the rating on any Class
        of
        Certificates; provided,
        however,
        each
        Assignment shall be submitted for recording by the Originator in the manner
        described above, at no expense to the Trust Fund or Trustee, upon the earliest
        to occur of: (i) reasonable direction by Holders of Certificates entitled
        to at
        least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event of
        Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure
        relating to the Servicer, (iv) the occurrence of a servicing transfer as
        described in Section 7.02 of the Pooling and Servicing Agreement, (v) upon
        receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
        or foreclosure relating to the Mortgagor under the related Mortgage and (vi)
        upon receipt of notice from the Servicer, any Mortgage Loan that is 90 days
        or
        more Delinquent. Upon receipt of written notice from the Purchaser that
        recording of the Assignments is required pursuant to one or more of the
        conditions set forth in the preceding sentence, the related Seller shall
        be
        required to deliver such Assignments for recording as provided above, promptly
        and in any event within 30 days following receipt of such notice. The related
        Seller shall furnish the Trustee (or the Custodian on behalf of the Trustee),
        or
        its designated agent, with a copy of each Assignment submitted for
        recording.

       

      In
        the
        event that any Mortgage Note is endorsed in blank as of the Closing Date,
        promptly following the Closing Date, the Trustee (or the Custodian on behalf
        of
        the Trustee), at the expense of the related Seller, shall cause to be completed
        such endorsements “Pay to the order of Deutsche Bank National Trust Company, as
        Trustee, without recourse.”

       

      Section
        2.03 Payment
        of Purchase Price for the Mortgage Loans.

       

      (i) In
        consideration of the sale of the Mortgage Loans from Option One Mortgage
        Corporation to the Purchaser on the Closing Date, the Purchaser agrees to
        pay to
        Option One Mortgage Corporation on the Closing Date immediately available
        funds
        in an amount equal to $
        22,285,231.55.

       

      (ii) In
        consideration of the sale of the Mortgage Loans from Seller Trust 1B to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        1B on
        the Closing Date immediately available funds in an amount equal to
        $284,680,973.83.

       

      (iii) In
        consideration of the sale of the Mortgage Loans from Seller Trust 2 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        2 on
        the Closing Date immediately available funds in an amount equal to
        $43,527,378.29.

       

      (iv) In
        consideration of the sale of the Mortgage Loans from Seller Trust 3to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        3 on
        the Closing Date immediately available funds in an amount equal to
        $110,805,820.30. 

       

      (v) In
        consideration of the sale of the Mortgage Loans from Seller Trust 4 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        4 on
        the Closing Date immediately available funds in an amount equal to
        $74,924,315.63.

       

      (vi) In
        consideration of the sale of the Mortgage Loans from Seller Trust 5 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        5 on
        the Closing Date immediately available funds in an amount equal to
        $96,802,648.30.

       

      (vii) In
        consideration of the sale of the Mortgage Loans from Seller Trust 6 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        6 on
        the Closing Date immediately available funds in an amount equal to
        $91,904,051.65.

       

      (viii) In
        consideration of the sale of the Mortgage Loans from Seller Trust 7 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        7 on
        the Closing Date immediately available funds in an amount equal to
        $93,751,602.08.

       

      (ix) In
        consideration of the sale of the Mortgage Loans from Seller Trust 8 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        8 on
        the Closing Date immediately available funds in an amount equal to
        $107,607,078.55.

       

      (x) In
        consideration of the sale of the Mortgage Loans from Seller Trust 9 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        9 on
        the Closing Date immediately available funds in an amount equal to
        $73,710,931.29. 

       

      ARTICLE
        III.

       

      REPRESENTATIONS
        AND WARRANTIES; REMEDIES FOR BREACH

       

      Section
        3.01 Originator
        Representations and Warranties Relating to the Mortgage Loans. 

       

      The
        Originator and the Purchaser understand, acknowledge and agree that, the
        representations and warranties set forth in Schedule II attached hereto are
        made
        as of the Closing Date or as of the date specifically provided
        herein.

       

      Section
        3.02 Originator
        Representations and Warranties Relating to Option One Mortgage
        Corporation.
        The
        Originator represents, warrants and covenants to the Purchaser as of the
        Closing
        Date or as of such other date specifically provided herein:

       

      (a) The
        Originator is duly organized, validly existing and in good standing as a
        corporation under the laws of the State of California and is and will remain
        in
        compliance with the laws of each state in which any Mortgaged Property is
        located to the extent necessary to ensure the enforceability of each Mortgage
        Loan in accordance with the terms of this Agreement;

       

      (b) The
        Originator has the full power and authority to hold each Mortgage Loan, to
        sell
        each Mortgage Loan, to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement. The Originator
        has
        duly authorized the execution, delivery and performance of this Agreement,
        has
        duly executed and delivered this Agreement and this Agreement, assuming due
        authorization, execution and delivery by the Purchaser and the Seller Trusts,
        constitutes a legal, valid and binding obligation of the Originator, enforceable
        against it in accordance with its terns except as the enforceability thereof
        may
        be limited by bankruptcy, insolvency or reorganization. At the time of the
        sale
        of each Mortgage Loan by the Originator (in its capacity as a Seller), the
        Originator (in its capacity as a Seller) had the full power and authority
        to
        hold each Mortgage Loan and to sell each Mortgage Loan;

       

      (c) The
        execution and delivery of this Agreement by the Originator and the performance
        of and compliance with the terms of this Agreement will not violate the
        Originator’s articles of incorporation or by-laws or constitute a default under
        or result in a breach or acceleration of, any material contract, agreement
        or
        other instrument to which the Originator is a party or which may be applicable
        to the Originator or its assets;

       

      (d) The
        Originator is not in violation of, and the execution and delivery of this
        Agreement by the Originator and its performance and compliance with the terms
        of
        this Agreement will not constitute a violation with respect to, any order
        or
        decree of any court or any order or regulation of any federal, state, municipal
        or governmental agency having jurisdiction over the Originator or its assets,
        which violation might have consequences that would materially and adversely
        affect the condition (financial or otherwise) or the operation of the Originator
        or its assets or might have consequences that would materially and adversely
        affect the performance of its obligations and duties hereunder;

       

      (e) Reserved;

       

      (f) Immediately
        prior to the payment of the Purchase Price for each Mortgage Loan, the
        Originator (in its capacity as a Seller) was the owner of the related Mortgages
        and the indebtedness evidenced by the related Mortgage Note and upon the
        payment
        of the Purchase Price by the Purchaser, in the event that the Originator
        (in its
        capacity as a Seller) retains record title, the Originator (in its capacity
        as a
        Seller) shall retain such record title to each Mortgage, each related Mortgage
        Note and the related Mortgage Files with respect thereto in trust for the
        Purchaser as the owner thereof,

       

      (g) The
        Originator (in its capacity as a Seller) has not transferred the Mortgage
        Loans
        to the Purchaser with any intent to hinder, delay or defraud any of its
        creditors;

       

      (h) There
        are
        no actions or proceedings against, or investigations known to it of, the
        Originator before any court, administrative or other tribunal (A) that might
        prohibit its entering into this Agreement, (B) seeking to prevent the sale
        of
        the Mortgage Loans or the consummation of the transactions contemplated by
        this
        Agreement or (C) that might prohibit or materially and adversely affect the
        performance by the Originator of its obligations under, or validity or
        enforceability of, this Agreement;

       

      (i) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Originator
        of, or compliance by the Originator with, this Agreement or the consummation
        of
        the transactions contemplated by this Agreement, except for such consents,
        approvals, authorizations or orders, if any, that have been
        obtained;

       

      (j) The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Originator. The sale of the Mortgage Loans
        is
        in the ordinary course of business of the Originator (in its capacity as
        a
        Seller) and the assignment and conveyance of the Mortgage Notes and the
        Mortgages by the Originator (in its capacity as a Seller) are not subject
        to the
        bulk transfer or any similar statutory provisions;

       

      (k) Except
        with respect to liens released immediately prior to the transfer herein
        contemplated, each Mortgage Note and related Mortgage have not been assigned
        or
        pledged and immediately prior to the transfer and assignment herein
        contemplated, the Originator (in its capacity as a Seller) held good, marketable
        and indefeasible title to, and were the sole owners and holders of, each
        Mortgage Loan subject to no liens, charges, mortgages, claims, participation
        interests, equities, pledges or security interests of any nature, encumbrances
        or rights of others (collectively, a “Lien”); the Originator (in its capacity as
        a Seller) had full right and authority under all governmental and regulatory
        bodies having jurisdiction over the Originator, subject to no interest or
        participation of, or agreement with, any party, to sell and assign the same
        pursuant to this Agreement; and immediately upon the transfers and assignments
        herein contemplated. The Originator (in its capacity as a Seller) shall have
        transferred all of its right, title and interest in and to each Mortgage
        Loan
        and the Trustee will hold good, marketable and indefeasible title to, and
        be the
        sole owner of, each Mortgage Loan subject to no Liens.

       

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

       

      (m) Except
        with respect to any statement regarding the intentions of the Purchaser,
        or any
        other statement contained herein the truth or falsity of which is dependant
        solely upon the actions of the Purchaser, this Agreement does not contain
        any
        untrue statement of material fact or omit to state a material fact necessary
        to
        make the statements contained herein not misleading. The written statements,
        reports and other documents prepared and furnished or to be prepared and
        furnished by the Originator pursuant to this Agreement or in connection with
        the
        transactions contemplated hereby taken in the aggregate do not contain any
        untrue statement of material fact or omit to state a material fact necessary
        to
        make the statements contained therein not misleading;

       

      (n) The
        Originator is an approved seller/servicer for Fannie Mae and Freddie Mac
        in good
        standing and is a HUD approved mortgagee pursuant to Section 203 of the
        National Housing Act. No event has occurred, including but not limited to
        a
        change in insurance coverage, which would make the Originator unable to comply
        with Fannie Mae, Freddie Mac or HUD eligibility requirements or which would
        require notification to Fannie Mae, Freddie Mac or HUD;

       

      (o) The
        Mortgage Note, the Mortgage, the Assignment and any other documents required
        to
        be delivered with respect to each Mortgage Loan, have been delivered to the
        Purchaser all in compliance with the specific requirements hereof. With respect
        to each Mortgage Loan, the Originator/Seller is in possession of a complete
        Mortgage File, except for such documents as have been delivered to the Trustee;
        and

       

      (p) The
        Originator
        is a
        member of MERS in good standing, will comply in all material respects with
        the
        rules and procedures of MERS in connection with the servicing of the Mortgage
        Loans that are registered with MERS and is current in payment of all fees
        and
        assessments imposed by MERS.

       

      Section
        3.03 Seller
        Trust Representations and Warranties.
        Each
        Seller Trust represents, warrants and covenants to the Purchaser as of the
        Closing Date or as of such other date specifically provided herein:

       

      (i) The
        Seller Trust is duly organized, validly existing and in good standing as
        a
        business trust under the laws of the State of Delaware and is and will remain
        in
        compliance with the laws of each state in which any Mortgaged Property is
        located to the extent necessary to ensure the enforceability of each Mortgage
        Loan in accordance with the terms of this Agreement;

       

      (ii) The
        Seller Trust has the full power and authority to hold each Mortgage Loan,
        to
        sell each Mortgage Loan, to execute, deliver and perform, and to enter into
        and
        consummate, all transactions contemplated by this Agreement. The Seller Trust
        has duly authorized the execution, delivery and performance of this Agreement,
        has duly executed and delivered this Agreement and this Agreement, assuming
        due
        authorization, execution and delivery by the Purchaser and the Originator,
        constitutes a legal, valid and binding obligation of the Seller Trust,
        enforceable against it in accordance with its terms except as the enforceability
        thereof may be limited by bankruptcy, insolvency or reorganization;

       

      (iii) The
        execution and delivery of this Agreement by the Seller Trust and the performance
        of and compliance with the terms of this Agreement will not violate the Seller
        Trust’s certificate of trust or constitute a default under or result in a breach
        or acceleration of, any material contract, agreement or other instrument
        to
        which the Seller Trust is a party or which may be applicable to the Seller
        Trust
        or its assets;

       

      (iv) The
        Seller Trust is not in violation of, and the execution and delivery of this
        Agreement by the Seller Trust and its performance and compliance with the
        terms
        of this Agreement will not constitute a violation with respect to, any order
        or
        decree of any court or any order or regulation of any federal, state, municipal
        or governmental agency having jurisdiction over such Seller Trust or its
        assets,
        which violation might have consequences that would materially and adversely
        affect the condition (financial or otherwise) or the operation of the Seller
        Trust or its assets or might have consequences that would materially and
        adversely affect the performance of its obligations and duties hereunder;
        and

       

      (v) Immediately
        prior to the payment of the mortgage loan purchase price for each Mortgage
        Loan,
        the Seller Trust was the owner of the related Mortgage and the indebtedness
        evidenced by the related Mortgage Note and upon the payment of the mortgage
        loan
        purchase price by the Purchaser, in the event that the Seller Trust retains
        record title, the Seller Trust shall retain such record title to each Mortgage,
        each related Mortgage Note and the related Mortgage Files with respect thereto
        in trust for the Purchaser as the owner thereof;

       

      (vi) The
        Seller Trust has not transferred the Mortgage Loans to the Purchaser with
        any
        intent to hinder, delay or defraud any of its creditors;

       

      (vii) There
        are
        no actions or proceedings against, or investigations known to it of, the
        Seller
        Trust before any court, administrative or other tribunal (A) that might prohibit
        its entering into this Agreement, (B) seeking to prevent the sale of the
        Mortgage Loans or the consummation of the transactions contemplated by this
        Agreement or (C) that might prohibit or materially and adversely affect the
        performance by the Seller Trust of its obligations under, or validity or
        enforceability of, this Agreement;

       

      (viii) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Seller
        Trust
        of, or compliance by the Seller Trust with, this Agreement or the consummation
        of the transactions contemplated by this Agreement, except for such consents,
        approvals, authorizations or orders, if any, that have been
        obtained;

       

      (ix) The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller Trust, and the transfer assignment
        and
        conveyance of the related Mortgage Notes and the Mortgages by the Seller
        Trust
        pursuant to this Agreement are not subject to the bulk transfer or any similar
        statutory provisions; and

       

      (x) Except
        with respect to liens released immediately prior to the transfer herein
        contemplated, the applicable Mortgage Note and related Mortgage have not
        been
        assigned or pledged and immediately prior to the transfer and assignment
        herein
        contemplated, the Seller Trust held good, marketable and indefeasible title
        to,
        and was the sole owner and holder of, the related Mortgage Loan subject to
        no
        liens, charges, mortgages, claims, participation interests, equities, pledges
        or
        security interests of any nature, encumbrances or rights of others
        (collectively, a “Lien”); the Seller Trust has full right and authority under
        all governmental and regulatory bodies having jurisdiction over the Seller
        Trust, subject to no interest or participation of, or agreement with, any
        party,
        to sell and assign the same pursuant to this Agreement; and immediately upon
        the
        transfers and assignments herein contemplated, the Seller Trust shall have
        transferred all of its right, title and interest in and to the related Mortgage
        Loans and the Trustee will hold good, marketable and indefeasible title to,
        and
        be the sole owner of, the related Mortgage Loans subject to no
        Liens.

       

      Section
        3.04 Remedies
        for Breach of Representations and Warranties.
        It is
        understood and agreed that the representations and warranties set forth in
        Subsections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to
        the
        Purchaser and shall inure to the benefit of the Purchaser, notwithstanding
        any
        restrictive or qualified endorsement on any Mortgage Note or Assignment or
        the
        examination or lack of examination of any Mortgage File. Upon discovery by
        either the Originator or the Purchaser of a breach of any of the foregoing
        representations and warranties that materially and adversely affects the
        value
        of the Mortgage Loans or the interest of the Purchaser (or which materially
        and
        adversely affects the interests of the Purchaser in the related Mortgage
        Loan in
        the case of a representation and warranty relating to a particular Mortgage
        Loan), the party discovering such breach shall give prompt written notice
        to the
        other. It is understood by the parties hereto that a breach of the
        representations and warranties made in paragraphs (7), (39), (45), (48),
        (55),
        (60), (61), (76), (85), (87), (88), (89), (90), (91), (92), (93), (94) and
        (95)
        of Schedule II will be deemed to materially and adversely affect the value
        of
        the related Mortgage Loan or the interest of the Purchaser. 

       

      Within
        60
        days of the earlier of either discovery by or notice to the Originator of
        any
        breach of a representation or warranty made by the Originator or the Sellers
        that materially and adversely affects the value of a Mortgage Loan or the
        Mortgage Loans or the interest therein of the Purchaser, the Originator shall
        use its best efforts promptly to cure such breach in all material respects
        and,
        if such breach cannot be cured, the Originator shall, at the Purchaser’s option,
        repurchase such Mortgage Loan at the Purchase Price (as defined in the Pooling
        and Servicing Agreement). In the event that a breach shall involve any
        representation or warranty set forth in Subsection 3.02 and such breach cannot
        be cured within 60 days of the earlier of either discovery by or notice to
        the
        Originator of such breach, all of the Mortgage Loans shall, at the Purchaser’s
        option be repurchased by the Originator at the Purchase Price (as defined
        in the
        Pooling and Servicing Agreement). The Originator may, at the request of the
        Purchaser and assuming the Originator has a Qualified Substitute Mortgage
        Loan,
        rather than repurchase a deficient Mortgage Loan as provided above, remove
        such
        Mortgage Loan and substitute in its place a Qualified Substitute Mortgage
        Loan
        or Loans. If the Originator does not provide a Qualified Substitute Mortgage
        Loan or Loans, it shall repurchase the deficient Mortgage Loan. Any repurchase
        of a Mortgage Loan(s) pursuant to the foregoing provisions of this Section
        3.03
        shall occur on a date designated by the Purchaser and shall be accomplished
        by
        deposit in accordance with Section 2.03 of the Pooling and Servicing Agreement.
        Any repurchase or substitution required by this Section shall be made in
        a
        manner consistent with Section 2.03 of the Pooling and Servicing
        Agreement.

       

      Notwithstanding
        the foregoing, within 90 days of the earlier of discovery by the Originator
        or
        receipt of notice by the Originator of the breach of the representation of
        the
        Originator set forth in paragraphs (52) or (58) of Schedule II which materially
        and adversely affects the interests of the Holders of the Class P Certificates
        in any Prepayment Charge, the Originator shall pay the amount of the scheduled
        Prepayment Charge, for the benefit of the Holders of the Class P Certificates,
        by depositing such amount into the Collection Account, net of any amount
        previously collected by the Servicer and paid by the Servicer, for the benefit
        of the Holders of the Class P Certificates, in respect of such Prepayment
        Charge.

       

      With
        respect to the covenant set forth in paragraph (83) of Schedule II, if the
        reports required to be delivered by the Servicer pursuant to Section 3.01
        of the
        Pooling and Servicing Agreement are not obtained or if any of the related
        Mortgaged Properties appear to have been damaged materially per such reports,
        the Originator shall repurchase or substitute for such Mortgage Loans in
        accordance with the procedures set forth herein within 180 days of the Closing
        Date.

       

      At
        the
        time of substitution or repurchase of any deficient Mortgage Loan, the Purchaser
        and the Originator shall arrange for the reassignment of the repurchased
        or
        substituted Mortgage Loan to the Originator (in its capacity as Seller) and
        the
        delivery to the Originator (in its capacity as Seller) of any documents held
        by
        the Trustee relating to the deficient or repurchased Mortgage Loan. In the
        event
        the Purchase Price (as defined in the Pooling and Servicing Agreement) is
        deposited in the Collection Account. The Originator shall, simultaneously
        with
        such deposit, give written notice to the Purchaser that such deposit has
        taken
        place. Upon such repurchase, the Mortgage Loan Schedule shall be amended
        to
        reflect the withdrawal of the repurchased Mortgage Loan from this
        Agreement.

       

      In
        the
        event that the first Monthly Payment on any Mortgage Loan due to the Trust
        is
        not made within forty-five (45) days of the date on which such Monthly Payment
        was due, then such Mortgage Loan will be repurchased by the Originator at
        the
        Purchase Price (as defined in the Pooling and Servicing Agreement).
        Notwithstanding the foregoing, the Originator’s obligation to repurchase any
        such Mortgage Loan pursuant to this paragraph shall expire 180 days following
        the Closing Date.

       

      As
        to any
        Deleted Mortgage Loan for which the Originator substitutes a Qualified
        Substitute Mortgage Loan or Loans, the Originator shall effect such substitution
        by delivering to the Purchaser or its designee for such Qualified Substitute
        Mortgage Loan or Loans the Mortgage Note, the Mortgage, the Assignment and
        such
        other documents and agreements as are required by the Pooling and Servicing
        Agreement. with the Mortgage Note endorsed as required therein. The Originator
        shall remit for deposit in the Collection Account the Monthly Payment due
        on
        such Qualified Substitute Mortgage Loan or Loans in the month following the
        date
        of such substitution. Monthly payments due with respect to Qualified Substitute
        Mortgage Loans in the month of substitution will be retained by the Originator.
        For the month of substitution, distributions to the Purchaser will include
        the
        Monthly Payment due on such Deleted Mortgage Loan in the month of substitution,
        and the Originator shall thereafter be entitled to retain all amounts
        subsequently received by the Originator in respect of such Deleted Mortgage
        Loan. Upon such substitution, the Qualified Substitute Mortgage Loans shall
        be
        subject to the terms of this Agreement in all respects, and the Originator
        shall
        be deemed to have made with respect to such Qualified Substitute Mortgage
        Loan
        or Loans as of the date of substitution, the covenants, representations and
        warranties set forth in Subsections 3.01 and 3.02.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive delivery of the respective Mortgage
        Files
        to the Trustee on behalf of the Purchaser.

       

      It
        is
        understood and agreed that the obligations of the Originator set forth in
        this
        Section 3.04 to cure, repurchase and substitute for a defective Mortgage
        Loan
        and to indemnify the Purchaser as provided in Section 5.01 constitute the
        sole
        remedies of the Purchaser respecting a missing or defective document or a
        breach
        of the representations and warranties contained in Section 3.01, 3.02 or
        3.03.

       

      ARTICLE
        IV.

       

      ORIGINATOR’S
        COVENANTS

       

      Section
        4.01 Covenants
        of the Originator.
        The
        Originator hereby covenants that except for the transfer hereunder, neither
        the
Originator
        nor any Seller Trust will
        sell, pledge, assign or transfer to any other Person, or grant, create, incur,
        assume or suffer to exist any Lien on any Mortgage Loan, or any interest
        therein; the Originator will notify the Trustee, as assignee of the Purchaser,
        of the existence of any Lien on any Mortgage Loan immediately upon discovery
        thereof, and the Originator will defend the right, title and interest of
        the
        Trust, as assignee of the Purchaser, in, to and under the Mortgage Loans,
        against all claims of third parties claiming through or under the Originator
        or
        any Seller Trust; provided,
        however,
        that
        nothing in this Section 4.01 shall prevent or be deemed to prohibit the
        Originator or any Seller Trust from suffering to exist upon any of the Mortgage
        Loans any Liens for municipal or other local taxes and other governmental
        charges if such taxes or governmental charges shall not at the time be due
        and
        payable or if the Originator or any Seller shall currently be contesting
        the
        validity thereof in good faith by appropriate proceedings and shall have
        set
        aside on its books adequate reserves with respect thereto.

       

      ARTICLE
        V.

       

      INDEMNIFICATION
        WITH RESPECT TO THE MORTGAGE LOANS

       

      Section
        5.01 Indemnification. 

       

      (a) The
        Originator indemnifies and holds harmless the Purchaser, its respective officers
        and directors and each person, if any, who controls the Purchaser within
        the
        meaning of Section 15 of the Securities Act or Section 20 of the Exchange
        Act,
        as follows:

       

      (i) against
        any and all losses, claims, expenses, damages or liabilities, joint or several,
        to which the Purchaser or such controlling person may become subject under
        the
        Securities Act or otherwise, insofar as such losses, claims, damages or
        liabilities (or actions in respect thereof including, but not limited to,
        any
        loss, claim, expense, damage or liability related to purchases and sales
        of the
        Certificates) arise out of or are based upon any untrue statement or alleged
        untrue statement of any material fact contained in the Prospectus Supplement,
        or
        any amendment or supplement thereto, or arise out of, or are based upon,
        the
        omission or alleged omission to state therein a material fact required to
        be
        stated therein or necessary to make the statements made therein not misleading,
        to the extent that any untrue statement or alleged untrue statement therein
        results (or is alleged to have resulted) from an error or material omission
        in
        the information concerning the Originator Information furnished by the
        Originator to the Purchaser for use in the preparation of the Prospectus
        Supplement, which error was not superseded or corrected by the delivery to
        the
        Purchaser of corrected written or electronic information, or for which the
        Originator provided written notice of such error to the Purchaser prior to
        the
        confirmation of the sale of the Certificates; and will reimburse the Purchaser
        and each such controlling person for any legal or other expenses reasonably
        incurred by the Purchaser or such controlling person in connection with
        investigating or defending any such loss, claim, damage. liability or action
        as
        such expenses are incurred;

       

      (ii) against
        any and all loss, liability, claim, damage and expense whatsoever, to the
        extent
        of the aggregate amount paid in settlement of any litigation, or investigation
        or proceeding by any governmental agency or body, commenced or threatened,
        or of
        any claim whatsoever based upon any such untrue statement or omission, or
        any
        such alleged untrue statement or omission, if such settlement is effected
        with
        the written consent of the Purchaser; and

       

      (iii) against
        any and all expense whatsoever (including the fees and disbursements of counsel
        chosen by the Purchaser), reasonably incurred in investigating, preparing
        or
        defending against any litigation, or investigation or proceeding by any
        governmental agency or body. commenced or threatened, or any claim whatsoever
        based upon any such untrue statement or omission, or any such alleged untrue
        statement or omission, to the extent that any such expense is not paid under
        clause (i) or clause (ii) above.

       

      This
        indemnity agreement will be in addition to any liability which the Originator
        may otherwise have.

       

      (b) Promptly
        after receipt by any indemnified party under this Article V of notice of
        any
        claim or the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against any indemnifying party under
        this
        Article V, notify the indemnifying party in writing of the claim or the
        commencement of that action; provided,
        however,
        that
        the failure to notify an indemnifying party shall not relieve it from any
        liability which it may have under this Article V except to the extent it
        has
        been materially prejudiced by such failure and, provided further, that the
        failure to notify any indemnifying party shall not relieve it from any liability
        which it may have to any indemnified party otherwise than under this Article
        V.

       

      If
        any
        such claim or action shall be brought against an indemnified party, and it
        shall
        notify the indemnifying party thereof, the indemnifying party shall be entitled
        to participate therein and, to the extent that it wishes, jointly with any
        other
        similarly notified indemnifying party, to assume the defense thereof with
        counsel reasonably satisfactory to the indemnified party. After notice from
        the
        indemnifying party to the indemnified party of its election to assume the
        defense of such claim or action, the indemnifying party shall not be liable
        to
        the indemnified party under this Article V for any legal or other expenses
        subsequently incurred by the indemnified party in connection with the defense
        thereof other than reasonable costs of investigation.

       

      Any
        indemnified party shall have the right to employ separate counsel in any
        such
        action and to participate in the defense thereof, but the fees and expenses
        of
        such counsel shall be at the expense of such indemnified party unless: (i)
        the
        employment thereof has been specifically authorized by the indemnifying party
        in
        writing; (ii) such indemnified party shall have been advised in writing by
        such
        counsel that there may be one or more legal defenses available to it which
        are
        different from or additional to those available to the indemnifying party
        and in
        the reasonable judgment of such counsel it is advisable for such indemnified
        party to employ separate counsel; or (iii) the indemnifying party has failed
        to
        assume the defense of such action and employ counsel reasonably satisfactory
        to
        the indemnified party, in which case, if such indemnified party notifies
        the
        indemnifying party in writing that it elects to employ separate counsel at
        the
        expense of the indemnifying party, the indemnifying party shall not have
        the
        right to assume the defense of such action on behalf of such indemnified
        party,
        it being understood, however, the indemnifying party shall not, in connection
        with any one such action or separate but substantially similar or related
        actions in the same jurisdiction arising out of the same general allegations
        or
        circumstances, be liable for the reasonable fees and expenses of more than
        one
        separate firm of attorneys (in addition to local counsel) at any time for
        all
        such indemnified parties, which firm shall be designated in writing by the
        Purchaser, if the indemnified parties under this Article V consist of the
        Purchaser, by the Originator, if the indemnified parties in this Article
        V
        consist of the Originator, or be the related Seller Trust, if the indemnified
        parties in this Article V consist of such Seller Trust.

       

      Each
        indemnified party, as a condition of the indemnity agreements contained in
        Section 5.01 (a) and (b) hereof, shall use its best efforts to cooperate
        with
        the indemnifying party in the defense of any such action or claim. No
        indemnifying party shall be liable for any settlement of any such action
        effected without its written consent (which consent shall not be unreasonably
        withheld), but if settled with its written consent or if there be a final
        judgment for the plaintiff in any such action, the indemnifying party agrees
        to
        indemnify and hold harmless any indemnified party from and against any loss
        or
        liability by reason of such settlement or judgment. Notwithstanding the
        foregoing sentence, if at any time an indemnified party shall have requested
        an
        indemnifying party to consent to a settlement of any action, the indemnifying
        party agrees that it shall be liable for any settlement of any proceeding
        effected without its written consent if such settlement is entered into more
        than 30 days after receipt by such indemnifying party of the aforesaid request
        and the indemnifying party has not previously provided the indemnified party
        with written notice of its objection to such settlement. No indemnifying
        party
        shall effect any settlement of any pending or threatened proceeding in respect
        of which an indemnified party is or could have been a party and indemnity
        is or
        could have been sought hereunder, without the written consent of such
        indemnified party, unless settlement includes an unconditional release of
        such
        indemnified party from all liability and claims that are the subject matter
        of
        such proceeding.

       

      (c) In
        order
        to provide for just and equitable contribution in circumstances in which
        the
        indemnity agreement provided for in this Article is for any reason held to
        be
        unenforceable although applicable in accordance with its terms, each Seller
        Trust and the Originator, on the one hand, and the Purchaser, on the other,
        shall contribute to the aggregate losses, liabilities, claims, damages and
        expenses of the nature contemplated by said indemnity agreement incurred
        by the
        related Seller Trust, the Originator and the Purchaser in such proportions
        as
        shall be appropriate to reflect the relative fault of each Seller Trust and
        the
        Originator on the one hand and the Purchaser on the other from the sale of
        the
        Mortgage Loans; provided,
        however,
        that no
        person guilty of fraudulent misrepresentation (within the meaning of Section
        11
        (f) of the Securities Act) shall be entitled to contribution from any person
        who
        was not guilty of such fraudulent misrepresentation. For purposes of this
        Section, each officer and director of the Purchaser and each person, if any,
        who
        controls the Purchaser within the meaning of Section 15 of the Securities
        Act
        shall have the same rights to contribution as the Purchaser and each director
        of
        the Originator, each officer of the Originator, and each person, if any,
        who
        controls the Originator within the meaning of Section 15 of the Securities
        Act
        shall have the same rights to contribution as the Originator and each director
        of the related Seller Trust, each officer of such Seller Trust, and each
        person,
        if any, who controls such Seller within the meaning of Section 15 of the
        Securities Act shall have the same rights to contribution as the related
        Seller.

       

      (d) The
        Originator agrees to indemnify and to hold each of the Purchaser, the Trustee,
        each of the officers and directors of each such entity and each person or
        entity
        who controls each such entity or person and each Certificateholder harmless
        against any and all claims, losses, penalties, fines, forfeitures, legal
        fees
        and related costs, judgments, and any other costs, fees and expenses that
        the
        Purchaser, the Trustee, or any such person or entity and any Certificateholder
        may sustain in any way (i) related to the failure of the Originator to perform
        its duties in compliance with the terms of this Agreement or (ii) arising
        from a
        breach by the Originator of its representations and warranties in Sections
        3.01
        and 3.02 of this Agreement. The Originator shall immediately notify the
        Purchaser, the Trustee and each Certificateholder if a claim is made by a
        third
        party with respect to this Agreement. The Originator shall assume the defense
        of
        any such claim and pay all expenses in connection therewith, including
        reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against the Purchaser, the Trustee or any such
        person or entity and/or any Certificateholder in respect of such
        claim.

       

      ARTICLE
        VI.

       

      TERMINATION

       

      Section
        6.01 Termination.
        The
        respective obligations and responsibilities of the Originator, each Seller
        and
        the Purchaser created hereby shall terminate, except for the Originator’s
        indemnity obligations as provided herein upon the termination of the Trust
        as
        provided in Article X of the Pooling and Servicing Agreement.

       

      ARTICLE
        VII.

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        7.01 Amendment.
        This
        Agreement may be amended from time to time by the Originator, each Seller
        Trust
        and the Purchaser, by written agreement
        signed by the Originator, each Seller Trust and the Purchaser.

       

      Section
        7.02 Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York and the obligations, rights and remedies of the parties
        hereunder shall be determined in accordance with such laws.

       

      Section
        7.03 Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        registered mail, postage prepaid, addressed as follows: (i) if to the
        Originator, Option One Mortgage Corporation, 3 Ada, Irvine, California 92618,
        Attention: C. Robert Fulton, or such other address as may hereafter be furnished
        to the Purchaser in writing by the Originator and (ii) if to the Purchaser,
        Financial Asset Securities Corp., 600 Steamboat Road, Greenwich, Connecticut
        06830, Attention: Legal, or such other address as may hereafter be furnished
        to
        the Purchaser and any Seller Trust in writing by the Originator.

       

      Section
        7.04 Severability
        of Provisions.
        If any
        one or more of the covenants, agreements, provisions of terms of this Agreement
        shall be held invalid for any reason whatsoever, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity of enforceability of the other provisions of this
        Agreement.

       

      Section
        7.05 Counterparts.
        This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original and such counterparts, together, shall constitute
        one and the same agreement.

       

      Section
        7.06 Further
        Agreements.
        The
        Purchaser, each Seller and the Originator each agree to execute and deliver
        to
        the other such additional documents, instruments or agreements as may be
        necessary or reasonable and appropriate to effectuate the purposes of this
        Agreement or in connection with the issuance of any Series of Certificates
        representing interests in the Mortgage Loans.

       

      Without
        limiting the generality of the foregoing, as a further inducement for the
        Purchaser to purchase the Mortgage Loans from the Sellers, the Originator
        will
        cooperate with the Purchaser in connection with the sale of any of the
        securities representing interests in the Mortgage Loans. In that connection,
        the
        Originator will provide to the Purchaser any and all information and appropriate
        verification of information, whether through letters of its auditors and
        counsel
        or otherwise, as the Purchaser shall reasonably request and will provide
        to the
        Purchaser such additional representations and warranties, covenants, opinions
        of
        counsel, letters from auditors, and certificates of public officials or officers
        of the Originator as are reasonably required in connection with such
        transactions and the offering of investment grade securities rated by the
        Rating
        Agencies.

       

      Section
        7.07 Intention
        of the Parties.
        It is
        the intention of the parties that the Purchaser is purchasing, and each Seller
        is selling, the Mortgage Loans rather than pledging the Mortgage Loans to
        secure
        a loan by the Purchaser to each Seller. Accordingly, the parties hereto each
        intend to treat the transaction for federal income tax purposes and all other
        purposes as a sale by the related Seller, and a purchase by the Purchaser,
        of
        the Mortgage Loans. The Purchaser will have the right to review the Mortgage
        Loans and the related Mortgage Files to determine the characteristics of
        the
        Mortgage Loans which will affect the federal income tax consequences of owning
        the Mortgage Loans and the related Seller will cooperate with all reasonable
        requests made by the Purchaser in the course of such review.

       

      Section
        7.08 Successors
        and Assigns; Assignment of Purchase Agreement.
        This
        Agreement shall bind and inure to the benefit of and be enforceable by each
        Seller, the Originator, the Purchaser and the Trustee.

       

      The
        obligations of each Seller and the Originator under this Agreement cannot
        be
        assigned or delegated to a third party without the consent of the Purchaser
        which consent shall be at the Purchaser’s sole discretion, except that the
        Purchaser acknowledges and agrees that each Seller or the Originator may
        assign
        its obligations hereunder to any Person into which the related Seller or
        the
        Originator is merged or any corporation resulting from any merger, conversion
        or
        consolidation to which the related Seller or the Originator is a party or
        any
        Person succeeding to the business of the related Seller or the Originator.
        The
        parties hereto acknowledge that the Purchaser is acquiring the Mortgage Loans
        for the purpose of contributing them to a trust that will issue a series
        of
        Certificates representing undivided interests in such Mortgage Loans. As
        an
        inducement to the Purchaser to purchase the Mortgage Loans, the related Seller
        and the Originator acknowledge and consent to the assignment by the Purchaser
        to
        the Trustee of all of the Purchaser’s rights against each Seller and the
        Originator pursuant to this Agreement insofar as such rights relate to Mortgage
        Loans transferred to the Trustee and to the enforcement or exercise of any
        right
        or remedy against each Seller or the Originator pursuant to this Agreement
        by
        the Trustee. Such enforcement of a right or remedy by the Trustee shall have
        the
        same force and effect as if the right or remedy had been enforced or exercised
        by the Purchaser directly.

       

      Section
        7.09 Survival.
        The
        representations and warranties set forth in Sections 3.01, 3.02 and 3.03
        and the
        provisions of Article V hereof shall survive the purchase of the Mortgage
        Loans
        hereunder.

       

      Section
        7.10 Owner
        Trustee.
        It is
        expressly understood and agreed by the parties to this Agreement that (a)
        this
        Agreement is executed and delivered by Wilmington Trust Company, not
        individually or personally but solely as Owner Trustee of the Seller Trusts,
        in
        the exercise of the powers and authority conferred and vested in it as trustee,
        (b) each of the representations undertakings and agreements herein made on
        the
        part of the related Seller Trust is made and intended not as personal
        representations, undertakings and agreements by Wilmington Trust Company
        but is
        made and intended for the purpose of binding only the related Seller Trust,
        (c)
        nothing herein contained shall be construed as creating any liability on
        Wilmington Trust Company, individually or personally, to perform any covenant
        either expressed or implied contained herein, all such liability, if any,
        being
        expressly waived by the parties to this Agreement and by any person claiming
        by,
        through or under the parties to this Agreement and (d) under no circumstances
        shall Wilmington Trust Company be personally liable for the payment of any
        indebtedness or expenses of any Seller Trust or be liable for the breach
        or
        failure of any obligation, representation, warranty or covenant made or
        undertaken by any Seller Trust under this Agreement or any other document.
         

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, each Seller, the Originator and the Purchaser have caused
        their
        names to be signed to this Mortgage Loan Purchase Agreement by their respective
        officers thereunto duly authorized as of the day and year first above
        written.

       

      FINANCIAL
        ASSET SECURITIES CORP.,

      as
        Purchaser

       

      By:_________________________________

      Name: 

      Title: 

       

      OPTION
        ONE MORTGAGE CORPORATION, as Originator

       

      By:_________________________________

      Name: 

      Title: 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      OPTION
        ONE OWNER TRUST 2001-1B,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:_______________________________________

      Name:  

      Title:
        

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      OPTION
        ONE OWNER TRUST 2001-2,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:___________________________________

      Name:  

      Title:
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      OPTION
        ONE OWNER TRUST 2002-3,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2003-4,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:___________________________________

      Name:  

      Title:
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2003-5,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:___________________________________

      Name:  

      Title:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2005-6,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:__________________________________

      Name:  

      Title:  

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      OPTION
        ONE OWNER TRUST 2005-7,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:
          

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2005-8,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:   

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2005-9,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:  

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

       

      MORTGAGE
        LOANS

       

      SEE
        EXHIBIT D TO

      POOLING
        AND SERVICING AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II

       

      REPRESENTATIONS
        AND WARRANTIES

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        Originator hereby represents and warrants to the Purchaser and to any subsequent
        Purchaser that, as to each Mortgage Loan, as of the Closing Date for such
        Mortgage Loan:

       

      (1) The
        information set forth in the Mortgage Loan Schedule is complete, true and
        correct as of the Cut-off Date;

       

      (2) Except
        with respect to payments not yet 30 days past due, all payments required
        to be
        made up to the close of business on the Closing Date for such Mortgage Loan
        under the terms of the Mortgage Note have been made; the Originator has not
        advanced funds, or induced, solicited or knowingly received any advance of
        funds
        from a party other than the owner of the related Mortgaged Property, directly
        or
        indirectly, for the payment of any amount required by the Mortgage Note or
        Mortgage; and except with respect to payments not yet 30 days past due, there
        has been no delinquency, exclusive of any period of grace, in any payment
        by the
        Mortgagor thereunder since the origination of the Mortgage Loan;

       

      (3) As
        of the
        origination date of the Mortgage Loan there were no delinquent taxes, ground
        rents, water charges, sewer rents, assessments, insurance premiums, leasehold
        payments, including assessments payable in future installments or other
        outstanding charges affecting the related Mortgaged Property, and as of the
        Closing Date there are no delinquent taxes, insurance premiums, or other
        outstanding charges jeopardizing the lien position of the Mortgage Loan,
        and to
        the best knowledge of the Originator, as of the Closing Date, there are no
        ground rents, water charges, sewer rents, assessments, leasehold payments,
        including assessments payable in future installments or other outstanding
        charges affecting the related Mortgaged Property;

       

      (4) The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, recorded in the
        applicable public recording office if necessary to maintain the lien priority
        of
        the Mortgage, and which have been delivered to the Trustee; the substance
        of any
        such waiver, alteration or modification has been approved by the title insurer,
        to the extent required by the related policy, and is reflected on the Mortgage
        Loan Schedule. No instrument of waiver, alteration or modification has been
        executed, and no Mortgagor has been released, in whole or in part, except
        in
        connection with an assumption agreement approved by the title insurer, to
        the
        extent required by the policy, and which assumption agreement has been delivered
        to the Trustee and the terms of which are reflected in the Mortgage Loan
        Schedule;

       

      (5) The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including the defense of usury, nor will
        the
        operation of any of the terms of the Mortgage Note and the Mortgage, or the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set-off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set-off, counterclaim or defense has been asserted with respect thereto.
        Each
        Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
        enforceable and collectible under applicable federal, state and local
        law;

       

      (6) All
        buildings upon the Mortgaged Property are insured by an insurer acceptable
        to
        Fannie Mae and Freddie Mac against loss by fire, hazards of extended coverage
        and such other hazards as are customary in the area where the Mortgaged Property
        is located, pursuant to insurance policies providing coverage in an amount
        not
        less than the greatest of (i) 100% of the replacement cost of all improvements
        to the Mortgaged Property, (ii) either (A) the outstanding principal balance
        of
        the Mortgage Loan with respect to each first lien Mortgage Loan or (B) with
        respect to each second lien Mortgage Loan, the sum of the outstanding principal
        balance of the first lien Mortgage Loan and the outstanding principal balance
        of
        the second lien Mortgage Loan, (iii) the amount necessary to avoid the operation
        of any co-insurance provisions with respect to the Mortgaged Property, and
        consistent with the amount that would have been required as of the date of
        origination in accordance with the underwriting guidelines of the originator
        or
        (iv) the amount necessary to fully compensate for any damage or loss to the
        improvements that are a part of such property on a replacement cost basis.
        All
        such insurance policies contain a standard mortgagee clause naming the
        Originator, its successors and assigns as mortgagee and all premiums thereon
        have been paid. If the Mortgaged Property is in an area identified on a Flood
        Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
        Management Agency as having special flood hazards (and such flood insurance
        has
        been made available) a flood insurance policy meeting the requirements of
        the
        current guidelines of the Federal Insurance Administration is in effect which
        policy conforms to the requirements of Fannie Mae and Freddie Mac. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s
        cost and expense and to seek reimbursement therefor from the
        Mortgagor;

       

      (7) Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures,
        predatory, abusive and fair lending, consumer credit protection, equal credit
        opportunity, fair housing or disclosure laws applicable to the origination
        and
        servicing of mortgage loans of a type similar to the Mortgage Loans have
        been
        complied with;

       

      (8) The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

       

      (9) The
        Mortgage (including any negative amortization which may arise thereunder)
        is a
        valid, existing and enforceable (A) first lien and first priority security
        interest with respect to each Mortgage Loan which is indicated by the Originator
        to be a first lien (as reflected on the Mortgage Loan Schedule), or (B) second
        lien and second priority security interest with respect to each Mortgage
        Loan
        which is indicated by the Originator to be a second lien (as reflected on
        the
        Mortgage Loan Schedule), in either case, on the Mortgaged Property, including
        all improvements on the Mortgaged Property subject only to (a) the lien of
        current real property taxes and assessments not yet due and payable, (b)
        covenants, conditions and restrictions, rights of way, easements and other
        matters of the public record as of the date of recording being acceptable
        to
        mortgage lending institutions generally and specifically referred to in the
        lender’s title insurance policy delivered to the originator of the Mortgage Loan
        and which do not adversely affect the Value of the Mortgaged Property, (c)
        with
        respect to each Mortgage Loan which is indicated by the Originator to be
        a
        second lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a
        first
        lien on the Mortgaged Property; and (d) other matters to which like properties
        are commonly subject which do not materially interfere with the benefits
        of the
        security intended to be provided by the Mortgage or the use, enjoyment, value
        or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, existing and enforceable first
        or
        second lien and first or second priority security interest (in each case,
        as
        indicated on the Mortgage Loan Schedule) on the property described therein
        and
        the Originator has full right to sell and assign the same to the Purchaser.
        The
        Mortgaged Property was not, as of the date of origination of the Mortgage
        Loan,
        subject to a mortgage, deed of trust, deed to secure debt or other security
        instrument creating a lien subordinate to the lien of the Mortgage;

       

      (10) The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms;

       

      (11) All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person who executed the related
        Mortgage either in an individual capacity or, provided that the related Mortgage
        is guaranteed by a natural person, as trustee for a family trust;

       

      (12) The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the Mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        Mortgagee pursuant to the Mortgage Note or Mortgage;

       

      (13) As
        of the
        Closing Date and immediately prior to the sale of the Mortgage Loan hereunder,
        the applicable Seller is the sole legal, beneficial and equitable owner of
        the
        Mortgage Note and the Mortgage and has full right to transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien,
        pledge, charge, claim or security interest;

       

      (14) All
        parties which have had any interest in the Mortgage Loan, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) in compliance with any and all applicable
        “doing business” and licensing requirements of the laws of the state wherein the
        Mortgaged Property is located;

       

      (15) The
        Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
        title insurance policy (which, in the case of an Adjustable-Rate Mortgage
        Loan
        has an Adjustable-Rate mortgage endorsement in the form of ALTA 6.0 or 6.1)
        or
        with respect to any Mortgage Loan for which the related Mortgaged Property
        is
        located in California a CLTA lender’s title insurance policy, or other generally
        acceptable form of policy or insurance acceptable to Fannie Mae and Freddie
        Mac,
        issued by a title insurer acceptable to Fannie Mae and Freddie Mac and qualified
        to do business in the jurisdiction where the Mortgaged Property is located,
        insuring (subject to the exceptions contained in (x)(a) and (b), and with
        respect to any second lien Mortgage Loan (c), above) the Originator, its
        successors and assigns as to the first or second priority lien (as indicated
        on
        the Mortgage Loan Schedule) of the Mortgage in the original principal amount
        of
        the Mortgage Loan and, with respect to any Adjustable-Rate Mortgage Loan,
        against any loss by reason of the invalidity or unenforceability of the lien
        resulting from the provisions of the Mortgage providing for adjustment in
        the
        Mortgage Rate and Monthly Payment and negative amortization provisions of
        the
        Mortgage Note. Additionally, such lender’s title insurance policy affirmatively
        insures ingress and egress to and from the Mortgaged Property, and against
        encroachments by or upon the Mortgaged Property or any interest therein.
        The
        Originator is the sole insured of such lender’s title insurance policy, and such
        lender’s title insurance policy is in full force and effect and will be in full
        force and effect upon the consummation of the transactions contemplated by
        this
        Agreement. No claims have been made under such lender’s title insurance policy,
        and no prior holder of the related Mortgage, including the Originator, has
        done,
        by act or omission, anything which would impair the coverage of such lender’s
        title insurance policy;

       

      (16) As
        of the
        Closing Date, there
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and the Originator has
        not
        waived any default, breach, violation or event of acceleration. With respect
        to
        each second lien Mortgage Loan, as of the Closing Date (i) the related first
        lien mortgage loan is in full force and effect, (ii) there is no default,
        breach, violation or event of acceleration existing under such first lien
        mortgage or the related mortgage note, (iii) no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event of acceleration thereunder,
        and
        either (A) the first lien mortgage contains a provision which allows or (B)
        applicable law requires, the mortgagee under the second lien Mortgage Loan
        to
        receive notice of, and affords such mortgagee an opportunity to cure any
        default
        by payment in full or otherwise under the first lien mortgage. For purposes
        of
        the foregoing, a delinquent payment of less than thirty (30) days on a Mortgage
        Loan in and of itself does not constitute a default, breach, violation or
        event
        of acceleration (or an event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, has occurred that would constitute
        a
        default, breach, violation or event of acceleration) with respect to such
        Mortgage Loan;

       

      (17) As
        of the
        Closing Date, there are no mechanics’ or similar liens or claims which have been
        filed for work, labor or material (and no rights are outstanding that under
        law
        could give rise to such lien) affecting the related Mortgaged Property which
        are
        or may be liens prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (18) All
        improvements which were considered in determining the Value of the related
        Mortgaged Property lay wholly within the boundaries and building restriction
        lines of the Mortgaged Property, and no improvements on adjoining properties
        encroach upon the Mortgaged Property;

       

      (19) The
        Mortgage Loan was originated or acquired by the Originator (and if acquired
        by
        the Originator, the Mortgage Loan was underwritten in all material respects
        with
        the Originator’s underwriting guidelines, and if a first-lien Mortgage Loan, is
        eligible for inclusion under a Secondary Mortgage Market Enhancement Act
        eligible transaction) or by a savings and loan association, a savings bank,
        a
        commercial bank or similar banking institution which is supervised and examined
        by a federal or state authority, or by a mortgagee approved as such by the
        Secretary of HUD;

       

      (20) Principal
        payments on the Mortgage Loan commenced no more than sixty days after the
        proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
        at the Mortgage Rate. With respect to each Mortgage Loan which is not a negative
        amortization loan, the Mortgage Note is payable on the first day of each
        month,
        or such other day of each month as may be specified in the Mortgage Loan
        Schedule, in Monthly Payments, which, in the case of a Fixed-Rate Mortgage
        Loans, are sufficient to fully amortize the original principal balance over
        the
        original term thereof (other than with respect to a Mortgage Loan identified
        on
        the Mortgage Loan Schedule as an interest-only Mortgage Loan during the
        interest-only period) and to pay interest at the related Mortgage Rate, and,
        in
        the case of an Adjustable-Rate Mortgage Loan, are changed on each Adjustment
        Date, and in any case, are sufficient to fully amortize the original principal
        balance over the original term thereof (other than with respect to a Mortgage
        Loan identified on the Mortgage Loan Schedule as an interest-only Mortgage
        Loan
        during the interest-only period) and to pay interest at the related Mortgage
        Rate. With respect to each negative amortization Mortgage Loan, the related
        Mortgage Note requires a Monthly Payment which is sufficient during the period
        following each Payment Adjustment Date, to fully amortize the outstanding
        principal balance as of the first day of such period (including any negative
        amortization) over the then remaining term of such Mortgage Note and to pay
        interest at the related Mortgage Rate; provided, that the Monthly Payment
        shall
        not increase to an amount that exceeds 107.5% of the amount of the Monthly
        Payment that was due immediately prior to the Adjustment Date; provided,
        further, that the payment adjustment cap shall not be applicable with respect
        to
        the adjustment made to the Monthly Payment that occurs in a year in which
        the
        Mortgage Loan has been outstanding for a multiple of 5 years and in any such
        year the Monthly Payment shall be adjusted to fully amortize the Mortgage
        Loan
        over the remaining term. With respect to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
        period shall not exceed ten (10) years (or such other period specified on
        the
        Mortgage Loan Schedule) and following the expiration of such interest-only
        period, the remaining Monthly Payments shall be sufficient to fully amortize
        the
        original principal balance over the remaining term of the Mortgage Loan and
        to
        pay interest at the related Mortgage Rate. The Index for each Adjustable-Rate
        Mortgage Loan is as defined in the Mortgage Loan Schedule. No Mortgage Loan
        is a
        convertible Mortgage Loan;

       

      (21) The
        origination, servicing and collection practices used by the Originator with
        respect to each Mortgage Note and Mortgage including, without limitation,
        the
        establishment, maintenance and servicing of the Escrow Accounts and Escrow
        Payments, if any, since origination have been in all respects legal, proper,
        prudent and customary in the mortgage origination and servicing industry.
        The
        Mortgage Loan has been serviced by the Originator and any predecessor servicer
        in accordance with the terms of the Mortgage Note. With respect to escrow
        deposits and Escrow Payments, if any, all such payments are in the possession
        of, or under the control of, the Originator and there exist no deficiencies
        in
        connection therewith for which customary arrangements for repayment thereof
        have
        not been made. No escrow deposits or Escrow Payments or other charges or
        payments due the Originator have been capitalized under any Mortgage or the
        related Mortgage Note and no such escrow deposits or Escrow Payments are
        being
        held by the Originator for any work on a Mortgaged Property which has not
        been
        completed;

       

      (22) As
        of the
        Closing Date, the
        Mortgaged Property is free of material damage and waste and there is no
        proceeding pending for the total or partial condemnation thereof;

       

      (23) The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. Since
        the date of origination of the Mortgage Loan, the Mortgaged Property has
        not
        been subject to any bankruptcy proceeding or foreclosure proceeding and the
        Mortgagor has not filed for protection under applicable bankruptcy laws.
        There
        is no homestead or other exemption available to the Mortgagor which would
        interfere with the right to sell the Mortgaged Property at a trustee’s sale or
        the right to foreclose the Mortgage. As of the Closing Date, the Mortgagor
        has
        not notified the Originator and the Originator has no knowledge of any relief
        requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
        Act;

       

      (24) The
        Mortgage Loan was underwritten in accordance with the underwriting standards
        of
        the Originator in effect at the time the Mortgage Loan was originated. The
        Mortgage Note and Mortgage are on forms generally acceptable to Fannie Mae
        and
        Freddie Mac;

       

      (25) The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        (x) above;

       

      (26) The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        satisfied the standards of Fannie Mae and Freddie Mac, was on appraisal form
        1004 or form 2055 (or a form otherwise satisfactory to S&P and Moody’s) and
        was made and signed, prior to the approval of the Mortgage Loan application,
        by
        a qualified appraiser, duly appointed by the originator of the Mortgage Loan,
        who had no interest, direct or indirect in the Mortgaged Property or in any
        loan
        made on the security thereof, whose compensation is not affected by the approval
        or disapproval of the Mortgage Loan and who met the minimum qualifications
        of
        Fannie Mae and Freddie Mac. Each appraisal of the Mortgage Loan was made
        in
        accordance with the relevant provisions of the Financial Institutions Reform,
        Recovery, and Enforcement Act of 1989;

       

      (27) In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (28) No
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (a)
        paid or partially paid with funds deposited in any separate account established
        by the Originator, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
        paid
        by any source other than the Mortgagor or (c) contains any other similar
        provisions which may constitute a “buydown” provision. The Mortgage Loan is not
        a graduated payment mortgage loan and the Mortgage Loan does not have a shared
        appreciation or other contingent interest feature;

       

      (29) The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of Fixed-Rate mortgage loans in the case of Fixed-Rate Mortgage Loans, and
        Adjustable-Rate mortgage loans in the case of Adjustable-Rate Mortgage Loans
        and
        rescission materials with respect to Refinanced Mortgage Loans, and such
        statement is and will remain in the Mortgage File;

       

      (30) No
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (31) The
        Originator has no knowledge of any circumstances or condition with respect
        to
        the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause private institutional
        investors who routinely invest in mortgage loans similar to the Mortgage
        Loan to
        regard the Mortgage Loan to be an unacceptable investment, cause the Mortgage
        Loan to become delinquent, or adversely affect the value of the Mortgage
        Loan;

       

      (32) No
        Mortgage Loan had a Loan-to Value Ratio or a Combined Loan-to-Value Ratio
        at
        origination in excess of 100%;

       

      (33) The
        Mortgaged Property is lawfully occupied under applicable law; all inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including but not limited to certificates of occupancy,
        have been made or obtained from the appropriate authorities;

       

      (34) No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of the Originator,
        the
        related Seller, or to the best of the Originator’s knowledge, on the part of any
        other person, including without limitation the Mortgagor, any appraiser,
        any
        builder or developer, or any other party involved in the origination of the
        Mortgage Loan or in the application of any insurance in relation to such
        Mortgage Loan;

       

      (35) The
        Assignment is in recordable form and (other than with respect to the blank
        assignee) is acceptable for recording under the laws of the jurisdiction
        in
        which the Mortgaged Property is located;

       

      (36) Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term. The lien of the Mortgage securing the consolidated
        principal amount is expressly insured as having first or second (as indicated
        on
        the Mortgage Loan Schedule) lien priority by a title insurance policy, an
        endorsement to the policy insuring the mortgagee’s consolidated interest or by
        other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
        principal amount does not exceed the original principal amount of the Mortgage
        Loan plus any negative amortization;

       

      (37) No
        Mortgage Loan is a balloon mortgage loan that has an original stated maturity
        of
        less than seven (7) years;

       

      (38) If
        the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of Fannie Mae and Freddie Mac;

       

      (39) With
        respect to each Mortgage Loan, the Originator has fully and accurately furnished
        complete information on the related borrower credit files to Equifax, Experian
        and Trans Union Credit Information Originator, in accordance with the Fair
        Credit Reporting Act and its implementing regulations, on a monthly basis
        and
        the Originator for each Loan will furnish, in accordance with the Fair Credit
        Reporting Act and its implementing regulations, accurate and complete
        information on its primary borrower to Equifax, Experian, and Trans Union
        Credit
        Information Originator, on a monthly basis;

       

      (40) The
        source of the down payment with respect to each Mortgage Loan has been fully
        verified by the Originator, except as noted on the Mortgage Loan
        Schedule;

       

      (41) Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months;

       

      (42) The
        Originator shall, at its own expense, cause each Mortgage Loan to be covered
        by
        a tax service contract which is assignable to the Purchaser or its designee;
        provided however, that if the Originator fails to purchase such tax service
        contract, the Originator shall be required to reimburse the Purchaser for
        all
        costs and expenses incurred by the Purchaser in connection with the purchase
        of
        any such tax service contract;

       

      (43) Each
        Mortgage Loan is covered by a flood zone service contract which is assignable
        to
        the Purchaser or its designee or, for each Mortgage Loan not covered by such
        Flood Zone Service Contract, the Originator agrees to purchase such flood
        zone
        service contract;

       

      (44) As
        of the
        Closing Date. the Mortgaged Property is in material compliance with all
        applicable environmental laws pertaining to environmental hazards including,
        without limitation, asbestos, and neither the Originator nor, to the
        Originator’s knowledge, the related Mortgagor, has received any notice of any
        violation or potential violation of such law;

       

      (45) No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994 as amended (“HOEPA”) or is in violation of any comparable
        state law and no Mortgage Loan has an “annual percentage rate” or “total points
        and fees” payable by the borrower (as each such term is defined under HOEPA)
        that equal or exceed the applicable thresholds defined under HOEPA (Section
        32
        of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and (ii)), (b) a “high cost”
mortgage loan, “covered” mortgage loan, “high risk home” mortgage loan, or
“predatory” mortgage loan or any other comparable term, no matter how defined
        under any federal, state or local law, (c) subject to any comparable federal,
        state or local statutes or regulations, or any other statute or regulation
        providing for heightened regulatory scrutiny or assignee liability to holders
        of
        such mortgage loans, or (d) a High Cost Loan or Covered Loan, as applicable
        (as
        such terms are defined in the current Standard & Poor’s LEVELS® Glossary
        Revised, Appendix E);

       

      (46) No
        predatory, abusive, or deceptive lending practices, including but not limited
        to, the extension of credit to a mortgagor without regard for the mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to a mortgagor
        which has no apparent benefit to the mortgagor, were employed in connection
        with
        the origination of the Mortgage Loan. Each Mortgage Loan (other
        than with respect to the points and fees threshold in connection with Mortgage
        Loans that are not Points and Fees Eligible Loans and escrow payment
        requirements) is
        in
        compliance with the anti-predatory lending eligibility for purchase requirements
        of the Fannie Mae Guides;

       

      (47) The
        debt-to-income ratio of the related Mortgagor was not greater than 65% at
        the
        origination of the related Mortgage Loan;

       

      (48) No
        Mortgagor was required to purchase any single premium credit insurance product
        (e.g., life, mortgage, disability, accident, unemployment or health insurance
        product) or debt cancellation agreement as a condition of obtaining the
        extension of credit. No Mortgagor obtained a prepaid single premium credit
        insurance policy (e.g., life, mortgage, disability, accident, unemployment,
        property or health insurance product) or debt cancellation in connection
        with
        the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
        were
        used to purchase single premium credit insurance policies (e.g., life, mortgage,
        disability, accident, unemployment, or health insurance product) or debt
        cancellation agreements as part of the origination of, or as a condition
        to
        closing, such Mortgage Loan;

       

      (49) The
        Mortgage Loans were not selected from the outstanding Fixed-Rate or
        adjustable-rate one to four-family mortgage loans in the Originator’s portfolio
        at the Cut-off Date as to which the representations and warranties set forth
        in
        this Agreement could be made in a manner so as to affect adversely the interests
        of the Purchaser;

       

      (50) The
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the Mortgage Loan in the event that the
        Mortgaged Property is sold or transferred without the prior written consent
        of
        the mortgagee thereunder;

       

      (51) The
        Mortgage Loan complies with all applicable consumer credit statutes and
        regulations, including, without limitation, the respective Uniform Consumer
        Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa, Kansas,
        Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
        originated by a properly licensed entity, and in all other respects, complies
        with all of the material requirements of any such applicable laws;

       

      (52) The
        information set forth in the Prepayment Charge Schedule is complete, true
        and
        correct in all material respects and each Prepayment Charge is permissible,
        enforceable and collectable under applicable federal and state law;

       

      (53) The
        Mortgage Loan was not prepaid in full prior to the Closing Date and the
        Originator has not received notification from a Mortgagor that a prepayment
        in
        full shall be made after the Closing Date;

       

      (54) No
        Mortgage Loan is secured by cooperative housing, commercial property or mixed
        use property;

       

      (55) Any
        Mortgaged Property that is considered manufactured housing shall be legally
        classified as real property under applicable state law, is permanently affixed
        to a foundation and must assume that characteristics of site-built housing
        or
        shall be the principal residence of the borrower and must otherwise conform
        to
        the requirements (A) for inclusion in residential mortgage backed securities
        transactions rated by S&P and (B) of Fannie Mae and Freddie Mac, including,
        but not limited to, the requirements that (i) the related Mortgage Note or
        contract, as applicable, be secured by a “single family residence” within the
        meaning of Section 25(e)(10) of the Code, (ii) the fair market value of the
        manufactured home securing each related Mortgage Note or contract, as
        applicable, was at least equal to 80% of the original principal balance of
        such
        Note or contract, as applicable, and (iii) each related Mortgage Note or
        contract, as applicable, is a “qualified mortgage” under Section 860G(a)(3) of
        the Code;

       

      (56) Each
        Mortgage Loan is eligible for sale in the secondary market without unreasonable
        credit enhancement;

       

      (57) All
        points and fees related to each Mortgage Loan were disclosed in writing to
        the
        borrower in accordance with applicable state and federal law and regulation.
        No
        Group I Mortgage Loan borrower was charged “points and fees” (whether or not
        financed) in an amount that exceeds the greater of (1) 5% of the principal
        amount of the Mortgage Loan (such 5% limitation is calculated in accordance
        with
        Fannie Mae’s requirements as set forth in the Fannie Mae Selling Guide or (2)
        $1,000.

       

      (58) Except
        as
        set forth on the Mortgage Loan Schedule, none of the Mortgage Loans are subject
        to a Prepayment Charge. For any Mortgage Loan originated prior to October
        1,
        2002 that is subject to a prepayment penalty, such prepayment penalty does
        not
        extend beyond five years after the date of origination. For any Mortgage
        Loan
        originated on or following October 1, 2002 that is subject to a prepayment
        penalty, such prepayment penalty does not extend beyond three years after
        the
        date of origination. With respect to any Mortgage Loan that contains a provision
        permitting imposition of a premium upon a prepayment prior to maturity: (i)
        prior to the Mortgage Loan’s origination, the Mortgagor agreed to such premium
        in exchange for a monetary benefit, including but not limited to a rate or
        fee
        reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was
        offered the option of obtaining a Mortgage Loan that did not require payment
        of
        such a premium, (iii) the prepayment premium is disclosed to the Mortgagor
        in
        the loan documents pursuant to applicable state and federal law, (iv) the
        duration of the prepayment period shall not exceed three (3) years from the
        date
        of the note, and (v) notwithstanding any state or federal law to the contrary,
        the Originator shall not impose such prepayment premium in any instance when
        the
        mortgage debt is accelerated as the result of the Mortgagor’s default in making
        the loan payments;

       

      (59) The
        Originator has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”); the Originator has established
        an anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
        No
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations;

       

      (60) No
        Mortgage Loan is secured by real property or secured by a manufactured home
        located in the state of Georgia unless (x) such Mortgage Loan was originated
        prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
        the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
        Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
        defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
        Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
        applicable provisions of the Georgia Act. No Mortgage Loan subject to the
        Georgia Act and secured by owner occupied real property or an owner occupied
        manufactured home located in the State of Georgia was originated (or modified)
        on or after October 1, 2002 through and including March 6, 2003;

       

      (61) No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan’s originator which is a higher cost product designed for
        less creditworthy borrowers, unless at the time of the Mortgage Loan’s
        origination, such Mortgagor did not qualify taking into account credit history
        and debt to income ratios for a lower cost credit product then offered by
        the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a
        lower cost credit product then offered by any mortgage lending affiliate
        of the
        Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        Mortgagor’s application to such affiliate for underwriting consideration. For a
        Mortgagor who seeks financing through an Originator’s higher-priced subprime
        lending channel, the Mortgagor should be directed towards or offered the
        Originator’s standard mortgage line if the Mortgagor is able to qualify for one
        of the standard products;

       

      (62) The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (63) With
        respect to any Mortgage Loan which is secured by manufactured housing, such
        Mortgage Loan satisfies the requirements for inclusion in residential mortgage
        backed securities transactions rated by S&P;

       

      (64) No
        Mortgage Loan (a) is secured by property located in the State of New York;
        (b)
        had an unpaid principal balance at origination of $300,000 or less, and (c)
        has
        an application date on or after April 1, 2003, the terms of which Mortgage
        Loan
        equal or exceed either the APR or the points and fees threshold for “high-cost
        home loans”, as defined in Section 6-1 of the New York State Banking
        Law;

       

      (65) The
        Originator will transmit full-file credit reporting data for each Mortgage
        Loan
        pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
        Originator agrees it shall report one of the following statuses each month
        as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off;

       

      (66) No
        Mortgage Loan is a “High-Cost Home Loan” loan as defined under the New York
        Banking Law Section 6-1, effective as of April 1, 2003;

       

      (67) No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
        Protection Act effective July 16, 2003 (Act 1340 or 2003);

       

      (68) No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
        loan statute effective June 24, 2003 (Ky. Rev. Stat.
        Section 360.100);

       

      (69) No
        Mortgage Loan secured by property located in the State of Nevada is a “home
        loan” as defined in the Nevada Assembly Bill No. 284;

       

      (70) No
        Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
        Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
        New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
        et
        seq.);

       

      (71) Each
        Mortgage Loan constitutes a “qualified mortgage” under
        Section 860G(a)(3)(A) of the Code and Treasury Regulation
        Section 1.860G-2(a)(1);

       

      (72) No
        Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
        and
        Equity protection Act;

       

      (73) No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.);

       

      (74) No
        Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
        Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.)
        and
        no Mortgage Loan secured by a Mortgage Property located in the State of Illinois
        is in violation of the provisions of the Illinois Interest Act, including
        Section 4.1a;

       

      (75) No
        Loan
        that is secured by property located within the State of Maine meets the
        definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
        Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
        defined under the Maine House Bill 383 L.D. 494, effective as of September
        13,
        2003;

       

      (76) No
        Loan
        is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act
        effective January 1, 2005 (Ind. Code Ann. §§ 24-9-1 et seq.);

       

      (77) The
        Mortgagor has not made or caused to be made any payment in the nature of
        an
“average” or “yield spread premium” to a mortgage broker or a like Person which
        has not been fully disclosed to the Mortgagor;

       

      (78) With
        respect to each MOM Loan, a MIN has been assigned by MERS and such MIN is
        accurately provided on the Mortgage Loan Schedule. The related Assignment
        of
        Mortgage to MERS has been duly and properly recorded, or has been delivered
        for
        recording to the applicable recording office;

       

      (79) With
        respect to each MOM Loan, the Originator has not received any notice of liens
        or
        legal actions with respect to such Mortgage Loan and no such notices have
        been
        electronically posted by MERS;

       

      (80) With
        respect to each Mortgage Loan, (i) if the related first lien provides for
        negative amortization, the Combined Loan-to Value Ratio was calculated at
        the
        maximum principal balance of such first lien that could result upon application
        of such negative amortization feature, and (ii) either no consent for the
        Mortgage Loan is required by the holder of the first lien or such consent
        has
        been obtained and is contained in the Mortgage File;

       

      (81) No
        Mortgagor agreed to submit to arbitration to resolve any dispute arising
        out of
        or relating in any way to the Mortgage Loan transaction; 

       

      (82) No
        Mortgage Loan is
        a
“High-Cost Home Mortgage Loan” as
        defined in the Massachusetts
        Predatory Home
        Loan
        Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C).
        If any
        Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
        of
        Massachusetts was made to pay off or refinance an existing loan or other
        debt of
        the related borrower (as the term “borrower” is defined in the regulations
        promulgated by the Massachusetts Secretary of State in connection with
        Massachusetts House Bill 480 (2004)), such Mortgage Loan is in the “borrower’s
        interest,” as documented by a “borrower’s interest worksheet” for the particular
        Mortgage Loan, which worksheet incorporates the factors set forth in
        Massachusetts House Bill 4880 (2004) and the regulations promulgated thereunder
        for determining “borrower’s interest,” and otherwise complies in all material
        respects with the laws of the Commonwealth of Massachusetts; 

       

      (83) With
        respect to the Mortgage Loans set forth on Schedule III, the Originator shall
        cause the Servicer to deliver the reports required by Section 3.01 of the
        Pooling and Servicing Agreement;

       

      (84) [Reserved];

       

      (85) No
        Mortgage Loan that was originated on or after October 31, 2004, is subject
        to
        mandatory arbitration except when the terms of the arbitration also contain
        a
        waiver provision that provides that in the event of a sale or transfer of
        the
        Mortgage Loan or interest in the Mortgage Loan to Fannie Mae, the terms of
        the
        arbitration are null and void and cannot be reinstated. The seller hereby
        covenants that the seller or servicer of the Mortgage Loan, as applicable,
        will
        notify the borrower in writing within 60 days of the sale or transfer of
        the
        Mortgage Loan to Fannie Mae that the terms of the arbitration are null and
        void.
        With respect to any Mortgage Loan originated on or after August 1, 2004,
        neither
        the related mortgage nor the related mortgage note requires the Mortgagor
        to
        submit to arbitration to resolve any dispute arising out of or relating in
        any
        way to the mortgage loan transaction;

       

      (86) All
        fees
        and charges (including finance charges) and whether or not financed, assessed,
        collected or to be collected in connection with the origination and servicing
        of
        each Mortgage Loan has been disclosed in writing to the borrower in accordance
        with applicable state and federal law and regulation;

       

      (87) With
        respect to any mortgage loan underlying the Security that contains a provision
        permitting imposition of a penalty upon a prepayment prior to maturity: (a)
        the
        mortgage loan provides some benefit to the borrower (e.g. a rate or fee
        reduction) in exchange for accepting such prepayment penalty; (b) the mortgage
        loan’s originator had a written policy of offering the borrower, or requiring
        third-party brokers to offer the borrower, the option of obtaining a mortgage
        loan that did not require payment of such a penalty; (c) the prepayment penalty
        was adequately disclosed to the borrower pursuant to applicable state and
        federal law; (d) no subprime loan originated on or after October 1, 2002
        underlying the Security will provide for prepayment penalties for a term
        in
        excess of three years and any loans originated prior to such date, and any
        non-subprime loans, will not provide for prepayment penalties for a term
        in
        excess of five years; in each case unless the loan was modified to reduce
        the
        prepayment period to no more than three years from the date of the note and
        the
        borrower was notified in writing of such reduction in prepayment period;
        and (e)
        such prepayment penalty shall not be imposed in any instance where the mortgage
        loan is accelerated or paid off in connection with the workout of a delinquent
        mortgage or due to the borrower’s default, notwithstanding that the terms of the
        mortgage loan or state or federal law might permit the imposition of such
        penalty;

       

      (88) The
        methodology used in underwriting the extension of credit for each mortgage
        loan
        in the trust did not rely on the extent of the borrower’s equity in the
        collateral as the principal determining factor in approving such extension
        of
        credit. The methodology employed objective criteria that related such facts
        as,
        without limitation, the borrower’s credit history, income, assets or
        liabilities, to the proposed mortgage payment and, based on such methodology,
        the mortgage loan’s originator made a reasonable determination that at the time
        of origination the borrower had the ability to make timely payments on the
        mortgage loan; 

       

      (89) No
        Group
        I Mortgage Loan borrower under a mortgage loan in the trust was charged “points
        and fees” in an amount greater than (a) $1,000 or (b) 5% of the principal amount
        of such mortgage loan, whichever is greater. For purposes of this
        representation, “points and fees” (x) include origination, underwriting, broker
        and finder’s fees and charges that the lender imposed as a condition of making
        the mortgage loan, whether they are paid to the lender or a third party;
        and (y)
        exclude bona fide discount points, fees paid for actual services rendered
        in
        connection with the origination of the mortgage (such as attorneys’ fees,
        notaries fees and fees paid for property appraisals, credit reports, surveys,
        title examinations and extracts, flood and tax certifications, and home
        inspections); the cost of mortgage insurance or credit-risk price adjustments;
        the costs of title, hazard, and flood insurance policies; state and local
        transfer taxes or fees; escrow deposits for the future payment of taxes and
        insurance premiums; and other miscellaneous fees and charges that, in total,
        do
        not exceed 0.25 percent of the loan amount;”

       

      (90) With
        respect to any subordinate lien mortgage loan underlying the Security, such
        lien
        is on a one- to four-family residence that is (or will be) the principal
        residence of the borrower;

       

      (91) No
        Group
        I Mortgage Loan underlying the Security is “seasoned” (a seasoned mortgage loan
        is one where the date of the mortgage note is more than 1 year before the
        date
        of issuance of the related Security);

       

      (92) No
        Group
        I subordinate lien Mortgage Loan has an original principal balance that exceeds
        one-half of the one-unit limitation for first lien mortgage loans, or $208,000
        (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without regard to
        the
        number of units;

       

      (93) For
        the
        Group I Mortgage Loans, the original principal balance of the first lien
        mortgage loan plus the original principal balance of any subordinate lien
        mortgage loan relating to the same mortgaged property does not exceed the
        applicable Freddie Mac loan limit for first lien mortgage loans for that
        property type;

       

      (94) 
        For the
        Group I Mortgage Loans, the Stated Principal Balance of each Mortgage Loan
        is
        within Freddie Mac loan limits for conforming one-to-four family Mortgage
        Loans;

       

      (95) No
        Group
        I first lien Mortgage Loan has an original principal balance that exceeds
        that
        applicable Freddie Mac loan limit.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III

       

      
        	
                Loan
                  #

              	 	
                Origination
                  Date

              	 	
                State

              	 	
                Zip

              	 	
                Note
                  Date

              
	
                211032714

              	 	
                7/26/2005

              	 	
                MS

              	 	
                39462

              	 	
                7/26/2005

              
	
                211033484

              	 	
                7/29/2005

              	 	
                LA

              	 	
                70065

              	 	
                7/29/2005

              
	
                351029690

              	 	
                8/22/2005

              	 	
                TX

              	 	
                77327

              	 	
                8/22/2005

              
	
                391011886

              	 	
                6/13/2005

              	 	
                AL

              	 	
                36618

              	 	
                6/13/2005

              
	
                391012654

              	 	
                5/31/2005

              	 	
                MS

              	 	
                39466

              	 	
                5/31/2005

              
	
                391013237

              	 	
                6/10/2005

              	 	
                LA

              	 	
                70460

              	 	
                6/10/2005

              
	
                391013351

              	 	
                6/21/2005

              	 	
                LA

              	 	
                70113

              	 	
                6/21/2005

              
	
                391013352

              	 	
                6/21/2005

              	 	
                LA

              	 	
                70113

              	 	
                6/21/2005

              
	
                391013405

              	 	
                6/15/2005

              	 	
                MS

              	 	
                39564

              	 	
                6/15/2005

              
	
                391013660

              	 	
                7/1/2005

              	 	
                LA

              	 	
                70094

              	 	
                7/1/2005

              
	
                391013841

              	 	
                7/22/2005

              	 	
                MS

              	 	
                39560

              	 	
                7/22/2005

              
	
                391013945

              	 	
                7/25/2005

              	 	
                MS

              	 	
                39476

              	 	
                7/25/2005

              
	
                391013963

              	 	
                7/22/2005

              	 	
                LA

              	 	
                70116

              	 	
                7/22/2005

              
	
                391014027

              	 	
                7/20/2005

              	 	
                LA

              	 	
                70114

              	 	
                7/20/2005

              
	
                391014055

              	 	
                7/19/2005

              	 	
                LA

              	 	
                70114

              	 	
                7/19/2005

              
	
                391014157

              	 	
                8/8/2005

              	 	
                AL

              	 	
                36609

              	 	
                8/8/2005

              
	
                391014569

              	 	
                8/16/2005

              	 	
                LA

              	 	
                70669

              	 	
                8/16/2005

              
	
                391015306

              	 	
                9/30/2005

              	 	
                LA

              	 	
                70769

              	 	
                9/30/2005

              
	
                551007451

              	 	
                7/18/2005

              	 	
                LA

              	 	
                70711

              	 	
                7/18/2005

              
	
                551007990

              	 	
                8/24/2005

              	 	
                LA

              	 	
                70737

              	 	
                8/24/2005

              
	
                551008334

              	 	
                8/2/2005

              	 	
                TX

              	 	
                77590

              	 	
                8/2/2005

              
	
                551008349

              	 	
                9/26/2005

              	 	
                LA

              	 	
                70460

              	 	
                9/26/2005

              
	
                641010001

              	 	
                6/15/2005

              	 	
                LA

              	 	
                70652

              	 	
                6/15/2005

              
	
                641011319

              	 	
                8/10/2005

              	 	
                LA

              	 	
                70633

              	 	
                8/10/2005

              
	
                641011471

              	 	
                8/4/2005

              	 	
                TX

              	 	
                77590

              	 	
                8/4/2005

              
	
                651012562

              	 	
                8/31/2005

              	 	
                LA

              	 	
                70726

              	 	
                8/31/2005

              
	
                771006529

              	 	
                8/31/2005

              	 	
                TX

              	 	
                77642

              	 	
                8/31/2005

              
	
                061061849

              	 	
                9/14/2005

              	 	
                FL

              	 	
                32905

              	 	
                9/14/2005

              
	
                071066271

              	 	
                4/27/2005

              	 	
                FL

              	 	
                33990

              	 	
                4/27/2005

              
	
                071067378

              	 	
                6/29/2005

              	 	
                FL

              	 	
                33971

              	 	
                6/29/2005

              
	
                071067597

              	 	
                6/29/2005

              	 	
                FL

              	 	
                33971

              	 	
                6/29/2005

              
	
                071068174

              	 	
                7/29/2005

              	 	
                FL

              	 	
                33917

              	 	
                7/29/2005

              
	
                071068989

              	 	
                9/13/2005

              	 	
                FL

              	 	
                33971

              	 	
                9/13/2005

              
	
                131034153

              	 	
                8/12/2005

              	 	
                FL

              	 	
                33904

              	 	
                8/12/2005

              
	
                231070411

              	 	
                7/28/2005

              	 	
                FL

              	 	
                34983

              	 	
                7/28/2005

              
	
                261052921

              	 	
                6/28/2005

              	 	
                FL

              	 	
                33916

              	 	
                6/28/2005

              
	
                261054217

              	 	
                9/8/2005

              	 	
                FL

              	 	
                33936

              	 	
                9/8/2005

              
	
                261054218

              	 	
                9/8/2005

              	 	
                FL

              	 	
                33936

              	 	
                9/8/2005

              
	
                291002261

              	 	
                9/27/2005

              	 	
                FL

              	 	
                34120

              	 	
                9/27/2005

              
	
                371026862

              	 	
                6/16/2005

              	 	
                FL

              	 	
                32909

              	 	
                6/16/2005

              
	
                371029613

              	 	
                9/13/2005

              	 	
                FL

              	 	
                32926

              	 	
                9/13/2005

              
	
                371030306

              	 	
                10/31/2005

              	 	
                FL

              	 	
                34950

              	 	
                10/31/2005

              
	
                561003150

              	 	
                7/14/2005

              	 	
                FL

              	 	
                32952

              	 	
                7/14/2005

              
	
                561003505

              	 	
                8/11/2005

              	 	
                FL

              	 	
                32909

              	 	
                8/11/2005

              
	
                561003919

              	 	
                9/15/2005

              	 	
                FL

              	 	
                34120

              	 	
                9/15/2005

              
	
                561003920

              	 	
                9/15/2005

              	 	
                FL

              	 	
                34120

              	 	
                9/15/2005

              
	
                611019943

              	 	
                10/31/2005

              	 	
                FL

              	 	
                34119

              	 	
                10/31/2005

              
	
                621008614

              	 	
                5/27/2005

              	 	
                FL

              	 	
                33991

              	 	
                5/27/2005

              
	
                621010133

              	 	
                7/13/2005

              	 	
                FL

              	 	
                34116

              	 	
                7/13/2005

              
	
                621010361

              	 	
                7/29/2005

              	 	
                FL

              	 	
                34984

              	 	
                7/29/2005

              
	
                741012202

              	 	
                6/30/2005

              	 	
                FL

              	 	
                33920

              	 	
                6/30/2005

              

      

      

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      D

     

    MORTGAGE
      LOAN SCHEDULE

     

    

    Available
      Upon Request 

    

    
      
        
          
            
 

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

     

    

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      
        	
                To:
                  

              	
                [Address
                  for Custodian: Mortgage Document Custody

              
	 	
                Wells
                  Fargo Corporate Trust Services

              
	 	
                24
                  Executive Park, Suite 100 

              
	 	
                Irvine,
                  California 92614]

              

      

      

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 1, 2006, among Deutsche Bank National
                  Trust
                  Company as the Trustee, Option One Mortgage Corporation
                  as Servicer and Wells
                  Fargo Bank, N.A.
                  as
                  the Custodian

              

      

       

      In
        connection with the administration of the Mortgage Loans included in the
        Trust
        Fund established pursuant to the Pooling and Servicing Agreement dated as
        of May
        1, 2006, among Financial Asset Securities Corp. as Depositor, Option One
        Mortgage Corporation, as Servicer, and Deutsche Bank National Trust Company,
        a
        national banking association, as Trustee and held by you as Custodian pursuant
        to the above-captioned Custodial Agreement, we request the release, and hereby
        acknowledge receipt of the Custodial File for the Mortgage Loan described
        below,
        for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _________1.

              	
                Mortgage
                  Paid in Full

              
	
                _________2.

              	
                Foreclosure

              
	
                _________3.

              	
                Substitution

              
	
                _________4.

              	
                Other
                  Liquidation (Repurchases, etc.)

              
	
                _________5.

              	
                Nonliquidation Reason:_____________________

              

      

       

      Address
        to which Trustee should deliver

      the
        Custodial File:

       

      
        	 

      

      

    

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	 	
              By:

            	 
	 	 	
              (authorized
                signer)

            
	 	
              Issuer:

            	 
	 	
              Address:

            	 
	 	
              Date:

            	 

    

    

     

    Custodian

    

    Wells
      Fargo Bank, N.A.

    

    Please
      acknowledge the execution of the above request by your signature and date
      below:

     

    
      	
              ____________________________

            	
              __________________

            
	
              Signature

            	
              Date

            
	
              Documents
                returned to Custodian:

            	 
	
              ______________________________

            	
              __________________

            
	
              Custodian

            	
              Date

            

    

    

    

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-1

     

    [FORM
      OF
      TRUSTEE’S INITIAL CERTIFICATION

     

    May
      __,
      2006

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

     

    
       

      
        	 	
                Re:

              	
                
                  Pooling
                    and Servicing Agreement dated as of May 1, 2006, among

                  Financial
                    Asset Securities Corp. as Depositor, Option One Mortgage 

                  Corporation,
                    as Servicer, and Deutsche Bank National Trust Company, a 

                  national
                    banking association, as
                    Trustee

                

              

      

       

    

     

     

    Ladies
      and Gentlemen:

     

    Attached
      is the Trustee’s preliminary exception report delivered in accordance with
      Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”). Capitalized terms used but not otherwise defined herein
      shall have the meanings set forth in the Pooling and Servicing
      Agreement.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in the Mortgage File pertaining to the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan or (iii) whether any
      Mortgage File includes any of the documents specified in clause (vi) of Section
      2.01 of the Pooling and Servicing Agreement.

     

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:]

            	 

    

    

     

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [FORM
      OF
      CUSTODIAN’S INITIAL CERTIFICATION

    _____,
      2006

    Trust
      Receipt #: ____ 

    Original
      Principal Balance of the Mortgage Loans:$_______

    

    
      	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

              Attention:
                Trust Administration GC04FFH4

            	
              Financial
                Asset Securities Corp.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            
	 	 
	
              Greenwich
                Capital Markets, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            	 
	 	 

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of May 1, 2006, among Deutsche Bank National
                Trust
                Company as the Trustee, Option One Mortgage Corporation as Servicer
                and
                Wells
                Fargo Bank, N.A.
                as
                the Custodian

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with the provisions of Section 3 of the above-referenced Custodial
      Agreement, the undersigned, as the Custodian, hereby certifies that it is
      holding the Mortgage Loans identified on the schedule attached hereto for the
      exclusive benefit of the Trustee pursuant to the terms and conditions of the
      Custodial Agreement, and it has received a Custodial File with respect to each
      such Mortgage Loan (other than any Mortgage Loan specifically identified on
      the
      exception report attached hereto) and that with respect to each such Mortgage
      Loan: (i) all documents required to be delivered to it pursuant to Section
      2.01
      of this Agreement are in its possession, (ii) such documents have been reviewed
      by it and have not been mutilated, damaged or torn and appear on their face
      to
      relate to such Mortgage Loan and (iii) based on its examination and only as
      to
      the foregoing, the information set forth in the Mortgage Loan Schedule that
      corresponds to items (1) and (3) of the definition of “Mortgage Loan Schedule”
in the Pooling and Servicing Agreement accurately reflects information set
      forth
      in the Custodial File.

     

    The
      Custodian hereby confirms that it is holding each such Custodial File as agent
      and bailee of and custodian for the exclusive use and benefit of the Trustee
      pursuant to the terms of the Custodial Agreement.

     

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Capitalized
      terms used herein shall have the meaning ascribed to them in the Custodial
      Agreement. 

     

    
      	 	
              WELLS
                FARGO
                BANK, N.A. 

              (Custodian)

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:]

            	 

    

    

     

    

    

    
      
        
          
            
 

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-2

     

    [FORM
      OF
      TRUSTEE’S FINAL CERTIFICATION

     

    ________________

    [Date]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                of May 1, 2006 among Financial Asset Securities Corp., as Depositor,
                Option One Mortgage Corporation, as Servicer and Deutsche Bank National
                Trust Company, as Trustee with respect to Soundview Home Loan Trust
                2006-OPT4, Asset-Backed Certificates, Series
                2006-OPT4

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement, the
      undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
      in the Mortgage Loan Schedule (other than any Mortgage loan paid in full or
      listed on Schedule I hereto) it (or its custodian) has received the applicable
      documents listed in Section 2.01 of the Pooling and Servicing
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in items 1, 3, 10, 11 and 15 of the
      definition of Mortgage Loan Schedule in the Pooling and Servicing Agreement
      accurately reflects information in the Mortgage File.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:]

            	 

    

    

     

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [FORM
      OF
      CUSTODIAN’S FINAL CERTIFICATION 

    

    TRUST
      RECEIPT # ___

    ______,
      2006

    Aggregate
      Amount of Mortgage Loans: _____

    Original
      Principal Balance of Aggregate Mortgage Loans: __________

    

    
      	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

              Attention:
                Trust Administration GC04FFH4

            	
              Financial
                Asset Securities Corp.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            
	 	 
	
              Greenwich
                Capital Markets, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            	 
	 	 

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of May 1, 2006, among Deutsche Bank National
                Trust
                Company as the Trustee, Option One Mortgage Corporation as Servicer
                and
                Wells
                Fargo Bank, N.A.
                as
                the Custodian

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with the provisions of Section 4 of the above-referenced Custodial
      Agreement, the undersigned, as the Custodian, hereby certifies that as to each
      Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
      Loan
      paid in full or any Mortgage Loan listed on the attachment hereto) it has
      reviewed the Custodial Files and has determined that (i) all documents required
      to be delivered to it pursuant to Sections 2(i), (ii), (iii), (iv) and (v)
      of
      the Custodial Agreement are in its possession and to the extent provided in
      the
      Custodial Files paragraph (v) of Section 2 of the Custodial Agreement are in
      its
      possession; (ii) such documents have been reviewed by it and appear regular
      on
      their face and relate to such Mortgage Loan; (iii) based on its examination
      and
      only as to the foregoing documents, the information set forth in items (1)
      and
      (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
      Agreement accurately reflects information set forth in the Custodial File;
      and
      (iv) each Mortgage Note has been endorsed as provided in Section 2 of the
      Custodial Agreement and each Mortgage has been assigned in accordance with
      Section 2 of the Custodial Agreement. The Custodian makes no representations
      as
      to (i) the validity, legality, enforceability, sufficiency, due authorization
      or
      genuineness of any of the documents contained in each Custodial File or of
      any
      of the Mortgage Loans or (ii) the collectability, insurability, effectiveness
      or
      suitability of any such Mortgage Loan.

     

    The
      Custodian hereby confirms that it is holding each such Custodial File as agent
      and bailee of, and custodian for the exclusive use and benefit, and subject
      to
      the sole direction, of the Trustee pursuant to the terms and conditions of
      the
      Custodial Agreement.

     

    

    
      
        
          
 

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Capitalized
      terms used herein shall have the meaning ascribed to them in the Custodial
      Agreement.

     

    
      	
              WELLS
                FARGO
                BANK, N.A. 

              (Custodian)

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title]

            	 

    

    

     

     

    

    
      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-3

     

    FORM
      OF
      RECEIPT OF MORTGAGE NOTE

     

    

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
       

      
        	 	
                Re:

              	
                
                  Soundview
                    Home Loan Trust 2006-OPT4,

                  Asset-Backed
                    Certificates Series
                    2006-OPT4

                

              

      

       

    

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 3 of the Custodial Agreement, dated as of May 1, 2006, among Deutsche
      Bank National Trust Company as the Trustee, Option One Mortgage Corporation
      as
      Servicer and Wells
      Fargo Bank, N.A.
      as the
      Custodian, we hereby acknowledge the receipt of the original Mortgage Notes
      (a
      copy of which is attached hereto as Exhibit 1) with any exceptions thereto
      listed on Exhibit 2.

     

    
      	 	
              WELLS
                FARGO BANK, N.A.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    

    
      
        
          
 

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G

     

    FORM
      OF
      CUSTODIAL AGREEMENT

     

    
       

      
         

        
          

          

        

        
 

         

        DEUTSCHE
          BANK NATIONAL TRUST COMPANY, as Trustee

        for
          the
          Soundview Home Loan Trust 2006-OPT4,

        Asset
          Backed Certificates, Series 2006-OPT4

         

         

        and

         

         

         

        WELLS
          FARGO BANK, N.A.,

        as
          Custodian

         

         

         

        and

         

         

        

         

         

        OPTION
          ONE MORTGAGE CORPORATION,

        as
          Servicer

         

         

         

        CUSTODIAL
          AGREEMENT

         

        As
          of May
          1, 2006

         

         

        

        
          

          

        

         

         

        TABLE
          OF CONTENTS

         

         

        Section

         

        
          	
                  1.

                	
                  Definitions.

                	
                   

                

        

         

        
          	
                  2.

                	
                  Delivery
                    of Custodial Files.

                	
                   

                

        

         

        
          	
                  3.

                	
                  Custodian’s
                    Receipt, Examination and Certification of Mortgage Files; Initial
                    Trust
                    Receipt Delivered by the Custodian.

                	
                   

                

        

         

        
          	
                  4.

                	
                  Obligations
                    of the Custodian.

                	
                   

                

        

         

        
          	
                  5.

                	
                  Final
                    Trust Receipt.

                	
                   

                

        

         

        
          	
                  6.

                	
                  Future
                    Defects.

                	
                   

                

        

         

        
          	
                  7.

                	
                  Release
                    for Servicing.

                	
                   

                

        

         

        
          	
                  8.

                	
                  Release
                    for Payment.

                	
                   

                

        

         

        
          	
                  9.

                	
                  Fees
                    and Expenses of Custodian.

                	
                   

                

        

         

        
          	
                  10.

                	
                  Removal
                    of Custodian.

                	
                   

                

        

         

        
          	
                  11.

                	
                  Transfer
                    of Custodial Files.

                	
                   

                

        

         

        
          	
                  12.

                	
                  Examination
                    of Custodial Files.

                	
                   

                

        

         

        
          	
                  13.

                	
                  Insurance
                    of Custodian.

                	
                   

                

        

         

        
          	
                  14.

                	
                  Counterparts.

                	
                   

                

        

         

        
          	
                  15.

                	
                  Periodic
                    Statements.

                	
                   

                

        

         

        
          	
                  16.

                	
                  GOVERNING
                    LAW.

                	
                   

                

        

         

        
          	
                  17.

                	
                  Copies
                    of Mortgage Documents.

                	
                   

                

        

         

        
          	
                  18.

                	
                  No
                    Adverse Interest of Custodian.

                	
                   

                

        

         

        
          	
                  19.

                	
                  Termination
                    by Custodian.

                	
                   

                

        

         

        
          	
                  20.

                	
                  Term
                    of Agreement.

                	
                   

                

        

         

        
          	
                  21.

                	
                  Notices.

                	
                   

                

        

         

        
          	
                  22.

                	
                  Successors
                    and Assigns.

                	
                   

                

        

         

        
          	
                  23.

                	
                  Indemnification
                    of Custodian.

                	
                   

                

        

         

        
          	
                  24.

                	
                  Reliance
                    of Custodian.

                	
                   

                

        

         

        
          	
                  25.

                	
                  Transmission
                    of Custodial Files.

                	
                   

                

        

         

        
          	
                  26.

                	
                  Authorized
                    Representatives.

                	
                   

                

        

         

        
          	
                  27.

                	
                  Reproduction
                    of Documents.

                	
                   

                

        

         

        
          	
                  28.

                	
                  Amendment.

                	
                   

                

        

         

        
          	
                  29.

                	
                  Compliance
                    with Regulation AB.

                	
                   

                

        

         

        
          	
                  30.

                	
                  Limitation
                    of Liability.

                	
                   

                

        

         

        EXHIBITS

         

        
          	 	
                  EXHIBIT
                    1

                	
                  FORM
                    OF TRUST RECEIPT AND INITIAL CERTIFICATION

                
	 	
                  EXHIBIT
                    2

                	
                  FORM
                    OF FINAL TRUST RECEIPT

                
	 	
                  EXHIBIT
                    3 

                	
                  FORM
                    OF REQUEST FOR RELEASE OF DOCUMENTS

                
	 	
                  EXHIBIT
                    4

                	
                  AUTHORIZED
                    REPRESENTATIVES OF SERVICER

                
	 	
                  EXHIBIT
                    5

                	
                  AUTHORIZED
                    REPRESENTATIVES OF TRUSTEE

                
	 	
                  EXHIBIT
                    6

                	
                  AUTHORIZED
                    REPRESENTATIVES OF CUSTODIAN 

                
	 	
                  EXHIBIT
                    7

                	
                  MORTGAGE
                    LOAN SCHEDULE

                
	 	
                  EXHIBIT
                    8

                	
                  FORM
                    OF RECEIPT OF MORTGAGE NOTE

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        THIS
          CUSTODIAL AGREEMENT, dated as of May 1, 2006, among Deutsche Bank National
          Trust
          Company, having an address at 1761
          East
          St. Andrew Place, Santa Ana, California 92705-4934, not individually but
          solely
          as trustee for Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates,
          Series 2006-OPT4 (the “Trustee”), Wells Fargo Bank, N.A. as custodian, having an
          address at 24 Executive Park, Suite 100, Irvine, California 92614 (the
          “Custodian”) and Option One Mortgage Corporation. as servicer (the “Servicer”),
          having an address at 3 Ada, Irvine, California 92618.

         

         

        W I T N E S S E T H

         

         

        WHEREAS,
          Financial Asset Securities Corp. (the “Depositor”) has purchased certain
          conventional fixed-rate and adjustable-rate mortgage loans (the “Mortgage
          Loans”) from Option One Mortgage Corporation, Option One Owner Trust 2001-1A,
          Option One Owner Trust 2001-1B, Option One Owner Trust 2001-2, Option One
          Owner
          Trust 2002-3, Option One Owner Trust 2003-4, Option One Owner Trust 2003-5,
          Option One Owner Trust 2005-6, Option One Owner Trust 2005-7, Option One
          Owner
          Trust 2005-8 and/or Option One Owner Trust 2005-9 (collectively, the “Sellers”),
          pursuant to the terms and conditions of an Mortgage Loan Purchase Agreement,
          dated as of May 16, 2006, among the Depositor and the Sellers (the “Purchase
          Agreement”);

         

         

        WHEREAS,
          the Servicer is to service the Mortgage Loans on behalf of Soundview Home
          Loan
          Trust 2006-OPT4, under a Pooling and Servicing Agreement, dated as of May
          1,
          2006, among the Depositor, the Servicer and the Trustee (the “Pooling and
          Servicing Agreement”); and

         

         

        WHEREAS,
          the Custodian is a national banking association chartered under the laws
          of the
          United States of America and regulated by the Comptroller of the Currency,
          and
          is otherwise authorized to act as Custodian pursuant to this Agreement.
          With
          respect to each of the Mortgage Loans set forth on the Mortgage Loan Schedule
          attached as Exhibit 8 hereto, the Servicer desires to have the Custodian
          take
          possession of the Mortgages and Mortgage Notes, along with certain other
          documents specified herein, as the custodian of the Trustee, in accordance
          with
          the terms and conditions hereof.

         

         

        NOW
          THEREFORE, in consideration of the mutual undertakings herein expressed,
          the
          parties hereto hereby agree as follows:

         

         

        1. Definitions.

         

         

        Any
          capitalized terms used but not defined herein shall have the meanings ascribed
          to them in the Pooling and Servicing Agreement.

         

         

        2. Delivery
          of Custodial Files.

         

         

        The
          Depositor has delivered and released, or will cause to be delivered and
          released, to the Custodian on or prior to the Closing Date the following
          documents pertaining to each of the Mortgage Loans identified in the Mortgage
          Loan Schedule (the “Custodial File”):

         

         

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

         

         

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

         

         

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

         

         

        (iv) an
          original copy of any intervening assignment of Mortgage showing a complete
          chain
          of assignments;

         

         

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

         

         

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

         

         

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

         

         

        Upon
          discovery or receipt of notice of any materially defective document in,
          or that
          a document is missing from, a Mortgage File, the Custodian shall notify
          the
          Servicer and the Servicer shall enforce the obligations of the Originator
          under
          the Purchase Agreement to cure such defect or deliver such missing document
          to
          the Trustee or the Custodian within 120 days. If the Originator does not
          cure
          such defect or deliver such missing document within such time period, the
          Servicer shall enforce the obligations of the Originator to either repurchase
          or
          substitute for such Mortgage Loan in accordance with Section 2.03 of the
          Pooling
          and Servicing Agreement. For purposes of this Section, “defect” shall mean a
          failure of a document to correspond to the information set forth in the
          applicable Mortgage Loan Schedule or the absence in a Mortgage File of
          any
          document required pursuant to this Agreement. In connection with the foregoing,
          it is understood that the Custodian shall have no duty to discover any
          such
          defects except in the course of performing its review of the Mortgage Files
          to
          the extent set forth herein.

         

         

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

         

         

        The
          Custodian hereby agrees to its duties under Section 2.03 of the Pooling
          and
          Servicing Agreement with respect to Qualified Substitute Mortgage
          Loans.

         

         

        
          	 	
                  3.

                	
                  Custodian’s
                    Receipt, Examination and Certification of Mortgage Files; Initial
                    Trust
                    Receipt Delivered by the Custodian.

                

        

         

         

        The
          Custodian agrees, for the benefit of the Certificateholders, to review
          each
          Custodial File within 45 days of the Closing Date and to certify in
          substantially the form attached hereto as Exhibit 1 (the “Trust Receipt and
          Initial Certification”) that, as to each Mortgage Loan listed in the Mortgage
          Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage
          Loan
          specifically identified in the exception report annexed thereto as not
          being
          covered by such certification), (i) all documents required to be delivered
          to it
          pursuant to Section 2.01 of this Agreement are in its possession, (ii)
          such
          documents have been reviewed by it and have not been mutilated, damaged
          or torn
          and appear on their face to relate to such Mortgage Loan and (iii) based
          on its
          examination and only as to the foregoing, the information set forth in
          the
          Mortgage Loan Schedule that corresponds to items (1) and (3) of the definition
          of “Mortgage Loan Schedule” in the Pooling and Servicing Agreement accurately
          reflects information set forth in the Custodial File. It is herein acknowledged
          that, in conducting such review, the Custodian was not under any duty or
          obligation (i) to inspect, review or examine any such documents, instruments,
          certificates or other papers to determine whether they are genuine, enforceable,
          or appropriate for the represented purpose or whether they have actually
          been
          recorded or that they are other than what they purport to be on their face
          or
          (ii) to determine whether any Custodial File should include any of the
          documents
          specified in clause (v) of Section 2. 

         

         

        The
          Custodian agrees to execute and deliver to the Depositor, the Trustee and
          the
          Servicer on or prior to the Closing Date an acknowledgment of receipt of
          the
          related original Mortgage Note for each Initial Mortgage Loan (with any
          exceptions noted), substantially in the form attached as Exhibit 8 (the
“Receipt
          of Mortgage Note”) hereto.

         

         

        4. Obligations
          of the Custodian.

         

         

        With
          respect to the Mortgage Note, the Mortgage and the Assignment and other
          documents constituting each Custodial File which is delivered to the Custodian
          or which come into the possession of the Custodian, the Custodian is the
          custodian for the Trustee exclusively. The Custodian shall hold all mortgage
          documents received by it constituting the Custodial File for the exclusive
          use
          and benefit of the Trustee, and shall make disposition thereof only in
          accordance with this Agreement and the instructions furnished by the Trustee.
          The Custodian shall segregate and maintain continuous custody of all mortgage
          documents constituting the Custodial File in secure and fire-resistant
          facilities in accordance with customary standards for such custody. The
          Custodian shall not be responsible to verify (i) the validity, legality,
          enforceability, sufficiency, due authorization or genuineness
          of any document in each Custodial File or of any of the Mortgage Loans
          or (ii)
          the collectability, insurability, effectiveness or suitability of any Mortgage
          Loan.
          The
          Custodian shall not execute any
          endorsements on the Mortgage Notes and Assignments of Mortgages without
          the
          prior written consent of the Trustee,
          except as otherwise set forth in Section 2 of this Agreement or as otherwise
          agreed to between the Trustee and the Custodian.

         

         

        5. Final
          Trust Receipt.

         

         

        Within
          one (1) year
          after
          the Closing Date, the Custodian shall review each Custodial File, and shall
          deliver to the Trustee (with a copy to the Depositor and the Servicer),
          a Final
          Trust Receipt attached hereto as Exhibit 2 to the effect that, as to each
          Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
          Loan
          (i) paid in full,
          or
          (ii)
          specifically identified on such Final Trust Receipt as not covered by such
          Final
          Trust Receipt): (i) all documents required to be delivered to it pursuant
          to
          paragraphs (i), (ii), (iii), (iv) and (vi) and to the extent provided in
          the
          Custodial Files paragraph (v) of Section 2 of this Agreement are in its
          possession; (ii) such documents have been reviewed by it and appear regular
          on
          their face and relate to such Mortgage Loan; (iii) based on its examination
          and
          only as to the foregoing documents,
          the
          information set forth in items (1) and (3) of the definition of “Mortgage Loan
          Schedule” in the Pooling and Servicing Agreement accurately reflects information
          set forth in the Custodial File; and (iv) each Mortgage Note has been endorsed
          as provided in Section 2 of this Agreement and each Mortgage has been assigned
          in accordance with Section 2 of this Agreement.

         

         

        6. Future
          Defects.

         

         

        During
          the term of this Agreement, if the Custodian discovers any defect with
          respect
          to the Custodial File, the Custodian shall give written specification of
          such
          defect to the Servicer and the Trustee. For purposes of this Section, “defect”
shall mean a failure of a document to correspond to the information set
          forth in
          the applicable Mortgage Loan Schedule or the absence in a Mortgage File
          of any
          document required pursuant to this Agreement. 

         

         

        7. Release
          for Servicing.

         

         

        From
          time
          to time and as appropriate for the foreclosure or servicing of any of the
          Mortgage Loans, the Custodian shall, upon receipt of two copies (or
          electronic receipt
          from the Servicer in a form acceptable to the Custodian) of a Request for
          Release of Documents and receipt in the form annexed hereto as Exhibit
          3,
          release
          to the Servicer, the related Custodial File or its designee within three
          Business Days, which, shall be sent by overnight mail, at the expense of
          the
          Servicer or the related Mortgagor, and the Custodian shall, at the written
          direction of the Servicer, execute such documents provided to it by the
          Servicer
          as shall be necessary to the prosecution of any such proceedings. The Servicer
          shall return to the Custodian the Custodial File when the Servicer’s need
          therefor in connection with such foreclosure or servicing no longer exists,
          unless the Mortgage Loan shall be liquidated in which case, upon receipt
          of an
          additional Request for Release of Documents and receipt certifying such
          liquidation in the form annexed hereto as Exhibit
          3,
          the
          request and receipt submitted pursuant to the first sentence of this Section
          7
          shall be released by the Custodian to the Servicer.

         

         

        8. Release
          for Payment.

         

         

        Upon
          receipt by the Custodian of two copies (or electronic receipt from the
          Servicer
          in a form acceptable to the Custodian) of the Servicer’s Request for Release of
          Documents and receipt in the form annexed hereto as Exhibit
          3
          (which
          certification shall include a statement to the effect that all amounts
          received
          in connection with such payment, repurchase or liquidation have been credited
          to
          the related custodial account), the Custodian shall promptly release the
          related
          Custodial File to the Servicer.

         

         

        9. Fees
          and Expenses of Custodian.

         

         

        In
          accordance with the terms of the Pooling and Servicing Agreement, the
          Custodian’s fees and expenses in connection herewith shall be a monthly fee
          equal to one-twelfth of 0.0050% on the unpaid principal balance of the
          Mortgage
          Loans as of the first day of the related due period. 

         

         

        10. Removal
          of Custodian.

         

         

        The
          Trustee, with or without cause, may upon at least 60
          days’
notice remove and discharge the Custodian from the performance of its duties
          under this Agreement by written notice from the Trustee
          to the
          Custodian, with a copy to the Servicer. Having given notice of such removal,
          the
          Trustee promptly shall appoint (at the direction of the Depositor and with
          the
          consent of the Servicer) a successor Custodian to act on behalf of the
          Trustee
          by written instrument, one original counterpart of which instrument shall
          be
          retained by the Trustee, with a copy to the Servicer, and an original to
          the
          successor Custodian. In the event of any such removal, the Custodian shall,
          upon
          the Trustee’s surrender of the Trust Receipt and Initial Certifications and
          Final Trust Receipt, as applicable, promptly transfer to the successor
          Custodian, as directed, all Custodial Files being administered under this
          Agreement. In
          the
          event of any such removal and appointment the Trust Fund shall be responsible
          for the fees and expenses of the existing and successor Custodian.

         

         

        11. Transfer
          of Custodial Files.

         

         

        Upon
          the
          Custodian’s receipt of two (2) Business Days’ written or
          electronic notification
          from the Trustee, the Custodian shall release to such persons as the
Trustee
          shall
          designate all or a portion of the Custodial Files relating to the Mortgage
          Loans
          subject to the Trust Receipt and Initial Certification or Final Trust
          Receipt,
          as
          applicable.
          

         

         

        12. Examination
          of Custodial Files.

         

         

        Upon
          reasonable prior written notice to the Custodian but not less than two
          (2)
          Business Days notice, the Trustee and its agents, accountants, attorneys
          and
          auditors will be permitted during normal business hours to examine the
          Custodial
          Files, documents, records and other papers in the possession of or under
          the
          control of the Custodian relating to any or all of the Mortgage Loans at
          the
          expense of the Trustee.

         

         

        13. Insurance
          of Custodian.

         

         

        At
          its
          own expense, the Custodian shall maintain at all times during the existence
          of
          this Agreement and keep in full force and effect such insurance in amounts,
          with
          standard coverage and subject to deductibles, all as is customary for insurance
          typically maintained by banks which act as Custodian. The minimum coverage
          under
          any such bond and insurance policies shall be at least equal to the
          corresponding amounts required by Fannie Mae in the Fannie Mae Servicing
          Guide
          or by Freddie Mac in the Freddie Mac Sellers’ & Servicers’ Guide. Upon
          request, the Trustee shall be entitled to receive evidence satisfactory
          to the
          Trustee that such insurance is in full force and effect.

         

         

        14. Counterparts.

         

         

        For
          the
          purpose of facilitating the execution of this Agreement as herein provided
          and
          for other purposes, this Agreement may be executed simultaneously in any
          number
          of counterparts, each of which counterparts shall be deemed to be an original,
          and such counterparts shall constitute and be one and the same
          instrument.

         

         

        15. Periodic
          Statements.

         

         

        Upon
          the
          written request of the Trustee, the Custodian shall provide to the Trustee
          a
          list of all the Mortgage Loans for which the Custodian holds a Custodial
          File
          pursuant to this Agreement. Such list may be in the form of a copy of the
          Mortgage Loan Schedule with manual deletions to specifically denote any
          Mortgage
          Loans paid off, repurchased or sold since the date of this
          Agreement.

         

         

        16. GOVERNING
          LAW.

         

         

        THIS
          AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
          NEW
          YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER
          SHALL BE
          DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         

         

        17. Copies
          of Mortgage Documents.

         

         

        Upon
          the
          written request of the Trustee
          and at
          the cost and expense of the Custodian, the Custodian shall provide the
          Trustee
          with
          copies of the Mortgage Notes, Mortgages, Assignments and other documents
          relating to one or more of the Mortgage Loans.

         

         

        18. No
          Adverse Interest of Custodian.

         

         

        By
          execution of this Agreement, the Custodian represents and warrants that
          it
          currently holds, and during the existence of this Agreement shall hold,
          no
          interest adverse to the Trustee, by way of security or otherwise, in any
          Mortgage Loan, and hereby waives and releases any such interest which it
          may
          have in any Mortgage Loan as of the date hereof.

         

         

        19. Termination
          by Custodian.

         

         

        The
          Custodian may terminate its obligations under this Agreement upon at least
          sixty
          (60) days’ prior notice to the Servicer and the Trustee. In the event of such
          termination, the Trustee shall appoint a successor Custodian. The payment
          of
the
          existing Custodian’s or such
          successor Custodian’s fees and expenses shall be solely the responsibility of
          the Trust Fund. Upon such appointment, the Custodian shall promptly transfer
          to
          the successor Custodian, as directed, all Custodial Files being administered
          under this Agreement.

         

         

        20. Term
          of Agreement.

         

         

        Unless
          terminated pursuant to Section 9 or Section 18 hereof, this Agreement shall
          terminate upon the final payment or other liquidation (or advance with
          respect
          thereto) of the last Mortgage Loan or the disposition of all property acquired
          upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, and
          the
          final remittance of all funds due under the Pooling and Servicing Agreement.
          In
          such event all documents remaining in the Custodial Files shall be released
          in
          accordance with the written instructions of the Trustee.

         

         

        21. Notices.

         

         

        All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given when received by the recipient party (i)
          in the
          case of the Custodian, the Trustee and the Servicer, at the address shown
          on the
          first page hereof, (ii) in the case of the Depositor, Financial Asset Securities
          Corp., 600 Steamboat Road, Greenwich, Connecticut 08630, Attention: Legal
          and
          (iii) in the case of the Seller, Option One Mortgage Corporation, 3 Ada,
          Irvine,
          California 92618, or in any case, at such other addresses as may hereafter
          be
          furnished to the other party by like notice. Any such demand, notice or
          communication hereunder shall be deemed to have been received on the date
          delivered to or received at the premises of the addressee.

         

         

        22. Successors
          and Assigns.

         

         

        This
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto; provided however, that the form of any assignment by any
          party
          of its interests hereunder shall be in a form reasonably acceptable to
          the
          Trustee, the Servicer and the Custodian. Such assignment shall be executed
          by an
          authorized representative of the assignor and any assignee shall forward
          a list
          of authorized representatives to each party to this Agreement pursuant
          to
          Section 26 of this Agreement.

         

         

        23. Indemnification
          of Custodian.

         

         

        The
          Custodian and its directors, officers, agents and employees shall be indemnified
          and held harmless by the Trust Fund against liabilities, obligations, losses,
          damages, penalties, actions, judgments, suits, costs, expenses or disbursements,
          including reasonable attorney’s fees, that may be imposed on, incurred by, or
          asserted against it or them directly relating to or arising out of this
          Custodial Agreement or any action taken or not taken by it or them hereunder
          unless such liabilities, obligations, losses, damages, penalties, actions,
          judgments, suits, costs, expenses or disbursements were imposed on, incurred
          by
          or asserted against the Custodian because of the breach by the Custodian
          of its
          obligations hereunder, which breach was caused by negligence, lack of good
          faith
          or willful misconduct on the part of the Custodian or any of its directors,
          officers, agents or employees. The indemnification set forth in this section
          shall survive any termination or
          assignment of
          this
          Custodial Agreement and the termination or removal of the
          Custodian.

         

         

        The
          Custodian agrees to indemnify and hold the Trust Fund and Trustee, its
          employees, officers and directors harmless against liabilities, obligations,
          losses, damages, penalties, actions, judgments, suits, costs, expenses
          or
          disbursements, including reasonable attorney’s fees, that may be imposed on,
          incurred by, or asserted against them directly relating to or arising out
          of a
          failure to produce a Mortgage Note, Assignment or any other document related
          to
          a Mortgage Loan that was in its possession pursuant to Section 2 within
          two (2)
          Business Days after required or requested by the Trustee, and provided,
          that (i)
          Custodian previously delivered to the Trustee a Trust Receipt and Initial
          Certification with respect to such document (other than any Mortgage Loan
          identified in the exception report annexed thereto as not covered by such
          certification); (ii) such document is not outstanding pursuant to a Request
          for
          Release; and (iii) such document was held by the Custodian on behalf of
          the
          Trustee. In no event shall the Custodian or its directors, officers, agents
          and
          employees be liable for any special, indirect or consequential damages
          from any
          action taken or omitted to be taken by it or them hereunder or in connection
          herewith even if advised of the possibility of such damages. The foregoing
          indemnification shall survive any termination or assignment of this Agreement
          or
          the removal or resignation of the Custodian hereunder. 

         

         

        24. Reliance
          of Custodian.

         

         

        (i) The
          Custodian may conclusively rely, as to the truth of the statements and
          the
          correctness of the opinions expressed therein, upon any request, instructions,
          certificate, opinion or other document furnished to the Custodian, reasonably
          believed by the Custodian to be genuine and to have been signed or presented
          by
          the proper party or parties and conforming to the requirements of this
          Agreement; but in the case of any loan document or other request, instruction,
          document or certificate which by any provision hereof is specifically required
          to be furnished to the Custodian, the Custodian shall be under a duty to
          examine
          the same to determine, subject to the limitations on the Custodian’s obligations
          set forth herein, whether or not it conforms to the requirements of this
          Agreement.

         

         

        (ii) The
          Custodian shall have no duties or responsibilities except those that are
          specifically set forth in this Agreement. The Custodian shall have no
          responsibility nor duty with respect to any Custodial File while such Custodial
          File is not in its possession. If the Custodian requests instructions from
          the
Trustee
          with
          respect to any act, action or failure to act in connection with this Agreement,
          the Custodian shall be entitled to refrain from taking such action and
          continue
          to refrain from acting unless and until the Custodian shall have received
          written instructions from the Trustee
          with
          respect to a Custodial File without incurring any liability therefor to
          the
Trustee
          or any
          other Person.

         

         

        (iii) Other
          than as provided herein, neither the Custodian nor any of its directors,
          officers, agents or employees shall be liable for any action or omission
          to act
          hereunder except for its or their own negligence or lack of good faith
          or
          willful misconduct. In no event shall the Custodian or any of its directors,
          officers, agents or employees have any responsibility to ascertain or take
          action except as expressly provided herein.

         

         

        (iv) Neither
          the Custodian nor any of its directors, officers, agents or employees shall
          be
          liable for any action taken or not taken by it in good faith in the performance
          of its obligations under this Agreement. The obligations of the Custodian
          or any
          of its directors, officers, agents or employees shall be determined solely
          by
          the express provisions of this Agreement. No representation, warranty,
          covenant,
          agreement, obligation or duty of the Custodian or any of its directors,
          officers, agents or employees shall be implied with respect to this Agreement
          or
          the Custodian’s services hereunder.

         

         

        (v) The
          Custodian, its directors, officers, agents and employees shall be under
          no duty
          or obligation to inspect, review or examine the Custodial Files to determine
          that the contents thereof are genuine, enforceable or appropriate for the
          represented purpose or that they have been actually recorded or that they
          are
          other than what they purport to be on their face.

         

         

        (vi) The
          Custodian may consult with counsel selected by the Custodian with regard
          to
          legal questions arising out of or in connection with this Agreement, and
          the
          advice or opinion of such counsel shall be full and complete authorization
          and
          protection in respect of any action reasonably taken, omitted or suffered
          by the
          Custodian in good faith and in accordance therewith.

         

         

        (vii) No
          provision of this Agreement shall require the Custodian to expend or risk
          its
          own funds or otherwise incur financial liability (other than expenses or
          liabilities otherwise required to be incurred by the express terms of this
          Agreement) in the performance of its duties under this Agreement if it
          shall
          have reasonable grounds for believing that repayment of such funds or adequate
          indemnity is not reasonably assured to it.

         

         

        (viii) Any
          corporation into which the Custodian may be merged or converted or with
          which it
          may be consolidated, or any corporation resulting from any merger, conversion
          or
          consolidation to which the Custodian shall be a party, or any corporation
          succeeding to the business of the Custodian shall be the successor of the
          Custodian hereunder without the execution or filing of any paper with any
          party
          hereto or any further act on the part of any of the parties hereto except
          where
          an instrument of transfer or assignment is required by law to effect such
          succession, anything herein to the contrary notwithstanding.

         

         

        (ix) The
          Custodian shall not be responsible for delays or failures in performance
          resulting from acts beyond its control.  Such acts shall include, but not
          limited to, acts of God, strikes, lockouts, riots, acts of war or terrorism,
          epidemics, nationalization, expropriation, currency restrictions, governmental
          regulations superimposed after the fact, fire, communication line failures,
          computer viruses, power failures, earthquakes and other disasters.

         

         

        (x) The
          Custodian shall not be responsible or liable for, and makes no representation
          or
          warranty with respect to, the validity, adequacy or perfection of any lien
          upon
          or security interest in any Mortgage File.

         

         

        (xi) The
          Custodian shall not be responsible for preparing or filing any reports
          or
          returns relating to federal, state or local income taxes with respect to
          this
          Agreement, other than for the Custodian’s compensation or for reimbursement of
          expenses.

         

         

        (xii) The
          duties and obligations of the Custodian shall only be such as are expressly
          set
          forth in this Agreement or as set forth in a written amendment to this
          Agreement
          executed by the parties hereto or their successors and assigns.  In the
          event that any provision of this Agreement implies or requires that action
          or
          forbearance be taken by a party, but is silent as to which party has the
          duty to
          act or refrain from acting, the parties agree that the Custodian shall
          not be
          the party required to take the action or refrain from acting.  In no event
          shall the Custodial have any responsibility to ascertain or take actions
          except
          as expressly provided herein.

         

         

        (xiii) Nothing
          in this Agreement shall be deemed to impose on the Custodian any duty to
          qualify
          to do business in any jurisdiction, other
          than
          (i) any
          jurisdiction where any Mortgage File is or may be held by the Custodian
          from
          time to time hereunder, and (ii) any jurisdiction where its ownership or
          property or conduct of business requires such qualification and where failure
          to
          qualify could have a material adverse effect on the Custodian or its property
          or
          business or on the ability of the Custodian to perform its duties
          hereunder.

         

         

        (xiv) The
          Custodian shall have no duty to ascertain whether or not any cash amount
          or
          payment has been received by the Seller, the Buyer or any third
          person.

         

         

        25. Transmission
          of Custodial Files.

         

         

        Written
          or
          electronic
          instructions as to the method of shipment and shipper(s) the Custodian
          is
          directed to utilize in connection with transmission of mortgage files and
          loan
          documents in the performance of the Custodian’s duties hereunder shall be
          delivered by the Servicer (a “Requesting Party”), to the Custodian prior to any
          shipment of any mortgage files and loan documents hereunder. The Requesting
          Party will arrange for the provision of such services at its sole cost
          and
          expense (or, at the Custodian’s option, reimburse the Custodian for all costs
          and expenses incurred by the Custodian consistent with such instructions)
          and
          will maintain such insurance against loss or damage to mortgage files and
          loan
          documents as the Requesting Party deems appropriate. Without limiting the
          generality of the provisions of Section 23 above, it is expressly agreed
          that in
          no event shall the Custodian have any liability for any losses or damages
          to any
          person, including without limitation, any Requesting Party, arising out
          of
          actions of the Custodian consistent with instructions of the Requesting
          Party.

         

         

        26. Authorized
          Representatives.

         

         

        Each
          individual designated as an authorized representative of the Servicer,
          the
          Trustee and the Custodian, respectively (an “Authorized
          Representative”),
          is
          authorized to give and receive notices, requests and instructions and to
          deliver
          certificates and documents in connection with this Agreement on behalf
          of the
          Servicer, the Trustee or the Custodian, as the case may be, and the specimen
          signature for each such Authorized Representative of the Servicer, the
          Trustee
          and the Custodian, initially authorized hereunder, as set forth on Exhibit
          4,
          Exhibit
          5
          and
Exhibit
          6
          hereof,
          respectively. From time to time the parties hereto may, by delivering to
          each
          other a revised exhibit, change the information previously given pursuant
          to
          this Section 25, but each of the parties hereto shall be entitled to rely
          conclusively on the then current exhibit until receipt of a superseding
          exhibit.

         

         

        27. Reproduction
          of Documents.

         

         

        This
          Custodial Agreement and all documents relating thereto except with respect
          to
          the Custodial File, including, without limitation, (a) consents, waivers
          and
          modifications which may hereafter be executed, and (b) certificates and
          other
          information previously or hereafter furnished, may be reproduced by any
          photographic, photostatic, microfilm, microcard, miniature photographic
          or other
          similar process. The parties agree that any such reproduction shall be
          admissible in evidence as the original itself in any judicial or administrative
          proceeding, whether or not the original is in existence and whether or
          not such
          reproduction was made by a party in the regular course of business, and
          that any
          enlargement, facsimile or further reproduction of such reproduction shall
          likewise be admissible in evidence.

         

         

        28. Amendment.

         

         

        This
          Custodial Agreement may be amended from time to time by written agreement
          signed
          by the Servicer, the Trustee and the Custodian.

         

         

        29. Compliance
          with Regulation AB.

         

         

        (a) Intent
          of the Parties; Reasonableness.
          The
          Custodian acknowledges and agrees that the purpose of this Section 29 is
          to
          facilitate compliance by the Depositor with the provisions of Regulation
          AB and
          related rules and regulations of the Securities and Exchange Commission
          (the
“Commission”). The Depositor shall not exercise its right to request delivery of
          information or other performance under these provisions other than in good
          faith, or for purposes other than compliance with the Securities Act of
          1933
          (the “1933 Act”), the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”) and the rules and regulations of the Commission under the 1933
          Act and the Exchange Act. The Custodian acknowledges that interpretations
          of the
          requirements of Regulation AB may change over time, due to interpretive
          guidance
          provided by the Commission or its staff and agrees to comply with requests
          made
          by the Depositor in good faith for delivery of information under these
          provisions on the basis of evolving interpretations of Regulation AB. The
          Custodian shall cooperate reasonably with the Depositor to deliver to the
          Depositor (including any of its assignees or designees), any and all disclosure,
          statements, reports, certifications, records and any other information
          necessary
          in the reasonable, good faith determination of the Depositor to permit
          the
          Depositor to comply with the provisions of Regulation AB.

         

         

        (b) Additional
          Representations and Warranties of the Custodian.

         

         

        (i) The
          Custodian hereby represents and warrants that the information set forth
          in the
          Prospectus Supplement under the caption “Pooling and Servicing Agreement—The
          Custodian” (the “Custodian Disclosure”) does not contain any untrue statement of
          a material fact or omit to state a material fact required to be stated
          therein
          or necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading.

         

         

        (ii) The
          Custodian shall be deemed to represent to the Depositor as of the date
          hereof
          and on each date on which information is provided to the Depositor under
          Section
          29(c) that, except as disclosed in writing to the Depositor prior to such
          date:
          (i) there are no aspects of its financial condition that could have a material
          adverse effect on the performance by it of its Custodian obligations under
          this
          Custodial Agreement or any other securitization transaction as to which
          it is
          the custodian; (ii) there are no material legal or governmental proceedings
          pending (or known to be contemplated) against it; and (iii) there are no
          affiliations relating to the Custodian with respect to the Depositor or
          any of
          the following and their affiliates: Soundview Home Loan Trust 2006-OPT4
          (“Issuing
          Entity”), Option One Mortgage Corporation (“Sponsor”), the Depositor, the
          Servicer, the Trustee, Wachovia Bank, N.A. (“Swap Provider”) or any successor
          thereto or other material party as identified in writing to the Custodian
          by the
          Sponsor (each a “Transaction Party”) on any date following the date
          hereof,
          any
          relationships or transaction any relationships or transactions relating
          to the
          Custodian and any Transaction Party of a type described in Item 1119(b)
          of
          Regulation AB or any specific relationships involving the transaction
          contemplated by the Pooling and servicing Agreement or the Mortgage Loans
          between the Custodian and any Transaction Party.

         

         

        (iii) If
          so
          requested by the Depositor on any date following the Closing Date, the
          Custodian
          shall, within five Business Days following such request, confirm in writing
          the
          accuracy of the representations and warranties set forth in paragraph (ii)
          of
          this Section 29(b) or, if any such representation and warranty is not accurate
          as of the date of such confirmation, provide reasonably adequate disclosure
          of
          the pertinent facts, in writing, to the requesting party. Any such request
          from
          the Depositor shall not be given more than once each calendar quarter,
          unless
          the Depositor shall have a reasonable basis for a determination that any
          of the
          representations and warranties may not be accurate.

         

         

        (iv) The
          Custodian has not and shall not engage any subcontractor which is “participating
          in the servicing function” within the meaning of Item 1122 of Regulation AB,
          unless such subcontractor provides, beginning March 1, 2007, a report and
          a
          statement of a registered public accounting firm certifying its compliance
          with
          the applicable servicing criteria in Item 1122(d) of Regulation AB.

         

         

        (c) Additional
          Information to Be Provided by the Custodian.
          For so
          long as the Certificates are outstanding, for the purpose of satisfying
          the
          Depositor’s reporting obligation under the Exchange Act with respect to any
          class of Certificates, the Custodian shall (a) notify the Depositor and
          the
          Trustee in writing of any material litigation or governmental proceedings
          pending against the Custodian that would be material to Certificateholders,
          and
          (b) provide to the Depositor and the Trustee a written description of such
          proceedings. Any notices and descriptions required under this Section 29(c)
          shall be given no later than five Business Days prior to the Determination
          Date
          following the month in which the Custodian has knowledge of the occurrence
          of
          the relevant event. As of the date the Depositor or Trustee files each
          Report on
          Form 10-D or Form 10-K with respect to the Certificates, the Custodian
          will be
          deemed to represent that any information previously provided under this
          Section
          29(c), if any, is materially correct and does not have any material omissions
          unless the Custodian has provided an update to such information.

         

         

        (d) Report
          on Assessment of Compliance and Attestation.
          On or
          before March 15th of each calendar year, beginning in 2007 until and unless
          a
          Form 15 suspension notification has been filed with respect to the Trust,
          the
          Custodian shall, at its own expense:

         

         

        (i) deliver
          to the Trustee a report (in form and substance reasonably satisfactory
          to the
          Trustee) regarding the Custodian’s assessment of compliance with the Servicing
          Criteria (set forth in Exhibit 9) applicable to it during the immediately
          preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
          Exchange Act and Item 1122 of Regulation AB. Each such report shall include
          (a)
          a statement of the Custodian’s responsibility for assessing compliance with the
          Servicing Criteria applicable to it, (b) a statement that the Custodian
          used the
          criteria applicable to it identified in Item 1122(d) of Regulation AB
          (§229.1122(d)) to assess compliance with the applicable Servicing Criteria,
          (c)
          disclosure of any material instance of noncompliance identified by the
          Custodian, and (d) a statement that a registered public accounting firm
          has
          issued an attestation report on the Custodian’s assessment of compliance with
          the applicable Servicing Criteria, which report shall be delivered by the
          Custodian as provided in this Section 29(d). Such report shall be addressed
          to
          the Depositor and signed by an authorized officer of the Custodian, and
          shall
          address each of the applicable Servicing Criteria; and

         

         

        (ii) deliver
          to the Trustee a report of a registered public accounting firm (who may
          also
          render other services to Custodian), which is a member of the American
          Institute
          of Certified Public Accountants, that attests to, and reports on, the assessment
          of compliance made by the Custodian and delivered pursuant to the preceding
          paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
          and
          2-02(g) of Regulation S-X under the 1933 Act and the Exchange Act.

         

         

        (iii) The
          Custodian has not and shall not engage any subcontractor which is “participating
          in the servicing function” within the meaning of Item 1122 of Regulation AB
          unless such Subcontractor provides, beginning March 1, 2007 a Report on
          Assessment of Compliance and an Attestation from a registered public accounting
          firm certifying its compliance with the applicable Servicing
          Criteria.

         

         

        (e) Indemnification;
          Remedies.

         

         

        The
          Custodian shall indemnify the Depositor, each affiliate of the Depositor
          and
          each broker dealer acting as underwriter, placement agent or initial purchaser
          of the Certificates or each Person who controls any of such parties (within
          the
          meaning of Section 15 of the Securities Act and Section 20 of the Exchange
          Act);
          and the respective present and former directors, officers, employees and
          agents
          of each of the foregoing, and shall hold each of them harmless from and
          against
          any losses, damages, penalties, fines, forfeitures, legal fees and expenses
          and
          related costs, judgments, and any other costs, fees and expenses that any
          of
          them may sustain arising out of or based upon (i) any untrue statement
          of a
          material fact contained or alleged to be contained in the Custodian Disclosure
          and any information, report, certification, accountants’ attestation or other
          material provided under this Section 29 by or on behalf of the Custodian
          (collectively, the “Custodian Information”), or the omission or alleged omission
          to state in the Custodian Information a material fact required to be stated
          in
          the Custodian Information or necessary in order to make the statements
          therein,
          in the light of the circumstances under which they were made, not misleading;
          or
          (ii) any failure by the Custodian to deliver any information, report,
          certification, accountants’ attestation or other material when and as required
          under this Section 29. This indemnification shall survive the termination of
          this Custodial Agreement or the termination, resignation or removal of
          the
          Custodian.

         

         

        In
          the
          case of any failure of performance described in clause (ii) of the immediately
          preceding paragraph, the Custodian shall promptly reimburse the Depositor
          for
          all costs reasonably incurred by the Depositor in order to obtain the
          information, report, certification, accountants’ letter or other material not
          delivered as required by the Custodian.

         

         

        30. Limitation
          of Liability.

         

         

        It
          is
          expressly understood and agreed by the parties hereto that (a) this Custodial
          Agreement is executed and delivered by Deutsche Bank National Trust Company,
          not
          individually or personally but solely as the Indenture Trustee for Soundview
          Home Loan Trust 2006-OPT4, in the exercise of the powers and authority
          conferred
          and vested in it, (b) the representations, undertakings and agreements
          herein
          made on the part of the Soundview Home Loan Trust 2006-OPT4 are made and
          intended not as personal representations, undertakings and agreements by
          Deutsche Bank National Trust Company but are made and intended for the
          purpose
          of binding only the Soundview Home Loan Trust 2006-OPT4, (c) nothing herein
          contained shall be construed as creating any liability on Deutsche Bank
          National
          Trust Company, individually or personally, to perform any covenant either
          expressed or implied contained herein, all such liability, if any, being
          expressly waived by the parties who are signatories to this Custodial Agreement
          and by any person claiming by, through or under such parties and (d) under
          no
          circumstances shall Deutsche Bank National Trust Company be personally
          liable
          for the payment of any indebtedness or expenses of the Soundview Home Loan
          Trust
          2006-OPT4 or be liable for the breach or failure of any obligation,
          representation, warranty or covenant made or undertaken by the Soundview
          Home
          Loan Trust 2006-OPT4 under this Custodial Agreement.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the Trustee, the Custodian and the Servicer have caused
          their
          names to be duly signed hereto by their respective officers thereunto duly
          authorized, all as of the date first above written.

         

        

          
            	
                    DEUTSCHE
                      BANK NATIONAL TRUST COMPANY,

                    as
                      Trustee for the
                      Soundview
                      Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series
                      2006-OPT4
                      

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          
            	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          
            	
                    WELLS
                      FARGO
                      BANK, N.A.,

                    as
                      Custodian

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

           

          
            

            OPTION
              ONE MORTGAGE CORPORATION, 

            as
              Servicer

             

          

          
            	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

           

           

           

           

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          EXHIBIT
            1

           

        

        FORM
          OF
          TRUST RECEIPT AND INITIAL CERTIFICATION

         

         

        _____,
          2006

         

         

        Trust
          Receipt #: ___ 

         

         

        Original
          Principal Balance of the Mortgage Loans:$_______

        

        
          	
                  Deutsche
                    Bank National Trust Company

                  1761
                    East St. Andrew Place

                  Santa
                    Ana, California 92705-4934

                  Attention:
                    Trust Administration GC05O3

                	
                  Financial
                    Asset Securities Corp.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                
	 	 
	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                	 
	 	 

        

        
          	 	
                  Re:

                	
                  Custodial
                    Agreement, dated as of May 1, 2006, among Deutsche Bank National
                    Trust
                    Company as the Trustee, Option One Mortgage Corporation as Servicer
                    and
                    Wells
                    Fargo Bank, N.A.
                    as
                    the Custodian

                

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with the provisions of Section 3 of the above-referenced Custodial
          Agreement, the undersigned, as the Custodian, hereby certifies that it
          is
          holding the Mortgage Loans identified on the schedule attached hereto for
          the
          exclusive benefit of the Trustee pursuant to the terms and conditions of
          the
          Custodial Agreement, and it has received a Custodial File with respect
          to each
          such Mortgage Loan (other than any Mortgage Loan specifically identified
          on the
          exception report attached hereto) and that with respect to each such Mortgage
          Loan: (i) all documents required to be delivered to it pursuant to Section
          2.01
          of this Agreement are in its possession, (ii) such documents have been
          reviewed
          by it and have not been mutilated, damaged or torn and appear on their
          face to
          relate to such Mortgage Loan and (iii) based on its examination and only
          as to
          the foregoing, the information set forth in the Mortgage Loan Schedule
          that
          corresponds to items (1) and (3) of the definition of “Mortgage Loan Schedule”
in the Pooling and Servicing Agreement accurately reflects information
          set forth
          in the Custodial File.

         

        The
          Custodian hereby confirms that it is holding each such Custodial File as
          agent
          and bailee of and custodian for the exclusive use and benefit of the Trustee
          pursuant to the terms of the Custodial Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Capitalized
          terms used herein shall have the meaning ascribed to them in the Custodial
          Agreement. 

         

         

        WELLS
          FARGO
          BANK,
          N.A. 

        (Custodian)

         

         

        By:____________________________________     

        Name:     

        Title:     

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          2

         

         

        FORM
          OF
          FINAL TRUST RECEIPT 

         

        

        TRUST
          RECEIPT # ___

         

        ______,
          2006

         

        Aggregate
          Amount of Mortgage Loans: _____

         

        Original
          Principal Balance of Aggregate Mortgage Loans: __________

        

        
          	
                  Deutsche
                    Bank National Trust Company

                  1761
                    East St. Andrew Place

                  Santa
                    Ana, California 92705-4934

                  Attention:
                    Trust Administration GC05O3

                	
                  Financial
                    Asset Securities Corp.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                
	 	 
	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                	 
	 	 

        

        
          	 	
                  Re:

                	
                  Custodial
                    Agreement, dated as of May 1, 2006, among Deutsche Bank National
                    Trust
                    Company as the Trustee, Option One Mortgage Corporation as Servicer
                    and
                    Wells
                    Fargo Bank, N.A.
                    as
                    the Custodian

                

        

         

         

        Ladies
          and Gentlemen:

         

        In
          accordance with the provisions of Section 4 of the above-referenced Custodial
          Agreement, the undersigned, as the Custodian, hereby certifies that as
          to each
          Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
          Loan
          paid in full or any Mortgage Loan listed on the attachment hereto) it has
          reviewed the Custodial Files and has determined that (i) all documents
          required
          to be delivered to it pursuant to Sections 2(i), (ii), (iii), (iv) and
          (v) of
          the Custodial Agreement are in its possession and to the extent provided
          in the
          Custodial Files paragraph (v) of Section 2 of the Custodial Agreement are
          in its
          possession; (ii) such documents have been reviewed by it and appear regular
          on
          their face and relate to such Mortgage Loan; (iii) based on its examination
          and
          only as to the foregoing documents, the information set forth in items
          (1) and
          (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
          Agreement accurately reflects information set forth in the Custodial File;
          and
          (iv) each Mortgage Note has been endorsed as provided in Section 2 of the
          Custodial Agreement and each Mortgage has been assigned in accordance with
          Section 2 of the Custodial Agreement. The Custodian makes no representations
          as
          to (i) the validity, legality, enforceability, sufficiency, due authorization
          or
          genuineness of any of the documents contained in each Custodial File or
          of any
          of the Mortgage Loans or (ii) the collectability, insurability, effectiveness
          or
          suitability of any such Mortgage Loan.

         

         

        The
          Custodian hereby confirms that it is holding each such Custodial File as
          agent
          and bailee of, and custodian for the exclusive use and benefit, and subject
          to
          the sole direction, of the Trustee pursuant to the terms and conditions
          of the
          Custodial Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Capitalized
          terms used herein shall have the meaning ascribed to them in the Custodial
          Agreement.

         

        WELLS
          FARGO
          BANK,
          N.A. 

        (Custodian)

         

         

        By:___________________________________      

        Name:     

        Title:

         

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        EXHIBIT
          3

         

        REQUEST
          FOR RELEASE OF DOCUMENTS

         

        

          

          
            	
                    To:

                  	
                    Wells
                      Fargo Bank, N.A.

                  
	 	
                    24
                      Executive Park, Suite 100

                  
	 	
                    Irvine,
                      CA 92614

                  
	 	
                    Attn:  Inventory
                      Control

                  

          

          

          
            	 	
                    Re:

                  	
                    Custodial
                      Agreement, dated as of May 1, 2006, among Deutsche Bank National
                      Trust
                      Company as the Trustee, Option One Mortgage Corporation
                      as Servicer and Wells
                      Fargo Bank, N.A.
                      as
                      the Custodian

                  

          

        

        
 

        In
          connection with the administration of the Mortgage Loans included in the
          Trust
          Fund established pursuant to the Pooling and Servicing Agreement dated
          as of May
          1, 2006, among Financial Asset Securities Corp. as Depositor, Option One
          Mortgage Corporation, as Servicer, and Deutsche Bank National Trust Company,
          a
          national banking association, as Trustee and held by you as Custodian pursuant
          to the above-captioned Custodial Agreement, we request the release, and
          hereby
          acknowledge receipt of the Custodial File for the Mortgage Loan described
          below,
          for the reason indicated.

         

        Mortgage
          Loan Number:

        

        Mortgagor
          Name, Address & Zip Code:

        

        

        Reason
          for Requesting Documents
          (check
          one):

        

        _______  1. Mortgage
          Paid in Full

        

        _______  2. Foreclosure

        

        _______  3.
           Substitution

        

        _______  4. Other
          Liquidation (Repurchases, etc.)

        

        _______  5. Nonliquidation
           Reason:___________________________

         

         

        
 

        
          	
                  Address
                    to which Custodian should

                  Deliver
                    the Custodial File:

                	 	 
	 	 	 
	 	 	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        By:_____________________________________

                                 (authorized
          signer)

        

        Issuer:___________________________________

        Address:      

        

        Date:____________________________________

        Custodian

        

        Wells
          Fargo Bank, N.A.

         

        Please
          acknowledge the execution of the above request by your signature and date
          below:

        

        ____________________________________ _________________

        Signature      Date

        

        Documents
          returned to Custodian:

        

        ____________________________________ _________________

        Custodian      Date

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

         

        EXHIBIT
          4

         

         

        AUTHORIZED
          REPRESENTATIVES OF SERVICER

         

         

        

          
            	
                    NAME

                  	 	
                    SPECIMEN
                      SIGNATURE

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

          

        

         

         

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

         

        EXHIBIT
          5

         

         

        AUTHORIZED
          REPRESENTATIVES OF TRUSTEE

         

        
          

            
              	
                      NAME

                    	 	
                      SPECIMEN
                        SIGNATURE

                    
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

            

          

           

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

         

        EXHIBIT
          6

         

         

        AUTHORIZED
          REPRESENTATIVES OF CUSTODIAN

         

        
           

          
            

              
                	
                        NAME

                      	 	
                        SPECIMEN
                          SIGNATURE

                      
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

              

            

             

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          7

         

         

        SCHEDULE
          OF MORTGAGE LOANS

         

        SEE
          EXHIBIT D TO THE POOLING AND SERVICING AGREEMENT

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          8

         

         

        FORM
          OF
          RECEIPT OF MORTGAGE NOTE

         

        

        Financial
          Asset Securities Corp.

        600
          Steamboat Road

        Greenwich,
          Connecticut 06830

         

        Deutsche
          Bank National Trust Company

        1761
          East
          St. Andrew Place

        Santa
          Ana, California 92705-4934

         

        

         

        
          	 	
                  Re:

                	
                  Soundview
                    Home Loan Trust 2006-OPT4, 
                    Asset-Backed
                      Certificates Series
                      2006-OPT4

                  

                

        

         

         

        Ladies
          and Gentlemen:

         

        Pursuant
          to Section 3 of the Custodial Agreement, dated as of May 1, 2006, among
          Deutsche
          Bank National Trust Company as the Trustee, Option One Mortgage Corporation
          as
          Servicer and Wells
          Fargo Bank, N.A.
          as the
          Custodian, we hereby acknowledge the receipt of the original Mortgage Notes
          with
          any exceptions thereto listed on Exhibit 2.

         

        

          
            	 	
                    
                      WELLS
                        FARGO BANK, N.A.

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 

          

        

         

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        EXHIBIT
          9

         

         

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         

         

        The
          assessment of compliance to be delivered by the Custodian shall address,
          at a
          minimum, the criteria identified below as “Applicable Servicing
          Criteria”:

         

         

        

         

        
          	
                   

                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing
                    Criteria

                
	
                  Reference

                	
                  Criteria

                	 
	 	
                  General
                    Servicing Considerations

                	 
	
                   

                   

                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements

                	 
	
                   

                   

                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities

                	 
	
                   

                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the pool assets are maintained.

                	 
	
                   

                   

                   

                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	 
	 	
                   

                  Cash
                    Collection and Administration

                	 
	
                   

                   

                   

                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	 
	
                   

                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	 
	
                   

                   

                   

                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	 
	
                   

                   

                   

                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	 
	
                   

                   

                   

                   

                   

                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institutions” with respect
                    to a foreign financial institution means a foreign financial
                    institution
                    that meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act. 

                	 
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	 
	
                   

                   

                   

                   

                   

                   

                   

                   

                   

                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than ther person who prepared
                    the
                    reconciliations; and (D) contain explanations for reconciling
                    items, These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	 
	 	
                   

                  Investor
                    Remittances and Reporting

                	 
	
                   

                   

                   

                   

                   

                   

                   

                   

                   

                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements, (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors; or the trustee’s records as to the total unpaid principal
                    balance and number of pool assets serviced by the
                    servicer.

                	 
	
                   

                   

                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	 
	
                   

                   

                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	 
	
                   

                   

                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	 
	 	
                   

                  Pool
                    Asset Administration

                	 
	
                   

                  1122(d)(4)(i)

                	
                  Collateral
                    or security on pool assets is maintained as required by the transaction
                    agreements or related asset pool documents.

                	
                  √

                
	
                   

                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements.

                	
                  √

                
	
                   

                   

                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements

                	 
	
                   

                   

                   

                   

                   

                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents.

                	 
	
                   

                  1122(d)(4)(v)

                	
                  The
                    servicer’s records regarding the pool assets agree with the servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	 
	
                   

                   

                   

                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor’s pool asset (e.g., loan
                    modifications or re-agings) are made, reviewed and approved by
                    authorized
                    personnel in accordance with the transaction agreements and related
                    pool
                    asset documents.

                	 
	
                   

                   

                   

                   

                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation of recovery actions (e.g., forbearance plans, modifications
                    and
                    deed in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    documents.

                	 
	
                   

                   

                   

                   

                   

                   

                   

                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a pool
                    asset is delinquent in accordance with the transaction agreements.,
                    Such
                    records are maintained in at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent pool assets including, for
                    example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	 
	
                   

                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for pool assets with variable
                    rates
                    are computed based on the related pool asset documents.

                	 
	
                   

                   

                   

                   

                   

                   

                   

                   

                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts);
                    (A) such
                    funds are analyzed, in accordance with the obligor’s pool asset documents,
                    on at least an annual basis, or such other period specified in
                    the
                    transaction agreements; (B) interest on such funds is paid, or
                    credited,
                    to obligors in accordance with applicable pool asset documents
                    and state
                    laws; and (C) such funds are returned to the obligor within 3-
                    calendar
                    days of full repayment of the related pool asset, or such other
                    number of
                    days specified in the transaction agreements.

                	 
	
                   

                   

                   

                   

                   

                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax ore insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the service at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	 
	
                   

                   

                   

                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	 
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	 
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible funds are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	 
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in item 1114(a)(1)
                    through (3) or item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	 

        

         

        

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      H

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      __________________ who first being duly sworn deposes and says: Deponent is
      __________________________ of ____________________________, successor by merger
      to _________________________ (“Seller”) and who has personal knowledge of the
      facts set out in this affidavit.

     

    On
      _________________________________, _________________________________ did execute
      and deliver a promissory note in the principal amount of
      $____________________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is presently lost
      and
      unavailable after diligent search has been made. Seller’s records show that an
      amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and Seller is still owner and holder in due course of said
      lost
      note.

     

    Seller
      executes this Affidavit for the purpose of inducing Deutsche Bank National
      Trust
      Company, as trustee on behalf of Soundview Home Loan Trust 2006-OPT4,
      Asset-Backed Certificates Series 2006-OPT4, to accept the transfer of the above
      described loan from Seller.

     

    Seller
      agrees to indemnify Deutsche Bank National Trust Company and Financial Asset
      Securities Corp. harmless for any losses incurred by such parties resulting
      from
      the above described promissory note has been lost or misplaced.

     

    By: _______________________

           _______________________

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                SS:

            
	
              COUNTY
                OF

            	
              )

            

    

     

    On
      this
      ______ day of ______________, 20_, before me, a Notary Public, in and for said
      County and State, appeared , who acknowledged the extension of the foregoing
      and
      who, having been duly sworn, states that any representations therein contained
      are true.

     

    Witness
      my hand and Notarial Seal this _________ day of 20__.

     

    ____________________________

    ____________________________

     

    My
      commission expires __________________________.

     

    

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      I

     

    FORM
      OF
      LIMITED POWER OF ATTORNEY

     

    KNOW
      ALL
      MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
      AS
      APPLICABLE], [a ___________________ corporation][a national banking
      organization], having its principal place of business at
      __________________________, (the “Undersigned”), pursuant to that Pooling and
      Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
      Asset Securities Corp. (the “Owner”), Deutsche Bank National Trust Company and
      Option One Mortgage Corporation (“OOMC”), hereby constitutes and appoints OOMC,
      by and through OOMC’s officers, the Undersigned’s true and lawful
      Attorney-in-Fact, in the Undersigned’s name, place and stead, as their interests
      may appear, and for the Undersigned’s respective benefit, in connection with all
      Mortgage Loans serviced by OOMC pursuant to the Pooling and Servicing Agreement,
      for the purpose of performing all acts and executing all documents in the name
      of the Undersigned as may be customarily and reasonably necessary and
      appropriate to effectuate the following enumerated transactions in respect
      of
      any of the mortgages, deeds of trust or security instrument (each a “Mortgage”
or a “Deed of Trust” respectively) and promissory notes secured thereby (each a
“Mortgage Note”) for which the Undersigned is acting as Servicer pursuant to the
      Pooling and Servicing Agreement (whether the Undersigned is named therein as
      mortgagee or beneficiary or has become mortgagee by virtue of endorsement of
      the
      Mortgage Note secured by any such Mortgage or Deed of Trust) all subject to
      the
      terms of the related Pooling and Servicing Agreement.

     

    This
      appointment shall apply to the following enumerated transactions
      only:

     

    1. The
      modification or re-recording of a Mortgage or Deed of Trust, where said
      modification or re-recording is for the purpose of correcting the Mortgage
      or
      Deed of Trust to conform same to the original intent of the parties thereto
      or
      to correct title errors discovered after such title insurance was issued and
      said modification or re-recording, in either instance, does not adversely affect
      the lien of the Mortgage or Deed of Trust as insured.

     

    2. The
      subordination of the lien of a Mortgage or Deed of Trust to an easement in
      favor
      of a public utility company or a governmental agency or authority thereunder
      with powers of eminent domain; this section shall include, without limitation,
      the execution of partial satisfaction/release, partial reconveyances or the
      execution of requests to trustees to accomplish same.

     

    3. The
      conveyance of the properties to the mortgage insurer, or the closing of the
      title to the property to be acquired as real estate owned, or conveyance of
      title to real estate owned.

     

    4. The
      completion of loan assumption agreements.

     

    5. The
      full
      satisfaction/release of a Mortgage or Deed of Trust or full reconveyance upon
      payment and discharge of all sums secured thereby, including, without
      limitation, cancellation of the related Mortgage Note.

     

    6. The
      assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
      in
      connection with the repurchase of the mortgage loan secured and evidenced
      thereby.

     

    7. The
      full
      assignment of a Mortgage or Deed of Trust upon payment and discharge of all
      sums
      secured thereby in conjunction with the refinancing thereof, including, without
      limitation, the assignment of the related Mortgage Note.

     

    8. With
      respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a deed
      in
      lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
      or termination, cancellation or rescission of any such foreclosure, including,
      without limitation, any and all of the following acts:

     

    a) the
      substitution of trustee(s) serving under a Deed of Trust, in accordance with
      state law and the Deed of Trust;

     

    b) the
      preparation and issuance of statements of breach or
      non-performance;

     

    c) the
      preparation and filing of notices of default and/or notices of
      sale;

     

    d) the
      cancellation/rescission of notices of default and/or notices of
      sale;

     

    e) the
      taking of a deed in lieu of foreclosure; and

     

    f) the
      preparation and execution of such other documents and performance of such other
      actions as may be necessary under the terms of the Mortgage, Deed of Trust
      or
      state law to expeditiously complete said transactions in paragraphs 8(a) through
      8(e) above.

     

    9. The
      full
      assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant to a
      mortgage loan sale agreement for the sale of a loan or pool of loans, including,
      without limitation, the assignment of the related Mortgage Note.

     

    The
      Undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney, each subject to the terms and conditions set forth in the
      related Pooling and Servicing Agreement and in accordance with the standard
      of
      care applicable to servicers in the Pooling and Servicing Agreement as fully
      as
      the undersigned might or could do, and hereby does ratify and confirm to all
      that said Attorney-in-Fact shall lawfully do or cause to be done by authority
      hereof. This Limited Power of Attorney shall be effective as of [SERVICING
      TRANSFER EFFECTIVE DATE].

     

    Nothing
      contained herein shall (i) limit in any manner any indemnification provided
      by
      OOMC to the Owner under the Pooling and Servicing Agreement, or (ii) be
      construed to grant OOMC the power to initiate or defend any suit, litigation
      or
      proceeding in the name of the Undersigned except as specifically provided for
      herein or under the Pooling and Servicing Agreement.

     

    Option
      One Mortgage Corporation hereby agrees to indemnify and hold the Undersigned
      and
      its directors, officers, employees and agents harmless from and against any
      and
      all liabilities, obligations, losses, damages, penalties, actions, judgments,
      suits, costs, expenses or disbursements of any kind or nature whatsoever
      incurred by reason or result of or in connection with the exercise by OOMC
      of
      the powers granted to it hereunder. The foregoing indemnity shall survive the
      termination of this Limited Power of Attorney and the Pooling and Servicing
      Agreement or the earlier resignation or removal of the Undersigned under the
      Pooling and Servicing Agreement.

     

    Any
      third
      party without actual notice of fact to the contrary may rely upon the exercise
      of the power granted under this Limited Power of Attorney; and may be satisfied
      that this Limited Power of Attorney shall continue in full force and effect
      and
      has not been revoked unless an instrument of revocation has been made in writing
      by the undersigned, and such third party put on notice thereof. This Limited
      Power of Attorney shall be in addition to and shall not revoke or in any way
      limit the authority granted by any previous power of attorney executed by the
      Undersigned.

     

    IN
      WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
      Agreement, has caused its corporate seal to be hereto affixed and these presents
      to be signed and acknowledged in its name and behalf by ______________________,
      its duly elected and authorized _________________________ this ___ day of
      _________________, 2006.

     

    By:______________________________

    Name:___________________________

    Title:____________________________

     

    Acknowledged
      and Agreed

     

    OPTION
      ONE MORTGAGE CORPORATION

     

    By:_________________________

    Name:

    Title:

     

    

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      J

     

    FORM
      OF
      INVESTMENT LETTER [NON-RULE 144A]

     

    [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

    Deutsche
      Bank National Trust Company

     

    
      
         

        
          	 	
                  Re:

                	
                  
                    
                      Soundview
                        Home Loan Trust 2006-OPT4,

                      Asset-Backed
                        Certificates Series
                        2006-OPT4

                    

                  

                

        

         

      

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) we are not an employee benefit plan that is
      subject to the Employee Retirement Income Security Act of 1974, as amended,
      or a
      plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
      as
      amended, nor are we acting on behalf of any such plan, (e) we are acquiring
      the
      Certificates for investment for our own account and not with a view to any
      distribution of such Certificates (but without prejudice to our right at all
      times to sell or otherwise dispose of the Certificates in accordance with clause
      (g) below), (f) we have not offered or sold any Certificates to, or solicited
      offers to buy any Certificates from, any person, or otherwise approached or
      negotiated with any person with respect thereto, or taken any other action
      which
      would result in a violation of Section 5 of the Act, and (g) we will not sell,
      transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
      or other disposition is made pursuant to an effective registration statement
      under the Act or is exempt from such registration requirements, and if
      requested, we will at our expense provide an opinion of counsel satisfactory
      to
      the addressees of this Certificate that such sale, transfer or other disposition
      may be made pursuant to an exemption from the Act, (2) the purchaser or
      transferee of such Certificate has executed and delivered to you a certificate
      to substantially the same effect as this certificate, and (3) the purchaser
      or
      transferee has otherwise complied with any conditions for transfer set forth
      in
      the Pooling and Servicing Agreement.

     

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Very
                truly yours,

               

              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

    

     

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

    [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705-4934

     

    
      
         

        
          	 	
                  Re:

                	
                  
                    
                      
                        Soundview
                          Home Loan Trust 2006-OPT4,

                        Asset-Backed
                          Certificates Series
                          2006-OPT4

                      

                    

                  

                

        

         

      

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      we are not an employee benefit plan that is subject to the Employee Retirement
      Income Security Act of 1974, as amended, or a plan that is subject to Section
      4975 of the Internal Revenue Code of 1986, as amended, nor are we acting on
      behalf of any such plan, (d) we have not, nor has anyone acting on our behalf
      offered, transferred, pledged, sold or otherwise disposed of the Certificates,
      any interest in the Certificates or any other similar security to, or solicited
      any offer to buy or accept a transfer, pledge or other disposition of the
      Certificates, any interest in the Certificates or any other similar security
      from, or otherwise approached or negotiated with respect to the Certificates,
      any interest in the Certificates or any other similar security with, any person
      in any manner, or made any general solicitation by means of general advertising
      or in any other manner, or taken any other action, that would constitute a
      distribution of the Certificates under the Securities Act or that would render
      the disposition of the Certificates a violation of Section 5 of the Securities
      Act or require registration pursuant thereto, nor will act, nor has authorized
      or will authorize any person to act, in such manner with respect to the
      Certificates, (e) we are a “qualified institutional buyer” as that term is
      defined in Rule 144A under the Securities Act and have completed either of
      the
      forms of certification to that effect attached hereto as Annex 1 or Annex 2.
      We
      are aware that the sale to us is being made in reliance on Rule 144A. We are
      acquiring the Certificates for our own account or for resale pursuant to Rule
      144A and further, understand that such Certificates may be resold, pledged
      or
      transferred only (i) to a person reasonably believed to be a qualified
      institutional buyer that purchases for its own account or for the account of
      a
      qualified institutional buyer to whom notice is given that the resale, pledge
      or
      transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
      exemption from registration under the Securities Act.

     

    
      	 	
              Very
                truly yours,

               

              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

    

     

    

    
      
        
          
 

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      1 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    

     

    [For
      Transferees Other Than Registered Investment Companies]

    

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $                    1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    _________
      Corporation,
      etc.
      The Buyer is a corporation (other than a bank, savings and loan association
      or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section
      501(c)(3) of the Internal Revenue Code of 1986, as amended.

     

    _________
      Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _________
      Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a State or Federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _________
      Broker-Dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    _________
      Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a State, territory or the District of
      Columbia.

     

    _________
      State
      or Local Plan.
      The
      Buyer is a plan established and maintained by a State, its political
      subdivisions, or any agency or instrumentality of the State or its political
      subdivisions, for the benefit of its employees.

     

    _________
      ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974, as amended.

     

    Investment
      Advisor.
      The
Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    _________
      Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    _________
      Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    3. The
      term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
      affiliated with the Buyer, (ii) securities that are part of an unsold allotment
      to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
      deposit notes and certificates of deposit (v) loan participations, (vi)
      repurchase agreements, (vii) securities owned but subject to a repurchase
      agreement and (viii) currency, interest rate and commodity swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    5. The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    6. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    

     

    
      	 	
            
	 	 	
              Print
                Name of Buyer

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              Date:

            	 

    

    

     

    

    
      
        
          
 

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      2 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

    

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyers Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    _________
      The
      Buyer
      owned $_________ in securities (other than the excluded securities referred
      to
      below) as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A).

     

    _________
      The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate
      $___________ in securities (other than the excluded securities referred to
      below) as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A).

     

    3. The
      term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
      investment companies (or series thereof) that have the same investment adviser
      or investment advisers that are affiliated (by virtue of being majority owned
      subsidiaries of the same parent or because one investment adviser is a majority
      owned subsidiary of the other).

     

    4. The
      term
“SECURITIES” as used herein does not include (i) securities of issuers that are
      affiliated with the Buyer or are part of the Buyer’s Family of Investment
      Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5. The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    

     

    
      	 	
              Print
                Name of Buyer or Adviser

               

            
	 	
              By:

            	 
	 	 	
              Name

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	
              IF
                AN ADVISER:

            
	 	 	 
	 	 
	 	
              Print
                Name of Buyer

            
	 	 	 
	 	 	 
	 	 	 
	 	
              Date:

            	 

    

    

     

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      K

     

    FORM
      OF
      TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

    PURSUANT
      TO SECTION 5.02(D)

     

    SOUNDVIEW
      HOME LOAN TRUST 2006-OPT4

    ASSET-BACKED
      CERTIFICATES, SERIES 2006-OPT4

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF

            	
              )

            

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

     

    1.  The
      undersigned is an officer of, the proposed Transferee of an Ownership Interest
      in a Residual Certificate (the “Certificate”)
      issued
      pursuant to the Pooling and Servicing Agreement dated as of May 1, 2006 (the
      “Agreement”),
      among
      Financial Asset Securities Corp., as depositor (the “Depositor”),
      Option One Mortgage Corporation, as servicer (the “Servicer”)
      and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).
      Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
      shall have the meanings ascribed to such terms in the Agreement. The Transferee
      has authorized the undersigned to make this affidavit on behalf of the
      Transferee for the benefit of the Depositor and the Trustee.

     

    2.  The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificate for its own account. The Transferee has no knowledge
      that any such affidavit is false.

     

    3.  The
      Transferee has been advised of, and understands that (i) a tax will be
      imposed on Transfers of the Certificate to Persons that are not Permitted
      Transferees; (ii) such tax will be imposed on the transferor, or, if such
      Transfer is through an agent (which includes a broker, nominee or middleman)
      for
      a Person that is not a Permitted Transferee, on the agent; and (iii) the
      Person otherwise liable for the tax shall be relieved of liability for the
      tax
      if the subsequent Transferee furnished to such Person an affidavit that such
      subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
      such Person does not have actual knowledge that the affidavit is
      false.

     

    4.  The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    5.  The
      Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
      and understands the legal consequences of the acquisition of an Ownership
      Interest in the Certificate including, without limitation, the restrictions
      on
      subsequent Transfers and the provisions regarding voiding the Transfer and
      mandatory sales. The Transferee expressly agrees to be bound by and to abide
      by
      the provisions of Section 5.02(d) of the Agreement and the restrictions
      noted on the face of the Certificate. The Transferee understands and agrees
      that
      any breach of any of the representations included herein shall render the
      Transfer to the Transferee contemplated hereby null and void.

     

    6.  The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth as Exhibit L to the
      Agreement (a “Transferor
      Certificate”)
      to the
      effect that such Transferee has no actual knowledge that the Person to which
      the
      Transfer is to be made is not a Permitted Transferee.

     

    7.  The
      Transferee has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes payable
      with respect to the Certificate may exceed the cash flow with respect thereto
      in
      some or all periods and intends to pay such taxes as they become due. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificate.

     

    8.  The
      Transferee’s taxpayer identification number is ___________.

     

    9.  The
      Transferee is a U.S. Person as defined in Code
      Section 7701(a)(30).

     

    10.  The
      Transferee is aware that the Certificate may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11.  The
      Transferee will not cause income from the Certificate to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Transferee or any other U.S.
      person.

     

    12.  Check
      one
      of the following:

     

    [_] The
      present value of the anticipated tax liabilities associated with holding the
      Certificate, as applicable, does not exceed the sum of:

     

    
      	 	
              (i)

            	
              the
                present value of any consideration given to the Transferee to acquire
                such
                Certificate;

            

    

     

    
      	 	
              (ii)

            	
              the
                present value of the expected future distributions on such Certificate;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificate as the related REMIC generates
                losses.

            

    

     

    For
      purposes of this calculation, (i) the Transferee is assumed to pay tax at the
      highest rate currently specified in Section 11(b) of the Code (but the tax
      rate
      in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
      specified in Section 11(b) of the Code if the Transferee has been subject to
      the
      alternative minimum tax under Section 55 of the Code in the preceding two years
      and will compute its taxable income in the current taxable year using the
      alternative minimum tax rate) and (ii) present values are computed using a
      discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
      of the Code for the month of the transfer and the compounding period used by
      the
      Transferee.

     

    [_] The
      transfer of the Certificate complies with U.S. Treasury Regulations Sections
      1.860E-1(c)(5) and (6) and, accordingly,

     

    
      	 	
              (i)

            	
              the
                Transferee is an “eligible corporation,” as defined in U.S. Treasury
                Regulations Section 1.860E-1(c)(6)(i), as to which income from the
                Certificate will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the transfer, and at the close of the Transferee’s two fiscal
                years preceding the year of the transfer, the Transferee had gross
                assets
                for financial reporting purposes (excluding any obligation of a person
                related to the Transferee within the meaning of U.S. Treasury Regulations
                Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                in
                excess of $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Transferee will transfer the Certificate only to another “eligible
                corporation,” as defined in U.S. Treasury Regulations Section
                1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                of
                Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                of
                the U.S. Treasury Regulations;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                Transferee determined the consideration paid to it to acquire the
                Certificate based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Transferee) that it has determined in good
                faith.

            

    

     

    [_] None
      of
      the above.

     

    13.  The
      Transferee is not an employee benefit plan that is subject to Title I of ERISA
      or a plan that is subject to Section 4975 of the Code or a plan subject to
      any Federal, state or local law that is substantially similar to Title I of
      ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
      of
      or investing plan assets of such a plan.

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
          
      day
      of
                  ,
      20  .

     

    

    
      	 	
              [NAME
                OF TRANSFEREE]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

    

     

    [Corporate
      Seal]

     

    ATTEST:

     

    

    
      	 	 
	
              [Assistant]
                Secretary

            	 

    

     

    Personally
      appeared before me the above-named __________, known or proved to me to be
      the
      same person who executed the foregoing instrument and to be the ___________
      of
      the Transferee, and acknowledged that he executed the same as his free act
      and
      deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this     
      day
      of
        
      ,
      20  .

     

    

    
      	 	 
	 	
              NOTARY
                PUBLIC

               

              My
                Commission expires the __ day

              of
                _________, 20__

            

    

     

    

    

      

    

    
      
        1 Buyer
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Buyer is a dealer, and, in that case, Buyer must own
          and/or
          invest on a discretionary basis at least $10,000,000 in
          securities.

      

    

    

    
      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      L

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

     

    
      
         

        
          	 	
                  Re:

                	
                  
                    
                      Soundview
                        Home Loan Trust 2006-OPT4,

                      Asset-Backed
                        Certificates Series
                        2006-OPT4

                    

                  

                

        

         

      

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that (a)
      we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act, (c)
      to
      the extent we are disposing of a Class [ ] Certificate, we have no knowledge
      the
      Transferee is not a Permitted Transferee and (d) no purpose of the proposed
      disposition of a Class [ ] Certificate is to impede the assessment or collection
      of tax.

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              TRANSFEROR

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    FORM
      OF
      ERISA REPRESENTATION LETTER

     

    _____________,
      20__

     

    

    
      	
              Financial
                Asset Securities Corp.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

            

    

     

    
      
         

        
          	 	
                  Re:

                	
                  
                    
                      Soundview
                        Home Loan Trust 2006-OPT4,

                      Asset-Backed
                        Certificates Series
                        2006-OPT4

                    

                  

                

        

         

      

    

    
 

    Dear
      Sirs:

     

    _______________________
      (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
      Loan Trust 2006-OPT4, Asset-Backed Certificates Series 2006-OPT4, Class
      [C][P][R[-X]] (the “Certificates”), issued pursuant to a Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”) dated as of May 1, 2006 among
      Financial Asset Securities Corp. as depositor (the “Depositor”), Option One
      Mortgage Corporation as servicer (the “Servicer”) and Deutsche Bank National
      Trust Company as trustee (the “Trustee”). Capitalized terms used herein and not
      otherwise defined shall have the meanings assigned thereto in the Pooling and
      Servicing Agreement. The Transferee hereby certifies, represents and warrants
      to, and covenants with the Depositor, the Trustee and the Servicer the
      following:

     

    The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
      Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
      acquired with “plan assets” of a Plan within the meaning of the Department of
      Labor (“DOL”) regulation, 29 C.F.R. §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.

    

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              [Transferee]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      N-1

     

    FORM
      CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

     

    
      
         

        
          	 	
                  Re:

                	
                  
                    
                      Soundview
                        Home Loan Trust 2006-OPT4,

                      Asset-Backed
                        Certificates Series
                        2006-OPT4

                    

                  

                

        

         

      

    

    I,
      [identify the certifying individual], certify that:

     

    l. I
      have
      reviewed this report on Form 10-K, and all reports on Form 10-D required to
      be
      filed in respect of the period included in the year covered by this report
      in
      Form 10-K of Soundview Home Loan Trust 2006-OPT4 (the “Exchange Act periodic
      reports”);

     

    2. Based
      on
      my knowledge, the Exchange Act periodic reports, taken as a whole, do not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading with respect to the period covered
      by
      this report;

     

    3. Based
      on
      my knowledge, all of the distribution, servicing and other information required
      to be provided under Form 10-D for the period covered by this report is included
      in the Exchange Act periodic reports;

     

    4. Based
      on
      my knowledge and upon the annual compliance statement required in this report
      under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act
      periodic reports, the Servicer has fulfilled each of its obligations under
      the
      pooling and servicing agreement; and

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me
      by the following unaffiliated parties: Option One Mortgage Corporation and
      Deutsche Bank National Trust Company.

     

    
      	 	
              FINANCIAL
                ASSET SECURITIES CORP.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

     

     

    EXHIBIT
      N-2

     

    FORM
      CERTIFICATION TO BE

    PROVIDED
      TO DEPOSITOR BY THE TRUSTEE

     

    
      
         

        
          	 	
                  Re:

                	
                  
                    
                      Soundview
                        Home Loan Trust 2006-OPT4,

                      Asset-Backed
                        Certificates Series
                        2006-OPT4

                    

                  

                

        

         

      

    

    I,
      [identify the certifying individual], a [title] of Deutsche Bank National Trust
      Company, as Trustee of the Trust, hereby certify to Financial Asset Securities
      Corp. (the “Depositor”), and its officers, directors and affiliates, and with
      the knowledge and intent that they will rely upon this certification,
      that:

     

    1. I
      have
      reviewed the annual report on Form 10-K for the fiscal year [___], and all
      reports on Form 10-D required to be filed in respect of the period covered
      by
      such Form 10-K of the Depositor relating to the above-referenced trust (the
      “Exchange Act periodic reports”)

     

    2. Based
      on
      my knowledge, the information prepared by the Trustee, contained, in these
      distribution reports taken as a whole, do not contain any untrue statement
      of a
      material fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not
      misleading with respect to the period covered by this report;

     

    3. Based
      on
      my knowledge, the distribution information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in these
      reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement, dated May 1, 2006 (the “Pooling and Servicing
      Agreement”), among the Depositor as depositor, Option One Mortgage Corporation
      as servicer and Deutsche Bank National Trust Company as trustee.

     

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, as Trustee

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

     

    

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      N-3

     

    FORM
      CERTIFICATION TO BE

    PROVIDED
      TO DEPOSITOR BY THE SERVICER

     

    
      
         

        
          	 	
                  Re:

                	
                  
                    
                      Soundview
                        Home Loan Trust 2006-OPT4,

                      Asset-Backed
                        Certificates Series
                        2006-OPT4

                    

                  

                

        

         

      

    

     

    I,
      [identify the certifying individual], certify to Financial Asset Securities
      Corp. (the “Depositor”), the Trustee and their respective officers, directors
      and affiliates, and with the knowledge and intent that they will rely upon
      this
      certification, that:

     

    1.
       Based
      on
      my knowledge, the information in the annual compliance statement, the Annual
      Independent Public Accountant's Servicing Report and all servicing reports,
      officer's certificates and other information relating to the servicing of the
      Mortgage Loans taken as a whole, does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not
      misleading as of the date of this certification;

     

    2. The
      servicing information required to be provided by the Servicer under the Pooling
      and Servicing Agreement has been provided to the Depositor and the
      Trustee;

     

    3. I
      am is
      responsible for reviewing the activities performed by the Servicer under the
      Pooling and Servicing Agreement and based upon the review required by the
      Pooling and Servicing Agreement, and except as disclosed in the annual
      compliance statement or the Annual Independent Public Accountant's Servicing
      Report, the Servicer has, as of the date of this certification fulfilled its
      obligations under the Pooling and Servicing Agreement; and

     

    4. Such
      officer has disclosed to the Depositor and the Trustee all significant
      deficiencies relating to the Servicer’s compliance with the minimum servicing
      standards in accordance with a review conducted in compliance with the Uniform
      Single Attestation Program for Mortgage Bankers or similar standard as set
      forth
      in the Pooling and Servicing Agreement.

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in
      the

    Pooling
      and Servicing Agreement, dated May 1, 2006 (the “Pooling and Servicing
      Agreement”), among the Depositor, Option One Mortgage Corporation as servicer
      and Deutsche Bank National Trust Company as trustee.

     

     

    
      	 	
              OPTION
                ONE MORTGAGE CORPORATION

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

    

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      O

     

    FORM
      OF
      POOL POLICY

     

    

      Table
        of Contents

      Mortgage
        Trust Bulk Supplemental Policy

       

       

      
        	
                1

              	
                Definitions

              

      

       

      
        	 	
                1.1

              	
                Aggregate
                  Loss

              

      

      
        	 	
                1.2

              	
                Aggregate
                  Loss Limit

              

      

      
        	 	
                1.3

              	
                Aggregate
                  Loss Percentage

              

      

      
        	 	
                1.4

              	
                Application

              

      

      
        	 	
                1.5

              	
                Appropriate
                  Proceedings

              

      

      
        	 	
                1.6

              	
                Approval
                  of Coverage

              

      

      
        	 	
                1.7

              	
                Approved
                  Sale

              

      

      
        	 	
                1.8

              	
                Borrower

              

      

      
        	 	
                1.9

              	
                Certificate
                  Number

              

      

      
        	 	
                1.10

              	
                Claim

              

      

      
        	 	
                1.11

              	
                Claim
                  Amount

              

      

      
        	 	
                1.12

              	
                Deductible
                  Amount

              

      

      
        	 	
                1.13

              	
                Deductible
                  Loss

              

      

      
        	 	
                1.14

              	
                Deductible
                  Loss Percentage

              

      

      
        	 	
                1.15

              	
                Default

              

      

      
        	 	
                1.16

              	
                Eligibility
                  Criteria

              

      

      
        	 	
                1.17

              	
                Environmental
                  Condition

              

      

      
        	 	
                1.18

              	
                Good
                  and Merchantable Title

              

      

      
        	 	
                1.19

              	
                Initial
                  Principal Balance

              

      

      
        	 	
                1.20

              	
                Insured

              

      

      
        	 	
                1.21

              	
                Loan

              

      

      
        	 	
                1.22

              	
                Loan
                  Effective Date

              

      

      
        	 	
                1.23

              	
                Loan
                  File

              

      

      
        	 	
                1.24

              	
                Loss

              

      

      
        	 	
                1.25

              	
                Perfected
                  Claim

              

      

      
        	 	
                1.26

              	
                Person

              

      

      
        	 	
                1.27

              	
                Physical
                  Damage

              

      

      
        	 	
                1.28

              	
                Policy

              

      

      
        	 	
                1.29

              	
                Pooling
                  and Servicing Agreement

              

      

      
        	 	
                1.30

              	
                Possession
                  of the Property

              

      

      
        	 	
                1.31

              	
                Primary
                  Policy

              

      

      
        	 	
                1.32

              	
                Property

              

      

      
        	 	
                1.33

              	
                Qualified

              

      

      
        	 	
                1.34

              	
                Residential

              

      

      
        	 	
                1.35

              	
                Security

              

      

      
        	 	
                1.36

              	
                Servicer

              

      

      
        	 	
                1.37

              	
                Settlement
                  Period

              

      

      
        	 	
                1.38

              	
                Total
                  Initial Principal Balance

              

      

      
        	 	
                1.39

              	
                Value

              

      

       

      
        	
                2

              	
                Obtaining
                  Coverage and Payment of
                  Premiums

              

      

       

      
        	 	
                2.1

              	
                Loan
                  Underwriting and Obtaining
                  Coverage

              

      

      
        	 	
                2.2

              	
                Representations
                  of the Insured

              

      

      
        	 	
                2.3

              	
                Company’s
                  Remedies for
                  Misrepresentation

              

      

      
        	 	
                2.4

              	
                Premiums
                  and Term of Coverage

              

      

      
        	 	
                2.5

              	
                Termination
                  for Nonpayment of Premium

              

      

      
        	 	
                2.6

              	
                Payment
                  of Premiums

              

      

      
        	 	
                2.7

              	
                Continuation
                  or Cancellation by the Insured of Coverage of a
                  Loan

              

      

      
        	 	
                2.8

              	
                Cancellation
                  of Policy by the Insured

              

      

      
        	 	
                2.9

              	
                Cancellation
                  of Policy and Coverage of Loans Upon Termination of
                  Security

              

      

      
        	 	
                2.10

              	
                Post
                  Underwriting Review and Copies of Loan
                  Files

              

      

       

      
        	
                3

              	
                Changes
                  in Various Loan Terms and Servicing, Co-ordination and Duplication
                  of
                  Insurance Benefits

              

      

       

      
        	 	
                3.1

              	
                Loan
                  Modifications

              

      

      
        	 	
                3.2

              	
                Open
                  End Provisions

              

      

      
        	 	
                3.3

              	
                Assumptions

              

      

      
        	 	
                3.4

              	
                Change
                  of Servicing

              

      

      
        	 	
                3.5

              	
                Loan
                  Assignment

              

      

      
        	 	
                3.6

              	
                Co-ordination
                  and Duplication of Insurance
                  Benefits

              

      

       

      
        	
                4

              	
                Exclusions
                  From Coverage

              

      

       

      
        	 	
                4.1

              	
                Balloon
                  Payment

              

      

      
        	 	
                4.2

              	
                Effective
                  Date

              

      

      
        	 	
                4.3

              	
                Incomplete
                  Construction

              

      

      
        	 	
                4.4

              	
                Fraud
                  and Misrepresentation

              

      

      
        	 	
                4.5

              	
                Failure
                  to Meet Servicing
                  Standards

              

      

      
        	 	
                4.6

              	
                Non-Approved
                  Servicer

              

      

      
        	 	
                4.7

              	
                Physical
                  Damage (Other than Relating to Pre-Existing Environmental
                  Conditions) 

              

      

      
        	 	
                4.8

              	
                Pre-Existing
                  Environmental Conditions

              

      

      
        	 	
                4.9

              	
                First
                  Lien Status

              

      

      
        	 	
                4.10

              	
                Breach
                  of the Insured’s Obligations or Failure to Comply with
                  Terms

              

      

      
        	 	
                4.11

              	
                Exclusion
                  Under Primary Policy

              

      

      
        	 	
                4.12

              	
                Primary
                  Policy

              

      

      
        	 	
                4.13

              	
                Investor-Paid
                  Coverage

              

      

      
        	 	
                4.14

              	
                Non-Eligible
                  Loans

              

      

       

      
        	
                5

              	
                Conditions
                  Precedent to Payment of
                  Claim

              

      

       

      
        	 	
                5.1

              	
                Maintenance
                  of Primary Policy

              

      

      
        	 	
                5.2

              	
                Notice
                  of Default

              

      

      
        	 	
                5.3

              	
                Monthly
                  Reports

              

      

      
        	 	
                5.4

              	
                Company’s
                  Option to Accelerate Filing of a
                  Claim

              

      

      
        	 	
                5.5

              	
                Voluntary
                  Conveyance

              

      

      
        	 	
                5.6

              	
                Appropriate
                  Proceedings

              

      

      
        	 	
                5.7

              	
                Mitigation
                  of Damages

              

      

      
        	 	
                5.8

              	
                Advances

              

      

      
        	 	
                5.9

              	
                Claim
                  Information and Other
                  Requirements

              

      

      
        	 	
                5.10

              	
                Acquisition
                  of Good and Merchantable Title Not
                  Required

              

      

      
        	 	
                5.11

              	
                Procedures
                  for the Company’s Approval of a Sale of the Property by the
                  Insured

              

      

      
        	 	
                5.12

              	
                Foreclosure
                  Bidding Instructions Given by the
                  Company

              

      

       

      
        	
                6

              	
                Loss
                  Payment Procedure

              

      

       

      
        	 	
                6.1

              	
                Filing
                  of Claim

              

      

      
        	 	
                6.2

              	
                Calculation
                  of Claim Amount

              

      

      
        	 	
                6.3

              	
                Payment
                  of Loss; Company’s Options

              

      

      
        	 	
                6.4

              	
                Calculation
                  of Settlement Period

              

      

      
        	 	
                6.5

              	
                Payment
                  by the Company After the Settlement
                  Period

              

      

      
        	 	
                6.6

              	
                Deductible
                  Losses

              

      

       

      
        	
                7

              	
                Additional
                  Conditions

              

      

       

      
        	 	
                7.1

              	
                Proceedings
                  of Eminent Domain

              

      

      
        	 	
                7.2

              	
                Pursuit
                  of Deficiencies

              

      

      
        	 	
                7.3

              	
                Subrogation

              

      

      
        	 	
                7.4

              	
                Policy
                  for Exclusive Benefit of the
                  Insured

              

      

      
        	 	
                7.5

              	
                Effect
                  of Borrower Insolvency or Bankruptcy on Principal
                  Balance

              

      

      
        	 	
                7.6

              	
                Arbitration
                  of Disputes, Suits and Actions Brought by the
                  Insured

              

      

      
        	 	
                7.7

              	
                Release
                  of Borrower; Defenses of
                  Borrower

              

      

      
        	 	
                7.8

              	
                Amendments;
                  No Waiver; Rights and Remedies; Use of Term
                  “Including” 

              

      

      
        	 	
                7.9

              	
                No
                  Agency

              

      

      
        	 	
                7.10

              	
                Successors
                  and Assigns

              

      

      
        	 	
                7.11

              	
                Applicable
                  Law and Conformity to Law

              

      

      
        	 	
                7.12

              	
                Notice

              

      

      
        	 	
                7.13

              	
                Reports
                  and Examinations

              

      

      
        	 	
                7.14

              	
                Electronic
                  Media

              

      

      
        	 	
                7.15

              	
                Reporting
                  of Loan Balances, Prepayments and
                  Assumptions

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Terms
        and Conditions

       

      
        	1  	
                Definitions

              

      

       

      
        	1.1  	
                Aggregate
                  Loss

              

      

       

      means,
        at
        any given time, the total of (a) all Losses, including advance payments of
        Loss
        and partial payments of Loss with respect to a Default paid by the Company
        and
        (b) the Deductible Loss charged to the Deductible Amount under this Policy,
        reduced by (1) the net proceeds received by the Company upon disposal of
        all
        Loans (if the Loan is acquired by the Company in settlement of a Claim) and
        Properties, and also reduced by (2) any other net recoveries made in its
        sole
        discretion by the Company, including recoveries made by exercise of subrogation
        rights, with respect to any Loan or the related Property or Borrower. For
        purposes hereof, the term “net proceeds” shall consist of the sale price
        received by the Company, reduced by any expenses, payments or costs incurred
        by
        the Company in the ownership, maintenance and disposition of a Loan or a
        Property, including all expenses of the type which would have been includable
        in
        a Claim for Loss, interest paid by the Company on borrowings for the acquisition
        and ownership of the Loan or the Property (not to exceed the interest payable
        at
        the interest rate due on the Loan which would have been includable in the
        Claim), brokerage commissions, title insurance expenses, recording fees,
        and
        other costs and expenses of closing the sale of the Loan or the Property;
        and
        expenses regarding the physical condition of the Property in order to make
        it
        ready for sale.

       

      
        	1.2  	
                Aggregate
                  Loss Limit

              

      

       

      means
        the
        Total Initial Principal Balance multiplied by the Aggregate Loss Percentage
        or
        such other amount set forth on the face of this Policy, as may be adjusted
        under
        Section 2.3, and represents the maximum aggregate amount of Aggregate Loss
        under
        this Policy. When the Aggregate Loss under this Policy is an amount equal
        to the
        Aggregate Loss Limit, the liability of the Company to pay any additional
        Losses
        ceases until the Aggregate Loss is reduced below the Aggregate Loss
        Limit.

       

      
        	1.3  	
                Aggregate
                  Loss Percentage

              

      

       

      means
        that percentage identified on the face of this Policy.

       

      
        	1.4  	
                Application

              

      

       

      means
        all
        documents, materials, statements, representations, warranties, data and other
        information, irrespective of the Person or Persons who prepared same, submitted
        to the Company by or on behalf of the Insured in connection with the Insured’s
        request for insurance under this Policy.

       

      
        	1.5  	
                Appropriate
                  Proceedings

              

      

       

      means
        any
        legal or administrative action by the Insured affecting either a Loan or
        title
        to a Property, including:

       

      
        	a.  	
                Preserving
                  a deficiency recovery by making a bid at the foreclosure sale and
                  pursuing
                  a deficiency judgment until the end of the Settlement Period, where
                  appropriate and permissible and where directed by the Company;
                  or

              

      

       

      
        	b.  	
                Enforcing
                  the terms of the Loan as allowed by the laws where the Property
                  is
                  located; or

              

      

       

      
        	c.  	
                Acquiring
                  Good and Merchantable Title to the Property, as may be required
                  under this
                  Policy, but excluding such title as may be acquired by a voluntary
                  conveyance from the Borrower; or

              

      

       

      
        	d.  	
                Asserting
                  the Insured’s interest in the Property in a Borrower’s
                  bankruptcy.

              

      

       

      
        	1.6  	
                Approval
                  of Coverage 

              

      

       

      means
        the
        document issued by the Company evidencing the Company’s approval of a Loan for
        insurance under this Policy, subject to the terms and conditions contained
        in
        the form of such approval and in this Policy, including a list of loans to
        which
        coverage has been extended under this Policy, and which is attached to the
        Approval of Coverage.

       

      
        	1.7  	
                Approved
                  Sale

              

      

       

      means

       

      
        	a.  	
                A
                  sale of a Property because of a Default (whether such sale is before
                  or
                  after foreclosure) to which the Company has given prior approval;
                  or

              

      

       

      
        	b.  	
                A
                  foreclosure sale of the Property to a Person other than the Insured
                  at a
                  price exceeding the amount approved by the Company under Section
                  5.12(b),
                  or if no amount is approved, the amount as defined in Section 5.12(a);
                  or

              

      

       

      
        	c.  	
                Acquisition
                  of a Property by someone other than the Insured by exercise of
                  rights of
                  redemption, if the Insured has complied with Section 5.12;
                  or

              

      

       

      
        	d.  	
                Acquisition
                  of a Property or Loan pursuant to a Primary
                  Policy.

              

      

       

      
        	1.8  	
                Borrower

              

      

       

      means
        any
        Person legally obligated to repay the debt obligation created by a Loan,
        including any co-signer or guarantor of the Loan.

       

      
        	1.9  	
                Certificate
                  Number 

              

      

       

      means
        the
        identification number issued by the Company for a Loan to which coverage
        is
        extended as shown on the Approval of Coverage for such Loan.

       

      
        	1.10  	
                Claim 

              

      

       

      means
        the
        timely filed written request, made on a form or in a format provided or approved
        by the Company, to receive the benefits of this Policy.

       

      
        	1.11  	
                Claim
                  Amount 

              

      

       

      means
        the
        amount calculated in accordance with Section 6.2 of this Policy.

       

      
        	1.12  	
                Deductible
                  Amount 

              

      

       

      means
        the
        Total Initial Principal Balance multiplied by the Deductible Loss Percentage
        or
        such other amount set forth on the face of this Policy, and represents the
        maximum aggregate amount of Deductible Losses under this Policy.

       

      
        	1.13  	
                Deductible
                  Loss 

              

      

       

      means
        the
        amount charged to the Deductible Amount as set forth in Section
        6.6.

       

      
        	1.14  	
                Deductible
                  Loss Percentage

              

      

       

      means
        that percentage identified on the face of this Policy.

       

      
        	1.15  	
                Default

              

      

       

      means
        the
        failure by a Borrower (a) to pay when due an amount equal to or greater than
        one
        (1) monthly regular periodic payment due under the terms of a Loan or (b)
        to pay
        all amounts due on acceleration of the Loan by the Insured after breach by
        the
        Borrower of a due-on-sale provision in the Loan, granting the Insured the
        right
        to accelerate the Loan upon transfer of title to, or an interest in, the
        Property and to institute Appropriate Proceedings. Violation by the Borrower
        of
        any other term or condition of the Loan which is a basis for Appropriate
        Proceedings shall not be considered to be a Default.

       

      A
        Loan is
        deemed to be in Default for that month as of the close of business on the
        installment due date for which a scheduled monthly payment has not been made
        or
        as of the close of business on the due date stated in the notice of acceleration
        given pursuant to the due-on-sale provision in the Loan. The Loan will be
        considered to remain in Default until filing of a Claim so long as such periodic
        payment has not been made or such basis for Appropriate Proceedings remains.
        For
        example, a Loan is “four (4) months in Default” if the monthly installments due
        on January 1 through April 1 remain unpaid as of the close of business on
        April
        1 or if a basis for acceleration and Appropriate Proceedings exists for a
        continuous period of four months.

       

      
        	1.16  	
                Eligibility
                  Criteria

              

      

       

      means
        the
        requirements established by the Company for the insurability of a Loan under
        this Policy and of which the Company has notified the Insured prior to issuance
        of the Policy.

       

      
        	1.17  	
                Environmental
                  Condition

              

      

       

      means
        the
        presence of environmental contamination, including nuclear reaction or
        radioactive waste, toxic waste, or poisoning, contamination or pollution
        of
        earth or water subjacent to the Property or of the atmosphere above the
        Property; or the presence, on or under a Property, of any “Hazardous Substance”
as that term is defined by the federal Comprehensive Environmental Response,
        Compensation, and Liability Act (42 U.S.C. Sec. 9601, et. seq., as amended
        from
        time to time) or as defined by any similar state law, or of any “Hazardous
        Waste” or “Regulated Substance” as those terms are defined by the federal
        Resource Conservation and Recovery Act (42 U.S.C. Sec. 6901, et. seq., as
        amended from time to time) or as defined by any similar state law. Environmental
        Condition does not mean the presence of radon, lead paint, or
        asbestos.

       

      
        	1.18  	
                Good
                  and Merchantable Title

              

      

       

      means
        title to a Property free and clear of all liens, encumbrances, covenants,
        conditions, restrictions, easements and rights of redemption, except for
        any of
        the following or as permitted in writing by the Company:

       

      
        	a.  	
                Any
                  lien established by public bond, assessment or tax, when no installment,
                  call or payment of or under such bond, assessment or tax is
                  delinquent;

              

      

       

      
        	b.  	
                Any
                  municipal and zoning ordinances and exceptions to title waived
                  by the
                  regulations of federal mortgage insurers and guarantors with respect
                  to
                  mortgages on one-to-four family residences in effect on the date
                  on which
                  the Loan was closed and all documents were executed;
                  and

              

      

       

      
        	c.  	
                Any
                  other impediments which will not have a materially adverse effect
                  on
                  either the transferability of the Property or the sale thereof
                  to a bona
                  fide purchaser.

              

      

       

      Good
        and
        Merchantable Title will not exist if (i) there is any lien pursuant to the
        Comprehensive Environmental Response, Compensation, and Liability Act, or
        similar federal or state law, as in effect from time to time, providing for
        liens in connection with the removal and clean-up of environmental conditions,
        or if notice has been given of commencement of proceedings which could result
        in
        such a lien, or (ii) there are limitations on ingress and egress to the Property
        or on use of utilities. Any action or proceeding after a foreclosure sale
        relating to establishing a deficiency judgment will not be considered in
        determining whether the Insured has acquired Good and Merchantable
        Title.

       

      
        	1.19  	
                Initial
                  Principal Balance

              

      

       

      means
        the
        unpaid principal balance of a Loan at the Loan Effective Date.

       

      
        	1.20  	
                Insured

              

      

       

      means:

       

      
        	a.  	
                The
                  Person designated on the face of this Policy;
                  or

              

      

       

      
        	b.  	
                Any
                  Person (1) to whom this Policy and coverage of all (but not fewer
                  than
                  all) Loans under this Policy has been assigned and (2) of whom
                  the Company
                  has been notified.

              

      

       

      Any
        Person becoming the Insured under this Policy shall be subject to all of
        the
        terms and conditions of this Policy to the same extent as any previous Insured
        hereunder including, without regard to the extent of the knowledge or
        responsibility of such Person, with respect to matters occurring before such
        Person became an Insured.

       

      
        	1.21  	
                Loan

              

      

       

      means
        any
        note, bond, or other evidence of indebtedness secured by a mortgage, deed
        of
        trust, or other similar instrument, which constitutes or is equivalent to
        a
        first lien or charge on a Property and which the Company has approved for
        insurance, which secures or is represented by the Security, to which coverage
        under this Policy has been extended, and which must be included on the Approval
        of Coverage.

       

      
        	1.22  	
                Loan
                  Effective Date

              

      

       

      means
        the
        date a Loan first becomes insured under this Policy, as determined by the
        Company and as set forth on the Approval of Coverage.

       

      
        	1.23  	
                Loan
                  File

              

      

       

      means,
        with respect to a Loan, copies of all documents (including all data and
        information in electronic format) created or received in connection with
        the
        origination and closing of the Loan, including the Borrower’s loan application,
        purchase contract, appraisal, credit report, verifications of employment,
        income
        and deposit, and HUD-1 or other settlement statement.

       

      
        	1.24  	
                Loss

              

      

       

      means
        the
        liability of the Company with respect to a Loan for payment of a Perfected
        Claim
        which is calculated in accordance with Section 6.3, but subject to the
        Deductible Amount and the Aggregate Loss Limit. A Loss will be deemed to
        have
        occurred when a Default on a Loan occurs, even though the amount of Loss
        is not
        then either presently ascertainable or due and payable.

       

      
        	1.25  	
                Perfected
                  Claim

              

      

       

      means
        a
        Claim received by the Company which contains all information or proof required
        by the Company and for which all requirements of this Policy applicable to
        payment of a Claim are satisfied.

       

      
        	1.26  	
                Person

              

      

       

      means
        any
        individual, corporation, partnership, association or other entity.

       

      
        	1.27  	
                Physical
                  Damage

              

      

       

      means
        any
        tangible injury to a Property, whether caused by accident, natural occurrence,
        or any other reason, including damage caused by defects in construction,
        land
        subsidence, earth movement or slippage, fire, flood, earthquake, riot, vandalism
        or any Environmental Condition.

       

      
        	1.28  	
                Policy

              

      

       

      means
        this contract of insurance and all Applications, Approvals of Coverage, and
        Endorsements which are incorporated in this Policy, related to Loans insured
        under this Policy.

       

      
        	1.29  	
                Pooling
                  and Servicing Agreement

              

      

       

      means
        the
        document that sets forth the processes, procedures, and standards for servicing
        the Loans in effect with respect to the Security as of the Effective Date
        of
        this Policy, which may incorporate standards of the Servicer with respect
        to
        such servicing; provided, however, that such document and standards of the
        Servicer may be amended thereafter with respect to such servicing only with
        the
        approval of the Company.

       

      
        	1.30  	
                Possession
                  of
                  the Property

              

      

       

      means,
        if
        the Company elects to acquire the Property, physical and undisputed occupancy
        and control of the Property at the time of acquisition.

       

      
        	1.31  	
                Primary
                  Policy

              

      

       

      means
        a
        policy, deemed acceptable to the Company, issued by a mortgage guaranty
        insurance company or government agency or instrumentality, approved by the
        Company, providing the coverage shown on the face of this Policy and defined
        by
        Section 5.1. A policy shall be deemed acceptable to the Company if it has
        been
        approved as the standard form of policy for insuring an individual mortgage
        loan
        sold to the Federal Home Loan Mortgage Corporation or the Federal National
        Mortgage Association.

       

      
        	1.32  	
                Property

              

      

       

      means
        a
        Residential real property and all improvements thereon which secure a Loan,
        together with all easements and appurtenances, all rights of access, all
        rights
        to use common areas, recreational and other facilities, and all of their
        replacements or additions.

       

      
        	1.33  	
                Qualified

              

      

       

      means
        the
        Company is duly qualified under applicable state laws as a mortgage guaranty
        insurance company, duly authorized to write the insurance provided by this
        Policy, and is approved as an insurer and has a financial strength rating
        of not
        lower than “Baa3” from Moody’s, “BBB” from S&P and “BBB” from Fitch (if
        rated by the respective rating agency).

       

      
        	1.34  	
                Residential

              

      

       

      means
        a
        type of building or a portion thereof which is designed for occupancy by
        not
        more than four (4) families, or a single-family condominium, or a unit in
        a
        planned unit development.

       

      
        	1.35  	
                Security

              

      

       

      means
        the
        bond, certificate or other security instrument, or pool or group of loans,
        designated or referred to on the face of this Policy.

       

      
        	1.36  	
                Servicer

              

      

       

      means
        that Person acting on behalf of the Insured of a Loan (or on behalf of the
        Insured’s designee, if any) to service the Loan. The Servicer acts as a
        representative of the Insured of the Loan (and the Insured’s designee, if any)
        and will bind the Insured and its designee for all purposes of this Policy,
        including providing information to the Company, receiving any notices, paying
        premiums, accepting Loss payments, and performing any other acts under this
        Policy. For purposes of this Policy, the term “Servicer” shall include the
        master servicer for a Loan of whom the Company has been notified, as well
        as any
        servicer acting on behalf of the master servicer of whom the Company has
        been
        notified. References in this Policy to a Servicer’s obligations will not be
        construed as relieving the Insured or its designee of responsibility for
        the
        Servicer’s performance.

       

      
        	1.37  	
                Settlement
                  Period

              

      

       

      means
        the
        thirty (30) day period as determined under Section 6.4, at the end of which
        a
        Loss is payable by the Company; provided that if the Company pays a Loss
        prior
        to expiration of such thirty (30) day period, the Settlement Period ends
        with
        such payment.

       

      
        	1.38  	
                Total
                  Initial Principal Balance

              

      

       

      means
        the
        sum of the Initial Principal Balances of all the Loans insured under this
        Policy.

       

      
        	1.39  	
                Value

              

      

       

      means
        the
        lesser of the sales price of a Property (only applicable in the case of a
        Loan
        to finance the purchase of such Property) or appraised value of the Property
        as
        set forth by the Company in the Approval of Coverage.

       

      As
        used
        herein, the masculine, feminine and neuter gender and the singular and plural
        number shall each equally include the other, as the context shall
        require.

       

      
        	2  	
                Obtaining
                  Coverage and Payment of
                  Premiums

              

      

       

      
        	2.1  	
                Loan
                  Underwriting and Obtaining
                  Coverage

              

      

       

      -
        This
        Policy shall automatically extend to each Loan which is submitted for coverage
        under this Policy, provided that the Loan is (a) made in accordance with
        the
        terms and provisions of this Policy, including the Eligibility Criteria,
        (b)
        included on an Approval of Coverage, and (c) included in the Security. In
        order
        to obtain coverage under this Policy for a Loan, the Insured or the Person
        acting on its behalf must submit a duly completed Application to the Company
        which must be acceptable to the Company. If all applicable requirements are
        satisfied, extension of coverage to a Loan under this Policy shall be evidenced
        by inclusion on the Approval of Coverage and assignment of a Certificate
        Number
        to the Loan.

       

      
        	2.2  	
                Representations
                  of the Insured

              

      

       

      -
        The
        Insured represents to the Company that:

       

      
        	a.  	
                all
                  statements made and information provided to the Company in an Application
                  (including as such is related to continuation of coverage upon
                  assumption
                  of a Loan) are supported by statements and information in the Loan
                  File;
                  and

              

      

       

      
        	b.  	
                such
                  statements and information are not false or misleading in any material
                  respect as of the date(s) on which they are made or provided and
                  do not
                  omit any fact necessary in order to make such statements and information
                  not false or misleading in any material respect as of such date(s);
                  and

              

      

       

      
        	c.  	
                The
                  Loan complies with the Eligibility Criteria in effect at the time
                  the
                  Application is submitted to the Company.

              

      

       

      The
        foregoing representations will apply to all statements and information in
        the
        Application, Approval of Coverage or Loan File, whether made or submitted
        by the
        Insured, the Borrower or any other Person, and will be deemed to have been
        made
        and provided for and on behalf of the Insured. The foregoing representations
        shall be effective whether or not they are made by the Insured or other Person
        with the intent to deceive or mislead, or with the knowledge that they are
        not
        true and correct.

       

      It
        is
        understood and agreed that such statements and information in the aggregate
        are,
        and in certain instances individually may be, material to the Company’s decision
        to offer, provide or so continue coverage of the related Loan; the Company
        issues the related Approval of Coverage or continues coverage in reliance
        on the
        accuracy and completeness of such statements and information and without
        any
        obligation to independently verify the statements and information submitted
        to
        it; and the Company’s reliance on the representations in Section 2.2(a) and (b)
        above survive the issuance of an Approval of Coverage or such continuation
        of
        coverage.

       

      The
        foregoing representations shall be effective whether or not they are made
        by the
        Insured or other Person with the intent to deceive or mislead, or with the
        knowledge that they are not true and correct.

       

      
        	2.3  	
                Company’s
                  Remedies for
                  Misrepresentation

              

      

       

      -
        If any
        of the Insured’s misrepresentations made with respect to such Loan as described
        in Section 2.2 are materially false or misleading with respect to a Loan,
        the
        Company will have, at its option, the right to defend against a Claim, or
        to the
        extent permitted by applicable law, to cancel, reduce or rescind coverage
        of
        such Loan under this Policy retroactively to commencement of coverage (or
        if the
        misrepresentation occurs with respect to continuation of coverage upon
        assumption of a Loan, to so defend, cancel, reduce or rescind retroactively
        to
        the date of such continuation). In the case of such cancellation or rescission,
        the Company shall return at that time all paid premiums applicable to such
        Loan
        retroactively to such applicable date. In the case of rescission of coverage
        retroactively to the Loan Effective Date, the Aggregate Loss Limit and the
        Deductible Amount shall be adjusted as if such Loan had not been
        insured.

       

      
        	2.4  	
                Premiums
                  and Term of Coverage

              

      

       

      
        	a.  	
                Within
                  fifteen (15) days from the Policy Effective Date, or such other
                  date as
                  the Company and the Insured may agree to in writing, the Insured
                  must
                  forward to the Company the appropriate initial premium. Payment
                  of the
                  applicable first premium shall be a condition precedent to coverage
                  being
                  initially extended to the Loan. Coverage shall remain in effect
                  for the
                  period covered by the applicable first premium. Tender of the first
                  premium for a Loan will constitute a representation for purposes
                  of
                  Section 2.2 by the Insured that any special conditions included
                  by the
                  Company in the related Approval of Coverage have been satisfied
                  and that
                  no payment which is then due under the Loan is more than thirty
                  (30) days
                  past due.

              

      

       

      
        	b.  	
                The
                  Company will not rescind or cancel coverage, or deny or adjust
                  a Claim for
                  Loss, with respect to a Loan on the basis of a failure to satisfy
                  such
                  special condition (other than a special condition relating to completion
                  of construction, as described in Section 4.3 or to rehabilitation
                  or
                  repairs) if the Borrower has made twenty-four (24) consecutive
                  full
                  installment payments of principal, interest and impound or escrow
                  amounts
                  as called for by the Loan from the Borrower’s own funds. A payment will be
                  considered to be “consecutive” only if it is made prior to the date the
                  next scheduled installment becomes due. The “Borrower’s own funds” will
                  include any funds used by the Borrower for the purpose of making
                  installment payments, but will not include funds provided directly
                  or
                  indirectly by any Person (other than the Borrower) who is or was
                  a party
                  to the Loan or the related Property transaction, unless expressly
                  set
                  forth in the Application.

              

      

       

      
        	2.5  	
                Termination
                  for Nonpayment of Premium

              

      

       

      The
        Insured is obligated to continue coverage in effect and pay any premium which
        is
        due, as required by Section 2.7 of this Policy. The entire premium for all
        Loans
        must be paid within the grace period for payment specified on the face of
        this
        Policy. Such premium shall be computed on the basis of the aggregate applicable
        principal balance of all Loans, and irrespective of whether a Loan is in
        Default
        or whether Good and Merchantable Title for a Loan has been acquired by the
        Insured. Upon payment of the entire premium for all Loans within such grace
        period, this Policy will be in effect for the applicable period of coverage
        and
        a Default on a Loan occurring within said grace period which is not cured,
        and
        which results in a Claim being filed, will be covered.

       

      If
        the
        entire premium for all Loans is not paid within the grace period, the coverage
        of the Policy and the Company’s liability as to all Loans will terminate
        effective as of 12:01 a.m. on the first day following the date through which
        the
        applicable premium has been paid and as a result, any existing or future
        Defaults on any of the Loans will not be covered under this Policy.

       

      
        	2.6  	
                Payment
                  of Premiums

              

      

       

      At
        the
        request of the Company, the Insured shall provide the information and
        documentation upon which all premium calculations are based; if the Insured
        fails to provide the information and documentation requested by the Company,
        the
        Company shall calculate the applicable premium based on the information used
        for
        the most recent prior premium calculation, with the Company’s only refund
        obligation being to refund any excess premium, without interest thereon,
        upon
        the Insured providing such information (but only if provided within twelve
        (12)
        months after the premium due date) as may be necessary to compute the correct
        premium as of its due date and without the Insured being relieved of its
        obligation to pay any further premium if the premium so calculated was less
        than
        the correct premium due. Except as expressly provided in this Policy, there
        shall be no refund of premium under this Policy. If the Aggregate Losses
        paid by
        the Company under this Policy equal the Aggregate Loss Limit, then the total
        premium due under this Policy is due and shall remain due; provided, however,
        that the premium shall continue to be calculated and paid in the manner
        specified on the face of this Policy. The Company shall have a right of offset
        for any such unpaid premium against any payment of a Loss on any
        Loan.

       

      The
        Insured acknowledges that the Company deposits premium checks immediately
        upon
        receipt and agrees that the receipt and deposit of a premium check by the
        Company after the time specified in this Policy for receipt, does not constitute
        a waiver of the requirements of this Policy for timely receipt or an acceptance
        of premium by the Company. The Company will have the right to return such
        late
        premium payment as applicable to a Loan, but only within sixty (60) days
        after
        receipt, in which case coverage will be canceled retroactively to the applicable
        Loan Effective Date for a late initial premium, or to the last day of the
        period
        covered by the previous premium payment for subsequent premium payment which
        becomes due. Receipt, deposit and retention of a premium check will not
        constitute a waiver of any defenses with respect to any other matters which
        the
        Company may have under this Policy.

       

      
        	2.7  	
                Continuation
                  or Cancellation by the Insured of Coverage of a
                  Loan

              

      

       

      Subject
        to payment of the applicable premiums with respect to the Loans insured under
        this Policy, coverage of a Loan shall continue until, and automatically cease
        upon, the first to occur of the following events:

       

      
        	a.  	
                The
                  Loan is paid in full; or

              

      

       

      
        	b.  	
                The
                  Loan no longer secures or no longer is represented by the Security;
                  or

              

      

       

      
        	c.  	
                The
                  Company pays the Insured the Loss with respect to the Loan;
                  or

              

      

       

      
        	d.  	
                A
                  Deductible Loss is charged to the Deductible Amount with respect
                  to the
                  Loan; or

              

      

       

      
        	e.  	
                The
                  Insured cancels the Policy pursuant to Section 2.8;
                  or

              

      

       

      
        	f.  	
                The
                  Policy is cancelled pursuant to Section
                  2.9.

              

      

       

      Except
        as
        a result of cancellation pursuant to Section 2.8, the Insured may not cancel
        coverage of a Loan.

       

      In
        the
        event coverage does not continue and ceases for any of the foregoing reasons,
        the Company shall have no liability for any Default existing at the time
        coverage is discontinued or ceases, other than Defaults on Loans for which
        a
        Claim had been filed in accordance with Section 6.1 of this Policy prior
        to the
        date of termination of coverage, and the Company shall have no liability
        for any
        Claims arising out of any future Default. Notwithstanding coverage of such
        existing Default, the provisions of Section 3.5 shall continue to apply and
        limit assignment of coverage of a Loan. 

       

      Except
        as
        provided in Section 2.8, there shall be no refund of premium on cancellation
        by
        the Insured of coverage of a Loan or if coverage of a Loan is not
        continued.

       

      
        	2.8  	
                Cancellation
                  of Policy by the Insured

              

      

       

      -
        The
        Insured may cancel this Policy upon thirty (30) days written notice thereof
        to
        the Company if the Company shall cease to be Qualified. The Company shall
        use
        diligent efforts to remain Qualified. There shall be no other right of
        cancellation of this Policy by the Insured. There shall be no refund of premium
        on cancellation of this Policy by the Insured.

       

      
        	2.9  	
                Cancellation
                  of Policy and Coverage of Loans Upon Termination of
                  

              

      

       

      Security

       

      -
        Except
        as otherwise specified below, in the event that

       

      
        	a.  	
                the
                  bonds, certificates or other security instruments designated or
                  referred
                  to in this Policy as the Security are redeemed, paid in full, cancelled
                  or
                  otherwise terminated, or the trust created in connection with the
                  issuance
                  of the Security is terminated for any reason (individually, a
                  “Redemption”), or

              

      

       

      
        	b.  	
                there
                  are no longer any Loans that are security for, or represented by,
                  the
                  Security,

              

      

       

      this
        Policy and the coverage of all Loans under this Policy shall automatically
        be
        terminated without further action being required by either the Insured or
        the
        Company, and the Company shall have no liability for any Default existing
        at the
        time of cancellation, other than Defaults on Loans for which a Claim had
        been
        filed in accordance with Section 6.1 of this Policy prior to the date of
        termination of coverage.

       

      The
        Insured shall notify the Company within thirty (30) days after the occurrence
        of
        either (a) or (b) above. The provisions of this Section 2.9 shall control,
        notwithstanding the right of the Insured to cancel coverage on some or all
        of
        the Loans and the exercise of such right by the Insured. No refund will be
        paid
        upon cancellation of this Policy and coverage of Loans under this Section
        2.9.

       

      
        	2.10  	
                Post
                  Underwriting Review and Copies of Loan
                  Files

              

      

       

      -
        The
        Company or representatives designated by it will have the right, from time
        to
        time, upon thirty (30) days advance notice to the Insured, to conduct a post
        underwriting review (including inspection) of the Loan Files and other
        information, papers, files, documents, books, records, agreements, and
        electronically stored data prepared or maintained by or in the possession
        or
        under the control of the Insured pertaining to or in connection with Loans
        insured under this Policy. The Company will have the right to conduct the
        review
        on the Insured’s premises during normal business hours. The Insured must
        cooperate fully with the review. In addition, either in connection with such
        review or separately, the Company will have the right upon thirty (30) days
        prior written notice to obtain from the Insured a copy of the Loan File for
        any
        Loan insured under this Policy.

       

      
        	3  	
                Changes
                  in Various Loan Terms and Servicing, Co-ordination and Duplication
                  of
                  Insurance Benefits

              

      

       

      
        	3.1  	
                Loan
                  Modifications

              

      

       

      -
        Unless
        advance written approval is provided by, or obtained from, the Company, the
        Insured may not make any change in the terms of a Loan, including the borrowed
        amount, interest rate, term or amortization schedule of the Loan, except
        as such
        change is permitted by terms of the Loan without the approval of the Insured;
        nor make any change in the Property or other collateral securing the Loan;
        nor
        release the Borrower from liability on a Loan.

       

      
        	3.2  	
                Open
                  End Provisions

              

      

       

      -
        The
        Insured may increase the principal balance of a Loan, provided that the written
        approval of the Company has been obtained. The Insured will pay the Company
        the
        additional premium due at the then prevailing premium rate.

       

      
        	3.3  	
                Assumptions

              

      

       

      -
        If a
        Loan is assumed with the Insured’s approval, the Company’s liability for
        coverage under this Policy will terminate as of the date of such assumption,
        unless the Company approves the assumption in writing. The Company will not
        unreasonably withhold approval of an assumption. It is understood that coverage
        will continue, and that the restriction of this Section 3.3 will not apply,
        if
        under the Loan or applicable law the Insured cannot exercise a “due-on-sale”
clause or is obligated to consent to such assumption under the Loan or
        applicable law.

       

      
        	3.4  	
                Change
                  of Servicing

              

      

       

      -
        If the
        servicing rights for a Loan are sold, assigned or transferred, coverage of
        the
        Loan hereunder will continue provided that written notice of the new Servicer
        is
        given to the Company and the new Servicer is approved in writing by the Company,
        and subject, nevertheless, to all of the terms and conditions hereof and
        to all
        defenses which the Company may have had prior to any such sale, assignment
        or
        transfer. The Company shall be automatically deemed to have approved as a
        Servicer any person to whom the Company has issued a master policy, which
        has
        not been canceled, providing for residential mortgage guaranty
        insurance.

       

      
        	3.5  	
                Loan
                  Assignment

              

      

       

      -
        Unless
        advance written approval is obtained from the Company (which approval shall
        be
        in the sole and absolute discretion of the Company), or this Policy and coverage
        of all Loans under this Policy are assigned to an Insured as described in
        Section 1.20, if a Loan is sold, assigned, or transferred by the Insured,
        the
        coverage of such Loan under this Policy may not and will not be assigned
        to such
        purchaser, assignee, or transferee and coverage of such Loan under this Policy
        shall automatically terminate upon such purchase, assignment or transfer.
        If the
        Company does give such approval, the Company shall thereafter, for all purposes
        under this Policy, including for purposes of calculating premiums and the
        Aggregate Loss Limit, disregard such sale, assignment or transfer, and continue
        to treat the Insured as the only Person with any interest in such Loan and
        the
        Insured agrees that it and any such purchaser, assignee, or transferee shall
        make all such arrangements as between or among themselves as may be appropriate
        in light of this restriction on the transfer of such coverage.

       

      
        	3.6  	
                Co-ordination
                  and Duplication of Insurance
                  Benefits

              

      

       

      -
        The
        coverage under this Policy shall be excess over any Primary Policy and any
        other
        insurance which may apply to the Property or to the Loan, regardless of the
        type
        of or the effective date of such other coverage.

       

      
        	4  	
                Exclusions
                  From Coverage

              

      

       

      The
        Company will not be liable for, and this Policy will not apply to, extend
        to or
        cover the following:

      

      
        	4.1  	
                Balloon
                  Payment

              

      

       

      -
        Any
        Claim arising out of or in connection with the failure of the Borrower to
        make
        any payment of principal and/or interest due under a Loan, (a) as a result
        of
        the Insured exercising its right to call the Loan (other than when the Loan
        is
        in Default) or because the term of the Loan is shorter than the amortization
        period, and (b) which is for an amount more than twice the regular periodic
        payments of principal and interest that are set forth in the Loan (commonly
        referred to as a “balloon payment”). This exclusion will not apply if the
        Insured, the owner of the Loan, or other Person acting on either’s behalf offers
        the Borrower, in writing, a renewal or extension of the Loan or a new loan
        which
        (i) constitutes a first lien, (ii) is at rates and terms generally prevailing
        in
        the marketplace (but otherwise subject to Section 3.1), (iii) is in an amount
        not less than the then outstanding principal balance, (iv) has no decrease
        in
        the amortization period, and (v) is offered regardless of whether the Borrower
        is then qualified under the Insured’s or owner’s underwriting standards. This
        exclusion also will not apply if the Borrower is notified of the availability
        of
        such renewal or extension of the Loan or new loan and does not accept the
        renewal, extension or new loan.

       

      
        	4.2  	
                Effective
                  Date

              

      

       

      -
        Any
        Claim on a Loan resulting from a payment on the Loan being thirty (30) days
        or
        more past due as of the Loan Effective Date.

       

      
        	4.3  	
                Incomplete
                  Construction

              

      

       

      -
        Any
        Claim when, as of the date of such Claim, construction of a Property is not
        completed in accordance with the construction plans and specifications upon
        which the appraisal of the Property at origination of the Loan was
        based.

       

      
        	4.4  	
                Fraud
                  and Misrepresentation

              

      

       

      -
        Any
        Claim not otherwise within the scope of Section 2.3 where there was fraud
        or
        misrepresentation by the Insured with respect to the Loan, and the fraud
        or
        misrepresentation (a) materially contributed to the Default resulting in
        such
        Claim; or (b) increased the Loss, except that if the Company can reasonably
        determine the amount of such increase, such Claim will not be excluded, but
        the
        Loss will be reduced to the extent of such amount.

       

      
        	4.5  	
                Failure
                  to Meet Servicing
                  Standards

              

      

       

      -
        Any
        Claim resulting from failure to service the Loan in accordance with the
        servicing standards of the Servicer as set forth in the Pooling and Servicing
        Agreement with respect to the Loan, which (a) was material to either the
        acceptance of the risk or the hazard assumed by the Company; (b) materially
        contributed to the Default resulting in such Claim; or (c) increased the
        Loss,
        except that if the Company can reasonably determine the amount of such increase,
        such Claim will not be excluded, but the Loss will be reduced to the extent
        of
        such amount.

       

      
        	4.6  	
                Non-Approved
                  Servicer

              

      

       

      -
        Any
        Claim occurring when the Servicer, at time of Default or thereafter, is not
        approved in writing; provided that this exclusion shall only apply if the
        Company notifies the Insured if a Servicer is no longer approved and if within
        ninety (90) days thereafter the Insured does not complete or cause to complete
        a
        transfer of servicing to a new Servicer approved by the Company.

       

      
        	4.7  	
                Physical
                  Damage (Other than Relating to Pre-Existing Environmental
                  Conditions)

              

      

       

      -
        Any
        Claim where, at any time after the Loan Effective Date, Physical Damage to
        a
        Property (other than reasonable wear and tear), occurs or manifests itself
        subject to the following provisions:

       

      
        	a.  	
                This
                  exclusion shall not apply if the Company in good faith determines
                  that the
                  aggregate cost of restoring all such Physical Damage is less than
                  fifteen
                  hundred dollars ($1,500), or such higher amount as the Company
                  may provide
                  from time to time.

              

      

       

      
        	b.  	
                This
                  exclusion shall not apply if the Insured has restored the Property
                  in a
                  timely and diligent manner to its condition (except reasonable
                  wear and
                  tear) as of the Loan Effective Date. In lieu of requiring restoration
                  of
                  the Property, the Company may, at its option, reduce the Claim
                  Amount by
                  an amount equal to the cost of such
                  restoration.

              

      

       

      
        	c.  	
                For
                  purposes of this Section 4.7, the Property subject to restoration
                  will
                  consist only of the land, improvements or personal property deemed
                  part of
                  the real property under applicable law; and chattel items affixed
                  to the
                  real property and identified in the appraisal of the Property at
                  the time
                  the Loan was made, whether or not they are deemed part of the real
                  property.

              

      

       

      
        	d.  	
                Cost
                  estimates relied upon by the Company in connection with this Section
                  4.7
                  shall be provided in writing by an independent party selected by
                  the
                  Company. The Company will furnish the Insured with any such written
                  cost
                  estimates, if requested by the
                  Insured.

              

      

       

      
        	4.8  	
                Pre-Existing
                  Environmental Conditions

              

      

       

      -
        Any
        Claim where there is an Environmental Condition which existed on the Property
        (whether or not known by the Person submitting an Application for coverage
        of
        the Loan) as of the Loan Effective Date, subject to the following
        provisions:

       

      
        	a.  	
                This
                  exclusion will not apply if the existence of such Environmental
                  Condition,
                  or the suspected existence of such Environmental Condition, was
                  specifically disclosed to the Company in the Application relating
                  to the
                  Property.

              

      

       

      
        	b.  	
                This
                  exclusion will apply only if such Environmental Condition (1) was
                  a
                  principal cause of the Default, and (2) has made the principal
                  Residential
                  structure on the Property uninhabitable. A structure will be considered
                  “uninhabitable” if generally recognized standards for residential
                  occupancy are violated or if, in the absence of such standards,
                  a fully
                  informed and reasonable person would conclude that such structure
                  was not
                  safe to live in without fear of injury to health or
                  safety.

              

      

       

      
        	c.  	
                This
                  exclusion will not apply if the Environmental Condition is removed
                  or
                  remedied in a timely and diligent manner in accordance with applicable
                  governmental standards for safe residential
                  occupancy.

              

      

       

      
        	4.9  	
                First
                  Lien Status

              

      

       

      -
        Any
        Claim, if the mortgage, deed of trust or other similar instrument executed
        by
        the Borrower and insured hereunder did not provide the Insured at origination
        with a first or equivalent lien on the Property.

       

      
        	4.10  	
                Breach
                  of the Insured’s Obligations or Failure to Comply with
                  Terms

              

      

       

      -
        Any
        Claim involving or arising out of any breach by the Insured of its obligations
        under, or its failure to comply with the terms of, this Policy or of its
        obligations as imposed by operation of law, if the breach or
        failure:

       

      
        	a.  	
                Materially
                  contributed to the Default resulting in such Claim;
                  or

              

      

       

      
        	b.  	
                Except
                  for a breach described in Section 2.3, increased the Loss; provided
                  that
                  if the Company can reasonably determine the amount of such increase,
                  such
                  Claim will not be excluded, but the Loss will be reduced to the
                  extent of
                  such amount.

              

      

       

      
        	4.11  	
                Exclusion
                  Under Primary Policy

              

      

       

      -
        Any
        Claim to the extent the related claim was excluded under any Primary Policy.
        

       

      
        	4.12  	
                Primary
                  Policy

              

      

       

      -
        With
        respect to any Claim, and subject to Section 5.1, the amount of the full
        percentage option claim payment which the insurer under any Primary Policy
        should have paid, but which was not paid, disregarding the reason or cause
        for
        the denial or failure of such insurer to pay under such Primary Policy, or
        whether the Insured fails to obtain a Primary Policy as required by Section
        5.1.

       

      
        	4.13  	
                Investor-Paid
                  Coverage

              

      

       

      -
        With
        respect to any Loan, if necessary for the Company to be authorized by law
        to
        insure such loan, if the Borrower, directly or indirectly pays for such premium,
        including by an interest rate or other charges which are higher than the
        interest rate or other charges applicable to mortgage loans which are not
        similarly insured.

       

      
        	4.14  	
                Non-Eligible
                  Loans

              

      

       

      -
        Any
        Loan that did not meet the Eligibility Criteria in effect at the time the
        related Application was submitted to the Company.

       

      
        	5  	
                Conditions
                  Precedent to Payment of
                  Claim

              

      

       

      It
        is a
        condition precedent to the Company’s obligation to pay a Loss that the Insured
        comply with all of the following requirements:

      

      
        	5.1  	
                Maintenance
                  of Primary Policy

              

      

       

      -
        The
        Insured is required to maintain a Primary Policy issued by a mortgage guaranty
        insurance company which is approved by the Company, and which provides coverage
        against loss resulting from a Borrower’s Default on any Loan that has a ratio of
        the principal balance of the Loan to the Value of the Property at the time
        of
        origination in excess of the percentage set forth on the face of this Policy.
        The Primary Policy shall, at a minimum, provide coverage on the amount of
        the
        Loan in excess of the percentage of the Value or other coverage percentage
        set
        forth on the face of this Policy and must remain in force until the outstanding
        principal balance of the Loan or other coverage percentage is reduced to
        the
        percentage of the Value or on such other basis set forth on the face of this
        Policy. Notwithstanding the foregoing, if a Primary Policy is required but
        there
        is no Primary Policy in force, the Company shall accept the Claim and compute
        the Loss as if such a Primary Policy were in force as provided in Section
        6.2;
        provided, however, that the Company shall not be liable pursuant to this
        Policy
        for any portion of such Primary Policy claim.

       

      It
        is the
        primary responsibility of the Insured to provide appropriate servicing and
        mitigation of delinquencies through its Primary Policy, if applicable. The
        Insured shall not take, or fail to take, any action which would impair its
        rights under a Primary Policy unless it shall first have given prompt written
        notice to the Company of any conflict between the Primary Policy and this
        Policy
        or any circumstance under which its rights under the Primary Policy might
        be
        impaired. The risk of collection of a claim payment under any Primary Policy
        and
        the risk of the insolvency of the issuer of any Primary Policy are risks
        of the
        Insured and are not covered under this Policy.

       

      
        	5.2  	
                Notice
                  of Default

              

      

       

      -
        The
        Insured must give the Company written notice:

       

      
        	a.  	
                Within
                  forty-five (45) days of the Default, if it occurs when the first
                  payment
                  is due under the Loan; or 

              

      

       

      
        	b.  	
                Within
                  ten (10) days after:

              

      

       

      
        	1.  	
                The
                  date when the Borrower has become no more than four (4) months
                  in Default
                  on the Loan; or

              

      

       

      
        	2.  	
                The
                  date when any Appropriate Proceedings which affect the Loan or
                  the
                  Property or the Insured’s or Borrower’s interest therein have been
                  started;

              

      

       

      whichever
        occurs first.

      

      If
        the
        Insured fails to give the notice of Default to the Company within the time
        period specified in this Section 5.2, any additional interest accruing or
        advances incurred or accruing during the period of such failure shall not
        be
        includable in the Claim Amount.

       

      
        	5.3  	
                Monthly
                  Reports

              

      

       

      -
        Following a notice of Default on the Loan, the Insured must give the Company
        monthly reports on forms or in a format acceptable to the Company on the
        status
        of the Loan and on the servicing efforts undertaken to remedy the Default.
        These
        monthly reports may be furnished less frequently if allowed in writing by
        the
        Company, and must continue until the Borrower is no longer in Default, the
        Appropriate Proceedings terminate, or until the Insured has acquired the
        Property.

       

      
        	5.4  	
                Company’s
                  Option to Accelerate Filing of a
                  Claim

              

      

       

      -
        At any
        time following a notification of Default on a Loan, and before the Insured
        has
        obtained Good and Merchantable Title to the Property, the Company, directly
        or
        through its assignee (as purchaser of the Loan), shall have the right to
        purchase the Loan from the Insured, free and clear of all liens, claims or
        encumbrances, for a purchase price equal to the Loss calculated under Section
        6.3(a) of this Policy, (but without deduction for a Primary Policy payment
        which
        has not yet become payable) and under the following terms and
        conditions:

       

      
        	a.  	
                Within
                  twenty (20) days after notice to the Insured (or such longer period
                  specified by the purchaser in its notice) that the Company or its
                  assignee
                  has elected to purchase the Loan pursuant hereto, the Insured shall
                  tender
                  and deliver or cause to be delivered to the Purchaser, to be held
                  in
                  escrow by the Purchaser against receipt of the purchase price as
                  set forth
                  herein above within ten (10) days after such tender and delivery
                  of all of
                  the following: 

              

      

       

      
        	1.  	
                one
                  or more assignments (as shall be necessary or appropriate) to the
                  purchaser, containing customary representations and warranties,
                  duly and
                  properly executed and in recordable form, of all of the Insured’s
                  ownership right, title and interest in and to the Loan and related
                  documents (including private mortgage insurance coverage) and,
                  unless
                  expressly specified as being not subject to assignment or transfer,
                  seller/servicing agreements relating to the
                  Loan;

              

      

       

      
        	2.  	
                the
                  note, bond or other instrument evidencing the Loan, properly endorsed
                  in
                  blank;

              

      

       

      
        	3.  	
                an
                  assignment, to the purchaser, of coverage with respect to such
                  Loan under
                  this Policy, subject to all of the terms and conditions contained
                  herein;
                  and

              

      

       

      
        	4.  	
                any
                  and all documents executed or delivered by or to the Borrower under,
                  or
                  any holder of, such Loan, including the
                  following:

              

      

       

      
        	i)  	
                originals
                  (or, if publicly recorded, certified copies) of mortgages, deeds
                  of trust
                  or other security instruments or assignments
                  thereof;

              

      

       

      
        	ii)  	
                originals
                  (or acceptable duplicates) of policies of title insurance or opinions
                  of
                  title and surveys;

              

      

       

      
        	iii)  	
                originals
                  (or acceptable duplicates) of certificates and/or policies evidencing
                  private mortgage insurance and hazard insurance;
                  and

              

      

       

      
        	iv)  	
                copies
                  of state and/or federal disclosure and/or consumer credit
                  documents.

              

      

       

      
        	b.  	
                Upon
                  purchase of the Loan by the purchaser pursuant to the foregoing
                  terms, all
                  rights of the Insured under this Policy shall be transferred to
                  the
                  purchaser, and payment to an Insured of the amount specified herein
                  shall
                  be a full and final discharge of the Company’s obligations to such Insured
                  with respect to such Loan. The Company shall have the right to
                  assign its
                  right to purchase a Loan pursuant to this Section 5.4 to any Person,
                  subject to the terms and conditions
                  hereof.

              

      

       

      
        	5.5  	
                Voluntary
                  Conveyance

              

      

       

      -
        The
        Insured may only accept a conveyance of the Property from the Borrower in
        lieu
        of foreclosure or other proceeding if the prior written approval of the Company
        has been obtained. Such approval shall not be considered as an acknowledgement
        of liability by the Company with respect to such Loan.

       

      
        	5.6  	
                Appropriate
                  Proceedings

              

      

       

      -
        The
        Insured must begin Appropriate Proceedings no later than when the Loan becomes
        six (6) months in Default unless the Company provides written instructions
        that
        some other action be taken. Such instructions may be general or applicable
        only
        to specific Loans. The Company reserves the right to direct the Insured to
        institute Appropriate Proceedings at any time after Default. When either
        defending against or bringing Appropriate Proceedings, the Insured must report
        their status to the Company as reasonably and expeditiously as
        possible.

       

      In
        conducting Appropriate Proceedings, the Insured must:

       

      
        	a.  	
                Diligently
                  pursue the Appropriate Proceedings once they have
                  begun;

              

      

       

      
        	b.  	
                Apply
                  for the appointment of a receiver and assignment of rents, if permitted
                  by
                  law and requested by the Company;

              

      

       

      
        	c.  	
                Furnish
                  the Company with copies of all notices and pleadings filed or required
                  in
                  the Appropriate Proceedings, except as the Company may waive such
                  requirement in writing;

              

      

       

      
        	d.  	
                Act
                  and bid at the foreclosure sale in accordance with Section 5.12
                  so that
                  its ability to preserve, transfer and assign to the Company its
                  rights
                  against the Borrower are not impaired; and so that the rights of
                  the
                  Company under this Policy against the Borrower are fully protected.
                  Such
                  rights include any rights to obtain a deficiency judgment, subject
                  to the
                  Company’s compliance with Sections 7.2 and 7.3 relating to establishing
                  a
                  deficiency; and

              

      

       

      
        	e.  	
                When
                  requested by the Company, furnish the Company with a written statement
                  indicating the estimated potential Claim Amount (as computed under
                  Section
                  6.2) at least fifteen (15) days before the foreclosure
                  sale.

              

      

       

      
        	5.7  	
                Mitigation
                  of Damages

              

      

       

      -
        The
        Insured must actively cooperate with and assist the Company to prevent and
        mitigate the Loss, including good faith efforts by the Insured to obtain
        a cure
        of the Default, collect amounts due under the Loan, inspect and appraise
        the
        Property and effectuate the early disposition of the Property. The Company
        must
        administer this Policy in good faith.

       

      Without
        limiting the right of the Company to direct the Insured with respect to
        disposition of the Property, the Company may direct the Insured: to list
        the
        Property for sale at a price to be established; to select the agents or brokers
        with whom the Property is listed; without limiting the Insured’s obligation
        under this Policy to restore a Property, to expend funds and complete work
        on
        the Property for the purpose of making the Property ready for sale at the
        listed
        price, provided that such expenditures are includable in the Claim for Loss;
        to
        assist in obtaining access of the Company to the Property; and to otherwise
        assist in the prompt disposition of the Property, pursuant to an Approved
        Sale
        at the price established by the Company. If the Company so requests, the
        Insured
        shall permit the Company to cooperatively assist the Insured in the collection
        of monies due under the Loan, including activities such as obtaining information
        from the Borrower, attempting to develop repayment schedules acceptable to
        the
        Insured, conducting Property inspections, and requesting appraisals of the
        Property. The Insured shall make available to the Company such information
        relating to the Insured’s collection efforts as the Company shall reasonably
        request.

       

      
        	5.8  	
                Advances

              

      

       

      -
        The
        Insured or the Servicer must advance:

       

      
        	a.  	
                Normal
                  and customary hazard insurance premiums and real estate property
                  taxes, in
                  each case as due and payable;

              

      

       

      
        	b.  	
                Reasonable
                  and necessary Property protection and preservation expenses approved
                  by
                  the Company, which shall not include expenditures to remove an
                  exclusion
                  from coverage under Section 4;

              

      

       

      
        	c.  	
                Reasonable
                  costs to complete Appropriate Proceedings and eviction and moving
                  of
                  occupants, including related court expenses and attorney’s fees;
                  and

              

      

       

      
        	d.  	
                Expenses
                  to prepare the Property for sale and to sell the Property, including
                  the
                  expenses described in Section 5.7, as approved in advance by the
                  Company.

              

      

       

      
        	5.9  	
                Claim
                  Information and Other
                  Requirements

              

      

       

      -
        The
        Insured must provide the Company with:

       

      
        	a.  	
                All
                  information reasonably requested by the
                  Company;

              

      

       

      
        	b.  	
                A
                  completed form furnished by or acceptable to the Company for payment
                  of a
                  Claim;

              

      

       

      
        	c.  	
                If
                  the Property is not being acquired by the Company: (1) a copy of
                  (i) an
                  executed trustee’s or sheriff’s deed (which may be unrecorded) conveying
                  Good and Merchantable Title to the Property to the Insured, or
                  (ii) a deed
                  from the Borrower (which may be unrecorded) if a voluntary conveyance
                  has
                  been approved by the Company, conveying to the Insured the title
                  that was
                  required by the Company in the approval of the conveyance; (2)
                  a copy of
                  the sale contract and closing statement or evidence of sale pursuant
                  to
                  foreclosure or the Primary Policy; and (3) such other information
                  requested by the Company evidencing an Approved Sale of the
                  Property;

              

      

       

      
        	d.  	
                If
                  the Property is being acquired by the
                  Company:

              

      

       

      
        	1.  	
                A
                  recordable deed in normal and customary form containing the customary
                  warranties and covenants conveying to the Company or its designee
                  Good and
                  Merchantable Title to the Property;

              

      

       

      
        	2.  	
                If
                  required by the Company, a title insurance policy acceptable to
                  the
                  Company or an attorney’s opinion of title acceptable to the Company,
                  confirming that the Insured has and can convey to the Company Good
                  and
                  Merchantable Title to the Property;
                  and

              

      

       

      
        	3.  	
                Possession
                  of the Property, but only if the Company has required such Possession
                  in
                  writing; and

              

      

       

      
        	e.  	
                If
                  requested by the Company, access to the Property after completion
                  of
                  foreclosure, which may be requested before or after filing of the
                  Claim.

              

      

       

      
        	5.10  	
                Acquisition
                  of Good and Merchantable Title Not
                  Required

              

      

       

      -
        The
        Insured will not be required to acquire Good and Merchantable Title to a
        Property if (a) the Company requires an early Claim filing pursuant to Section
        5.4; or (b) the Property is sold pursuant to an Approved Sale.

       

      
        	5.11  	
                Procedures
                  for the Company’s Approval of a Sale of the Property by the
                  Insured

              

      

       

      -
        An
        offer to purchase a Property may not be accepted by the Insured unless (a)
        the
        offer meets the Company’s written delegated servicing guidelines and any
        additional requirements of the Pooling and Servicing Agreement, or (b) the
        Insured has received the Company’s prior approval to accept such
        offer.

       

      
        	5.12  	
                Foreclosure
                  Bidding Instructions Given by the
                  Company

              

      

       

      -
        Any bid
        made at a foreclosure sale held as part of Appropriate Proceedings must either
        (a) meet the Company’s written delegated bidding guidelines and any additional
        requirements of the Pooling and Servicing Agreement, or (b) have been previously
        approved by the Company. The Insured is not required to acquire Good and
        Merchantable Title if it has bid in accordance with this Section 5.12, whether
        or not pursuant to approval from the Company.

       

      
        	6  	
                Loss
                  Payment Procedure

              

      

       

      
        	6.1  	
                 Filing
                  of Claim

              

      

       

      
        	a.  	
                If
                  a Primary Policy is required pursuant to Section 5.1 hereof, unless
                  the
                  Company directs acceleration of the filing of a Claim under Section
                  5.4,
                  the Insured must submit and settle its claim under the Primary
                  Policy
                  before a Claim may be filed under this Policy. If the Insured negotiates
                  a
                  claim settlement on a basis other than on conditions stated in
                  the Primary
                  Policy, the Insured must obtain the prior written consent of the
                  Company
                  to such settlement. A Claim must be filed with the Company on a
                  form
                  provided or approved by the Company within sixty (60) days after
                  the later
                  of the following and only after both of the following conditions
                  have been
                  satisfied: (1) the date the claim has been settled and paid under
                  the
                  Primary Policy; and (2) either (i) the date the Insured has conveyed
                  title
                  to the Property pursuant to an Approved Sale, or (ii) the date
                  the Company
                  notifies the Insured that it will acquire the Property in settlement
                  of
                  the Claim, whichever is applicable.

              

      

       

      If
        a
        claim under the Primary Policy has not been settled within six (6) months
        after
        the Insured has satisfied all reasonable requirements for filing of such
        claim,
        the Claim under this Policy may, notwithstanding any provision of this Policy
        to
        the contrary, be filed and the Claim shall be calculated and paid on the
        basis
        of the claim payment amount which the Insured should have received under
        such
        Primary Policy, as provided in Section 6.2(vii).

      

      
        	b.  	
                If
                  a Primary Policy is not required pursuant to Section 5.1 hereof,
                  unless
                  the Company directs acceleration of the filing of a Claim under
                  Section
                  5.4, a Claim must be filed with the Company on a form provided
                  or approved
                  by the Company within sixty (60) days after either of the following
                  conditions, whichever is applicable, have been satisfied: (1) the
                  Insured
                  has conveyed title to the Property pursuant to an Approved Sale
                  or (2) the
                  date the Company notifies the Insured that it will acquire the
                  Property in
                  settlement of the Claim.

              

      

       

      
        	c.  	
                If
                  the Insured is not required to have Good and Merchantable Title
                  to file a
                  Claim as described in Section 5.10, then in lieu of the Approved
                  Sale or
                  acquisition notice by the Company in the preceding paragraphs (a)
                  and (b),
                  the Claim shall be filed within sixty (60) days after the applicable
                  event
                  in Section 5.10.

              

      

       

      
        	d.  	
                If
                  the Insured fails to file a Claim within the applicable time, the
                  Insured
                  will not be entitled to, and the Company will not be obligated
                  for, any
                  payment under this Policy for amounts, including additional interest
                  and
                  expenses, which would otherwise be claimable, but which accrue
                  or are
                  incurred after the sixty (60) day period for filing of a
                  Claim.

              

      

       

      If
        the
        Insured fails to file a Perfected Claim within one hundred eighty (180) days
        after the event occurs under this Section 6.1 which is the basis for filing
        of
        the Claim (or within such longer period of time as the Company may allow
        in
        writing), the Insured will no longer be entitled to payment of a Loss and
        the
        Company will not be obligated to make any payment under this
        Policy.

      

      
        	6.2  	
                Calculation
                  of Claim Amount

              

      

       

      -
        Subject
        to the requirement for a Primary Policy, if any, and to the Aggregate Loss
        Limit
        then applicable, the Claim Amount will be an amount equal to the sum
        of:

       

      
        	a.  	
                The
                  amount of unpaid principal balance due under the Loan as of the
                  date of
                  Default without capitalization of delinquent interest, penalties
                  or
                  advances; and

              

      

       

      
        	b.  	
                The
                  amount of accrued and unpaid interest due on the Loan, computed
                  at the
                  contract rate stated in the Loan on the unpaid principal balance
                  at the
                  date of Default (without adjustment for the proceeds of Primary
                  Policy
                  coverage or an Approved Sale), through the date that the Loss is
                  paid by
                  the Company, but excluding applicable late charges, penalty interest
                  or
                  other changes to the interest rate by reason of Default;
                  and

              

      

       

      
        	c.  	
                The
                  amount of advances incurred by the Insured under Section 5.8 prior
                  to
                  filing of the Claim (except to Persons employed or controlled by
                  the
                  Insured or the Servicer of the Loan or their other internal costs)
                  provided that such advances, other than attorney’s fees, must have first
                  become due and payable after the Default, and payment of such advances
                  must be prorated through the date the Loss is paid by the Company;
                  and

              

      

       

      
        	d.  	
                Amounts
                  required to be paid to the Insured pursuant to Sections 6.5, 7.2
                  and 7.5,
                  if applicable, less:

              

      

       

      
        	(i)  	
                The
                  amount of all rents and other payments (excluding net proceeds
                  of an
                  Approved Sale of the Property and the proceeds of fire and extended
                  coverage insurance) collected or received by the Insured, which
                  are
                  derived from or in any way related to the
                  Property;

              

      

       

      
        	(ii)  	
                The
                  amount of cash remaining in any escrow account as of the last payment
                  date;

              

      

       

      
        	(iii)  	
                The
                  amount of cash or other collateral to which the Insured has retained
                  the
                  right of possession as security for the
                  Loan;

              

      

       

      
        	(iv)  	
                The
                  amount paid under applicable fire and extended coverage policies
                  which is
                  in excess of the cost of restoring and repairing the Property,
                  if the
                  Property is damaged, and which has not been paid to the Borrower
                  or
                  applied to the payment of the Loan as required by the terms of
                  the
                  Loan;

              

      

       

      
        	(v)  	
                The
                  amounts of any payments of Loss previously made by the
                  Company;

              

      

       

      
        	(vi)  	
                The
                  net proceeds upon an Approved Sale of the Property other than from
                  acquisition pursuant to a Primary
                  Policy;

              

      

       

      
        	(vii)  	
                The
                  greater of the amount of any claim payment pursuant to a Primary
                  Policy
                  which the Insured received, or which the Insured should have received
                  in
                  order for the exclusion under Section 4.11 or 4.12 of this Policy
                  not to
                  have applied; and

              

      

       

      
        	(viii)  	
                Any
                  other amounts claimed by the Insured to the extent they are excluded
                  from
                  the Claim Amount by reason of Section
                  4.

              

      

       

      
        	6.3  	
                Payment
                  of Loss; Company’s Options

              

      

       

      -
        Within
        the Settlement Period, but only if the Insured has satisfied all requirements
        for a payment of Loss and if the Company has received a Perfected Claim,
        the
        Company shall at its sole option exercise its:

       

      
        	a.  	
                Property
                  acquisition settlement option. If the Company has elected to acquire
                  the
                  Property prior to an Approved Sale, the Company shall pay to the
                  Insured
                  as the Loss the Claim Amount calculated in accordance with Section
                  6.2
                  without reduction for net proceeds under Section 6.2(vi);
                  or

              

      

       

      
        	b.  	
                Approved
                  sale option. If there has been an Approved Sale, the Company shall
                  pay to
                  the Insured as the Loss the Claim Amount calculated in accordance
                  with
                  Section 6.2.

              

      

       

      When
        the
        Aggregate Loss paid by the Company under this Policy is an amount equal to
        the
        Aggregate Loss Limit, the liability of the Company to pay any additional
        Claims
        for Losses ceases until the Aggregate Loss is reduced below the Aggregate
        Loss
        Limit, at which time this Section 6.3 will again apply to any previously
        Perfected Claims.

       

      
        	6.4  	
                Calculation
                  of Settlement Period

              

      

       

      -
        The
        Settlement Period will be a thirty (30) day period after the Company’s receipt
        of a Claim, calculated as follows:

       

      
        	a.  	
                No
                  later than the twentieth (20th) day after filing of a Claim, the
                  Company
                  may notify the Insured of additional documents or information which
                  it
                  requires for processing the Claim. The thirty (30) day period will
                  be
                  suspended until the Company receives such additional documents
                  and
                  information. The Company may request additional documents and information
                  after such twenty (20) day period, and the Insured must use reasonable
                  efforts to satisfy such request.

              

      

       

      
        	b.  	
                The
                  Company may notify the Insured at any time after completion of
                  foreclosure
                  and before closing of an Approved Sale (or, if applicable, before
                  the
                  Company acquires the Property) that it will require access to the
                  Property
                  sufficient to inspect, appraise and evaluate the Property. If the
                  Company
                  does not notify the Insured by that date, its right to such access
                  will be
                  deemed waived. If such notice is given, the Insured will use its
                  best
                  efforts to provide access to the Company. If access is not then
                  available
                  and if the thirty day period has commenced, such thirty (30) day
                  period
                  will be suspended from the date such notice was given until the
                  Company
                  receives notice from the Insured that access is available to it.
                  If access
                  is in fact not available when sought by the Company after such
                  notice from
                  the Insured, the Company will promptly notify the Insured of such
                  unavailability, and the passage of the thirty (30) day period will
                  remain
                  suspended as if the Insured’s notice of availability had not been given to
                  the Company.

              

      

       

      
        	c.  	
                If
                  the Company has elected to acquire the Property in settlement of
                  a Claim,
                  the thirty (30) day period also will be suspended if necessary
                  for there
                  to be a period of ten (10) days after the date on which the Insured
                  satisfies all conditions to acquisition, including any required
                  restoration of the Property, for the Insured to deliver a recordable
                  deed
                  and title policy or opinion evidencing Good and Merchantable Title
                  (not
                  subject to any rights of redemption, unless the Company waives
                  such
                  requirement) and, if applicable, to deliver Possession of the
                  Property.

              

      

       

      
        	d.  	
                If
                  the thirty (30) day period is suspended for more than one reason,
                  the
                  resulting suspended periods will only be cumulative if in fact
                  they occur
                  at different times; to the extent they occur simultaneously, they
                  will not
                  be cumulative.

              

      

       

      
        	6.5  	
                Payment
                  by the Company After the Settlement
                  Period

              

      

       

      -
        If the
        Company has not paid a Loss during the Settlement Period, then (a) the Company
        will include in its payment of Loss, if a Loss is ultimately payable, simple
        interest on the amount payable accruing after the Settlement Period to the
        date
        of payment of Loss at the applicable interest rate or rates which would have
        been payable on the Loan during such period, and (b) the Company will no
        longer
        be entitled to acquire the Property as an option for payment of the
        Loss.

       

      The
        Company must either pay the amount of applicable Loss (including any additional
        applicable interest as computed above) or deny the Claim in its entirety
        within
        (a) one hundred twenty (120) days after expiration of the Settlement Period,
        or
        (b) if the Settlement Period has not expired, no later than one hundred eighty
        (180) days after filing of the Claim. If at a later date it is finally
        determined by agreement between the Insured and the Company (or by completion
        of
        legal or other proceedings to which the Insured and the Company are parties)
        that the Company was not entitled to deny all or a portion of the Claim,
        the
        Company will include in any resulting subsequent payment of Loss interest
        as
        calculated above through the date of such payment on the amount of Loss which
        the Company was not entitled to deny.

       

      
        	6.6  	
                 Deductible
                  Losses

              

      

       

      
        	a.  	
                Notwithstanding
                  any other provision of this Policy, the Company shall have no liability
                  to
                  pay any Loss until, and except to the extent that, the aggregate
                  amount of
                  the Deductible Loss shall exceed the Deductible Amount. The Insured
                  shall
                  remain solely responsible for all Deductible Loss up to the Deductible
                  Amount.

              

      

       

      
        	b.  	
                A
                  Deductible Loss shall be calculated in the same manner as a Loss
                  under
                  Section 6.3(b) of this Policy in which there is an Approved Sale
                  except
                  that only interest accrued through the date of closing of the Approved
                  Sale shall be includable in the Deductible Loss. A Deductible Loss
                  shall
                  only be charged to the Deductible Amount if a Claim for Loss would
                  have
                  been payable by the Company. The Insured shall comply with all
                  of the
                  requirements of this Policy which would be applicable if the Company
                  were
                  paying a Claim for Loss, including the requirements of Section
                  5.7
                  relating to the mitigation of the Company’s Loss. After an Approved Sale,
                  the Insured shall file a notice of Deductible Loss with the Company
                  at the
                  same time and in the same manner as it would file a Claim for Loss
                  and the
                  Company shall process the notice and determine the amount of the
                  Deductible Loss as it would a Claim for Loss, and the Deductible
                  Loss
                  shall be charged to the Deductible Amount. The Company shall advise
                  the
                  Insured of its calculation of the Deductible Loss within sixty
                  (60) days
                  after filing of the notice of Deductible Loss by the
                  Insured.

              

      

       

      
        	7  	
                Additional
                  Conditions

              

      

       

      
        	7.1  	
                Proceedings
                  of Eminent Domain

              

      

       

      -
        In the
        event that part or all of a Property is taken by eminent domain, or condemnation
        or by any other proceedings by federal, state or local governmental unit
        or
        agency, the Insured must require that the Borrower apply the maximum permissible
        amount of any compensation awarded in such proceedings to reduce the principal
        balance of the Loan, in accordance with the law of the jurisdiction where
        the
        Property is located.

       

      
        	7.2  	
                Pursuit
                  of Deficiencies

              

      

       

      
        	a.  	
                The
                  Insured will be entitled to pursue Appropriate Proceedings, or
                  shall at
                  the direction of the Company pursue Appropriate Proceedings through
                  the
                  end of the Settlement Period, which may result in the Borrower
                  becoming
                  liable for a deficiency after completion of the Insured’s acquisition of a
                  Property. Such pursuit may not be directed by the Company unless
                  such
                  deficiency is estimated to exceed $7,500. If the Company proposes
                  to
                  pursue a deficiency judgment, it will notify the Insured at least
                  thirty
                  (30) days before the foreclosure sale. If the Insured pursues the
                  deficiency judgment, without direction from the Company, the Company
                  shall
                  nonetheless be subrogated to such deficiency judgment rights to
                  the extent
                  permitted by Section 7.3.

              

      

       

      
        	b.  	
                The
                  following provisions will apply if, in completing Appropriate Proceedings
                  there are additional expenses advanced pursuant to Section 5.8
                  or
                  additional interest accrued on the Loan, to the extent not payable
                  under a
                  Primary Policy, due to (1) an additional redemptive period or a
                  delay in
                  acquisition of title, which period or delay is directly related
                  to
                  establishing the deficiency judgment or (2) legal proceedings which
                  are
                  necessary to establish and pursue the deficiency judgment and which
                  would
                  not otherwise be the custom and practice
                  used.

              

      

       

      
        	i.  	
                If
                  the deficiency judgment is to be established for the account of
                  the
                  Company, the Company must pay the Insured at the time of payment
                  of the
                  Claim, the full amount of:

              

      

       

      
        	a.)  	
                such
                  additional expenses advanced pursuant to Section 5.8 by the Insured;
                  and

              

      

       

      
        	b.)  	
                such
                  additional interest accrued on the unpaid principal balance of
                  the Loan at
                  the contract rate stated in the Loan, but excluding applicable
                  late
                  charges, penalty interest, or other changes to the interest rate
                  by reason
                  of Default.

              

      

       

      
        	ii.  	
                All
                  of the additional interest, expenses, attorney’s fees and court expenses
                  described in subparagraph (i) above will be accrued or advanced
                  only
                  through acquisition of Good and Merchantable Title, including any
                  additional redemptive period or such shorter time period as may
                  be
                  applicable under Section 5.10.

              

      

       

      
        	7.3  	
                Subrogation

              

      

       

      -
        Subject
        to Section 7.2(a), and only to the extent that the Company is entitled under
        applicable law to pursue such deficiency rights, the Company will be subrogated,
        upon payment of the Loss, in the amount thereof and with an equal priority
        to
        all of the Insured’s rights of recovery against a Borrower and any other Person
        relating to the Loan or to the Property, to the extent such rights remain
        after
        settlement of the claim under an applicable Primary Policy. The Insured must
        execute and deliver at the request of the Company such instruments and papers
        and undertake such actions as may be necessary to transfer, assign and secure
        such rights. The Insured shall refrain from any action, either before or
        after
        payment of a Loss, that prejudices such rights.

       

      
        	7.4  	
                Policy
                  for Exclusive Benefit of the
                  Insured

              

      

       

      -
        An
        Approval of Coverage, this Policy and the coverage provided under this Policy
        will be for the sole and exclusive benefit of the Insured and permitted assigns,
        and in no event will any Borrower or other Person be deemed a party to, or
        an
        intended beneficiary of, such Approval of Coverage, this Policy or any coverage
        hereunder.

       

      
        	7.5  	
                Effect
                  of Borrower Insolvency or Bankruptcy on Principal
                  Balance

              

      

       

      -
        If
        under applicable insolvency or bankruptcy law, a Loan’s principal balance
        secured by a Property is reduced (after all appeals of such reduction are
        final
        or the time for such appeals has lapsed without appeal), the portion of such
        principal balance of the Loan not secured by the Property, and related interest,
        will be includable in the Claim Amount, as provided in this Section
        7.5.

       

      If
        a
        Default occurs on the Loan, the Insured has acquired Good and Merchantable
        Title
        to the Property as required by this Policy, and all other requirements for
        filing of a Claim are complied with, the Insured will be entitled to include
        in
        the Claim Amount (a) the amount of the principal balance of the Loan which
        was
        deemed unsecured under applicable insolvency or bankruptcy law, less any
        collections or payments on such unsecured principal balance received by the
        Insured, and (b) interest thereon at the rate and as computed in Section
        6.2,
        from the date of Default giving rise to the Claim (but for no prior period),
        whether payable directly or by an addition to the principal balance which
        is
        includable in the Claim Amount, and (c) reasonable and necessary expenses
        incurred by the Insured which are associated with the amount by which the
        principal balance of the Loan became unsecured.

       

      
        	7.6  	
                Arbitration
                  of Disputes, Suits and Actions Brought by the
                  Insured

              

      

       

      
        	a.  	
                Unless
                  prohibited by applicable law, all controversies, disputes or other
                  assertions of liability or rights arising out of or relating to
                  this
                  Policy, including the breach, interpretation or construction thereof,
                  shall be settled by arbitration. Notwithstanding the foregoing,
                  the
                  Company or the Insured both retain the right to seek a declaratory
                  judgment from a court of competent jurisdiction on matters of
                  interpretation of the Policy. Such arbitration shall be conducted
                  in
                  accordance with the Title Insurance Arbitration Rules of the American
                  Arbitration Association in effect on the date the demand for arbitration
                  is made, or if such Rules are not then in effect, such other Rules
                  of the
                  American Arbitration Association as the Company may designate as
                  its
                  replacement.

              

      

       

      The
        arbitrator(s) shall be neutral person(s) selected from the American Arbitration
        Association’s National Panel of Arbitrators familiar with the mortgage lending
        or mortgage guaranty insurance business. Any proposed arbitrator may be
        disqualified during the selection process, at the option of either party,
        if he
        is, or during the previous two (2) years has been, an employee, officer or
        director of any mortgage guaranty insurer, or of any entity engaged in the
        origination, purchase, sale or servicing of mortgage loans or mortgage-backed
        securities.

      

      
        	b.  	
                No
                  suit or action (including arbitration hereunder) brought by the
                  Insured
                  against the Company with respect to the Company’s liability for a Claim
                  under this Policy shall be sustained in any court of law or equity
                  or by
                  arbitration unless the Insured has substantially complied with
                  the terms
                  and conditions of this Policy, and unless the suit or action is
                  commenced
                  within three (3) years (five (5) years in Florida or Kansas) after
                  the
                  Insured has acquired Good and Merchantable Title to the Property,
                  an
                  Approved Sale of the Property is completed, or other basis for
                  filing a
                  Claim arises, whichever is applicable to a Loan. The foregoing
                  requirement
                  for substantial compliance shall not be applicable to the extent
                  that such
                  substantial compliance is at issue in the suit or action. No such
                  suit or
                  action with respect to a Claim may be brought by the Insured against
                  the
                  Company until sixty (60) days after such acquisition of Good and
                  Merchantable Title or Approved Sale, as applicable to a
                  Loan.

              

      

       

      
        	c.  	
                If
                  a dispute arises concerning the Loan which involves either the
                  Property or
                  the Insured, the Company has the right to protect its interest
                  by
                  defending the suit, even if the allegations contained in such suit
                  are
                  groundless, false or fraudulent. The Company is not required to
                  defend any
                  lawsuit involving the Insured, the Property or the
                  Loan.

              

      

       

      
        	7.7  	
                Release
                  of Borrower; Defenses of
                  Borrower

              

      

       

      -
        The
        Insured’s execution of a release or waiver of the right to collect any portion
        of the unpaid principal balance of a Loan or other amounts due under the
        Loan
        will release the Company from its obligation with respect to such Loan to
        the
        extent and amount of said release. If, under applicable law, the Borrower
        successfully asserts defenses which have the effect of releasing, in whole
        or in
        part, the Borrower’s obligation to repay the Loan, or if for any other reason
        the Borrower is released from such obligation, the Company will be released
        to
        the same extent and amount from its liability under this Policy, except as
        provided by Section 7.5.

       

      
        	7.8  	
                Amendments;
                  No Waiver; Rights and Remedies; Use of Term
                  “Including”

              

      

       

      
        	a.  	
                The
                  Company reserves the right to amend the terms and conditions of
                  this
                  Policy from time to time; provided, however, that any such amendment
                  will
                  be effective only after the Company has given the Insured written
                  notice
                  thereof by endorsement setting forth the amendment. Such amendment
                  will
                  only be applicable to those Loans where the date of the related
                  Approval
                  of Coverage was issued on or after the effective date of the
                  amendment.

              

      

       

      
        	b.  	
                No
                  condition or requirement of this Policy will be deemed waived,
                  modified or
                  otherwise compromised unless that waiver, modification or compromise
                  is
                  stated in a writing properly executed on behalf of the Company.
                  Each of
                  the conditions and requirements of this Policy is severable, and
                  a waiver,
                  modification or compromise of one will not be construed as a waiver,
                  modification or compromise of any
                  other.

              

      

       

      
        	c.  	
                No
                  right or remedy of the Company provided for by this Policy will
                  be
                  exclusive of, or limit, any other rights or remedies set forth
                  in this
                  Policy or otherwise available to the Company at law or
                  equity.

              

      

       

      
        	d.  	
                As
                  used in this Policy, the term “include” or “including” will mean “include
                  or including, without limitation.”

              

      

       

      
        	7.9  	
                No
                  Agency

              

      

       

      -
        Neither
        the Insured, any Servicer, nor any of their employees or agents (including
        the
        Persons underwriting the Loan on behalf of the Insured), will be deemed for
        any
        reason to be agents of the Company. Neither the Company, nor any of its
        employees or agents, will be deemed for any reason to be agents of any Insured
        or Servicer.

       

      
        	7.10  	
                Successors
                  and Assigns

              

      

       

      -
        This
        Policy will inure to the benefit of and shall be binding upon the Company
        and
        the Insured and their respective successors and permitted assigns, it being
        recognized that assignment by the Insured of this Policy and its benefits
        is
        limited by Sections 1.20 and 3.5.

       

      
        	7.11  	
                Applicable
                  Law and Conformity to Law

              

      

       

      -
        All
        matters under this Policy will be governed by and construed in accordance
        with
        the laws of the jurisdiction in which the office of the original Insured
        under
        this Policy is located. Any provision of this Policy which is in conflict
        with
        any provision of the law of such jurisdiction is hereby amended to conform
        to
        the provisions required by that law.

       

      
        	7.12  	
                Notice

              

      

       

      -
        All
        claims, premium payments, tenders, reports, other data and any other notices
        required to be submitted to the Company by the Insured must be sent to the
        Company at MGIC Plaza, 250 East Kilbourn Avenue, Milwaukee, WI 53202. The
        Company may change this address by giving written notice to the Insured.
        Unless
        the Insured otherwise notifies the Company in writing, all notices to the
        Insured must be sent to the address on the face of this Policy or, if the
        Insured is not located at such address, to the last known address of the
        Insured.

       

      All
        notices under this Policy, whether or not identified in this Policy as required
        to be in writing, will be effective only if in writing and only upon receipt
        thereof. Written notices may instead be given in the form of telecopy or,
        if
        acceptable to the Company (for notices given to the Company) or to the Insured
        (for notices given to the Insured) in the form of computer tape or
        computer-generated or any other electronic message. A telecopy or such tape
        or
        message shall be effective only when received. The Company and the Insured
        may
        mutually agree that notices will be sent to any additional Person. Except
        as
        expressly agreed to by the Company and the Insured, no liability shall be
        incurred by the Company for the failure to give a notice to a Person other
        than
        the Insured.

       

      
        	7.13  	
                Reports
                  and Examinations

              

      

       

      -
        The
        Company may request, and the Insured must provide, such files, reports or
        information as the Company may deem necessary pertaining to any Loan, and
        the
        Company will be entitled to inspect the files, books and records of the Insured
        or any of its representatives pertaining to such Loan.

       

      
        	7.14  	
                Electronic
                  Media

              

      

       

      -
        The
        Company and the Insured may, from time to time, deliver or transfer information,
        documents or other data between them by electronic media acceptable to them.
        In
        addition, the Company and the Insured may maintain information, documents
        or
        other data on electronic media or other media generally accepted for business
        records, including microfiche. Such electronic or other media will be as
        equally
        acceptable for all purposes between the Insured and the Company as information,
        documents or other data maintained in printed or written form.

       

      
        	7.15  	
                Reporting
                  of Loan Balances, Prepayments and
                  Assumptions

              

      

       

      -
        The
        Insured shall provide or cause to be provided to the Company no less often
        than
        annually information concerning the current unpaid principal balance of each
        Loan insured under this Policy, including information as to which Loans have
        prepaid in full or which have been assumed.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      0

     

    POOL
      POLICY EXHIBIT A

     

    

      Exhibit
        A

       

      Table
        of Contents

      Mortgage
        Trust Bulk Supplemental Policy

       

       

      
        	
                1

              	
                Definitions

              

      

       

      
        	 	
                1.1

              	
                Aggregate
                  Loss

              

      

      
        	 	
                1.2

              	
                Aggregate
                  Loss Limit

              

      

      
        	 	
                1.3

              	
                Aggregate
                  Loss Percentage

              

      

      
        	 	
                1.4

              	
                Application

              

      

      
        	 	
                1.5

              	
                Appropriate
                  Proceedings

              

      

      
        	 	
                1.6

              	
                Approval
                  of Coverage

              

      

      
        	 	
                1.7

              	
                Approved
                  Sale

              

      

      
        	 	
                1.8

              	
                Borrower

              

      

      
        	 	
                1.9

              	
                Certificate
                  Number

              

      

      
        	 	
                1.10

              	
                Claim

              

      

      
        	 	
                1.11

              	
                Claim
                  Amount

              

      

      
        	 	
                1.12

              	
                Deductible
                  Amount

              

      

      
        	 	
                1.13

              	
                Deductible
                  Loss

              

      

      
        	 	
                1.14

              	
                Deductible
                  Loss Percentage

              

      

      
        	 	
                1.15

              	
                Default

              

      

      
        	 	
                1.16

              	
                Eligibility
                  Criteria

              

      

      
        	 	
                1.17

              	
                Environmental
                  Condition

              

      

      
        	 	
                1.18

              	
                Good
                  and Merchantable Title

              

      

      
        	 	
                1.19

              	
                Initial
                  Principal Balance

              

      

      
        	 	
                1.20

              	
                Insured

              

      

      
        	 	
                1.21

              	
                Loan

              

      

      
        	 	
                1.22

              	
                Loan
                  Effective Date

              

      

      
        	 	
                1.23

              	
                Loan
                  File

              

      

      
        	 	
                1.24

              	
                Loss

              

      

      
        	 	
                1.25

              	
                Perfected
                  Claim

              

      

      
        	 	
                1.26

              	
                Person

              

      

      
        	 	
                1.27

              	
                Physical
                  Damage

              

      

      
        	 	
                1.28

              	
                Policy

              

      

      
        	 	
                1.29

              	
                Pooling
                  and Servicing Agreement

              

      

      
        	 	
                1.30

              	
                Possession
                  of the Property

              

      

      
        	 	
                1.31

              	
                Primary
                  Policy

              

      

      
        	 	
                1.32

              	
                Property

              

      

      
        	 	
                1.33

              	
                Qualified

              

      

      
        	 	
                1.34

              	
                Residential

              

      

      
        	 	
                1.35

              	
                Security

              

      

      
        	 	
                1.36

              	
                Servicer

              

      

      
        	 	
                1.37

              	
                Settlement
                  Period

              

      

      
        	 	
                1.38

              	
                Total
                  Initial Principal Balance

              

      

      
        	 	
                1.39

              	
                Value

              

      

       

      
        	
                2

              	
                Obtaining
                  Coverage and Payment of
                  Premiums

              

      

       

      
        	 	
                2.1

              	
                Loan
                  Underwriting and Obtaining
                  Coverage

              

      

      
        	 	
                2.2

              	
                Representations
                  of the Insured

              

      

      
        	 	
                2.3

              	
                Company’s
                  Remedies for
                  Misrepresentation

              

      

      
        	 	
                2.4

              	
                Premiums
                  and Term of Coverage

              

      

      
        	 	
                2.5

              	
                Termination
                  for Nonpayment of Premium

              

      

      
        	 	
                2.6

              	
                Payment
                  of Premiums

              

      

      
        	 	
                2.7

              	
                Continuation
                  or Cancellation by the Insured of Coverage of a
                  Loan

              

      

      
        	 	
                2.8

              	
                Cancellation
                  of Policy by the Insured

              

      

      
        	 	
                2.9

              	
                Cancellation
                  of Policy and Coverage of Loans Upon Termination of
                  Security

              

      

      
        	 	
                2.10

              	
                Post
                  Underwriting Review and Copies of Loan
                  Files

              

      

       

      
        	
                3

              	
                Changes
                  in Various Loan Terms and Servicing, Co-ordination and Duplication
                  of
                  Insurance Benefits

              

      

       

      
        	 	
                3.1

              	
                Loan
                  Modifications

              

      

      
        	 	
                3.2

              	
                Open
                  End Provisions

              

      

      
        	 	
                3.3

              	
                Assumptions

              

      

      
        	 	
                3.4

              	
                Change
                  of Servicing

              

      

      
        	 	
                3.5

              	
                Loan
                  Assignment

              

      

      
        	 	
                3.6

              	
                Co-ordination
                  and Duplication of Insurance
                  Benefits

              

      

       

      
        	
                4

              	
                Exclusions
                  From Coverage

              

      

       

      
        	 	
                4.1

              	
                Balloon
                  Payment

              

      

      
        	 	
                4.2

              	
                Effective
                  Date

              

      

      
        	 	
                4.3

              	
                Incomplete
                  Construction

              

      

      
        	 	
                4.4

              	
                Fraud
                  and Misrepresentation

              

      

      
        	 	
                4.5

              	
                Failure
                  to Meet Servicing
                  Standards

              

      

      
        	 	
                4.6

              	
                Non-Approved
                  Servicer

              

      

      
        	 	
                4.7

              	
                Physical
                  Damage (Other than Relating to Pre-Existing Environmental
                  Conditions) 

              

      

      
        	 	
                4.8

              	
                Pre-Existing
                  Environmental Conditions

              

      

      
        	 	
                4.9

              	
                First
                  Lien Status

              

      

      
        	 	
                4.10

              	
                Breach
                  of the Insured’s Obligations or Failure to Comply with
                  Terms

              

      

      
        	 	
                4.11

              	
                Exclusion
                  Under Primary Policy

              

      

      
        	 	
                4.12

              	
                Primary
                  Policy

              

      

      
        	 	
                4.13

              	
                Investor-Paid
                  Coverage

              

      

      
        	 	
                4.14

              	
                Non-Eligible
                  Loans

              

      

       

      
        	
                5

              	
                Conditions
                  Precedent to Payment of
                  Claim

              

      

       

      
        	 	
                5.1

              	
                Maintenance
                  of Primary Policy

              

      

      
        	 	
                5.2

              	
                Notice
                  of Default

              

      

      
        	 	
                5.3

              	
                Monthly
                  Reports

              

      

      
        	 	
                5.4

              	
                Company’s
                  Option to Accelerate Filing of a
                  Claim

              

      

      
        	 	
                5.5

              	
                Voluntary
                  Conveyance

              

      

      
        	 	
                5.6

              	
                Appropriate
                  Proceedings

              

      

      
        	 	
                5.7

              	
                Mitigation
                  of Damages

              

      

      
        	 	
                5.8

              	
                Advances

              

      

      
        	 	
                5.9

              	
                Claim
                  Information and Other
                  Requirements

              

      

      
        	 	
                5.10

              	
                Acquisition
                  of Good and Merchantable Title Not
                  Required

              

      

      
        	 	
                5.11

              	
                Procedures
                  for the Company’s Approval of a Sale of the Property by the
                  Insured

              

      

      
        	 	
                5.12

              	
                Foreclosure
                  Bidding Instructions Given by the
                  Company

              

      

       

      
        	
                6

              	
                Loss
                  Payment Procedure

              

      

       

      
        	 	
                6.1

              	
                Filing
                  of Claim

              

      

      
        	 	
                6.2

              	
                Calculation
                  of Claim Amount

              

      

      
        	 	
                6.3

              	
                Payment
                  of Loss; Company’s Options

              

      

      
        	 	
                6.4

              	
                Calculation
                  of Settlement Period

              

      

      
        	 	
                6.5

              	
                Payment
                  by the Company After the Settlement
                  Period

              

      

      
        	 	
                6.6

              	
                Deductible
                  Losses

              

      

       

      
        	
                7

              	
                Additional
                  Conditions

              

      

       

      
        	 	
                7.1

              	
                Proceedings
                  of Eminent Domain

              

      

      
        	 	
                7.2

              	
                Pursuit
                  of Deficiencies

              

      

      
        	 	
                7.3

              	
                Subrogation

              

      

      
        	 	
                7.4

              	
                Policy
                  for Exclusive Benefit of the
                  Insured

              

      

      
        	 	
                7.5

              	
                Effect
                  of Borrower Insolvency or Bankruptcy on Principal
                  Balance

              

      

      
        	 	
                7.6

              	
                Arbitration
                  of Disputes, Suits and Actions Brought by the
                  Insured

              

      

      
        	 	
                7.7

              	
                Release
                  of Borrower; Defenses of
                  Borrower

              

      

      
        	 	
                7.8

              	
                Amendments;
                  No Waiver; Rights and Remedies; Use of Term
                  “Including” 

              

      

      
        	 	
                7.9

              	
                No
                  Agency

              

      

      
        	 	
                7.10

              	
                Successors
                  and Assigns

              

      

      
        	 	
                7.11

              	
                Applicable
                  Law and Conformity to Law

              

      

      
        	 	
                7.12

              	
                Notice

              

      

      
        	 	
                7.13

              	
                Reports
                  and Examinations

              

      

      
        	 	
                7.14

              	
                Electronic
                  Media

              

      

      
        	 	
                7.15

              	
                Reporting
                  of Loan Balances, Prepayments and
                  Assumptions

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Terms
        and Conditions

       

      
        	
                1

              	
                Definitions

              

      

       

      
        	 	
                1.1

              	
                Aggregate
                  Loss means,
                  at any given time, the total of (a) all Losses, including advance
                  payments
                  of Loss and partial payments of Loss with respect to a Default
                  paid by the
                  Company and (b) the Deductible Loss charged to the Deductible Amount
                  under
                  this Policy, reduced by (1) the net proceeds received by the Company
                  upon
                  disposal of all Loans (if the Loan is acquired by the Company in
                  settlement of a Claim) and Properties, and also reduced by (2)
                  any other
                  net recoveries made in its sole discretion by the Company, including
                  recoveries made by exercise of subrogation rights, with respect
                  to any
                  Loan or the related Property or Borrower. For purposes hereof,
                  the term
                  “net proceeds” shall consist of the sale price received by the Company,
                  reduced by any expenses, payments or costs incurred by the Company
                  in the
                  ownership, maintenance and disposition of a Loan or a Property,
                  including
                  all expenses of the type which would have been includable in a
                  Claim for
                  Loss, interest paid by the Company on borrowings for the acquisition
                  and
                  ownership of the Loan or the Property (not to exceed the interest
                  payable
                  at the interest rate due on the Loan which would have been includable
                  in
                  the Claim), brokerage commissions, title insurance expenses, recording
                  fees, and other costs and expenses of closing the sale of the Loan
                  or the
                  Property; and expenses regarding the physical condition of the
                  Property in
                  order to make it ready for
                  sale.

              

      

       

      

        
          	 	
                  1.2

                	
                  Aggregate
                    Loss Limit
                    means the Total Initial Principal Balance multiplied by the Aggregate
                    Loss
                    Percentage or such other amount set forth on the face of this
                    Policy, as
                    may be adjusted under Section 2.3, and represents the maximum
                    aggregate
                    amount of Aggregate Loss under this Policy. When the Aggregate
                    Loss under
                    this Policy is an amount equal to the Aggregate Loss Limit, the
                    liability
                    of the Company to pay any additional Losses ceases until the
                    Aggregate
                    Loss is reduced below the Aggregate Loss
                    Limit.

                

        

         

        
          	 	
                  1.3

                	
                  Aggregate
                    Loss Percentage
                    means that percentage identified on the face of this
                    Policy.

                

        

         

        
          	 	
                  1.4

                	
                  Application
                    means all documents, materials, statements, representations,
                    warranties, data and other information, irrespective of the Person
                    or
                    Persons who prepared same, submitted to the Company by or on
                    behalf of the
                    Insured in connection with the Insured’s request for insurance under this
                    Policy.

                

        

         

        
          	 	
                  1.5

                	
                  Appropriate
                    Proceedings
                    means any legal or administrative action by the Insured affecting
                    either a Loan or title to a Property,
                    including:

                

        

         

        
          	 	
                  a.

                	
                  Preserving
                    a deficiency recovery by making a bid at the foreclosure sale
                    and pursuing
                    a deficiency judgment until the end of the Settlement Period,
                    where
                    appropriate and permissible and where directed by the Company;
                    or

                

        

         

        
          	 	
                  b.

                	
                  Enforcing
                    the terms of the Loan as allowed by the laws where the Property
                    is
                    located; or

                

        

         

        
          	 	
                  c.

                	
                  Acquiring
                    Good and Merchantable Title to the Property, as may be required
                    under this
                    Policy, but excluding such title as may be acquired by a voluntary
                    conveyance from the Borrower; or

                

        

         

        
          	 	
                  d.

                	
                  Asserting
                    the Insured’s interest in the Property in a Borrower’s
                    bankruptcy.

                

        

         

        
          	 	
                  1.6

                	
                  Approval
                    of Coverage
                    means the document issued by the Company evidencing the Company’s
                    approval of a Loan for insurance under this Policy, subject to
                    the terms
                    and conditions contained in the form of such approval and in
                    this Policy,
                    including a list of loans to which coverage has been extended
                    under this
                    Policy, and which is attached to the Approval of
                    Coverage.

                

        

         

        
          	 	
                  1.7

                	
                  Approved
                    Sale
                    means

                

        

         

        
          	 	
                  a.

                	
                  A
                    sale of a Property because of a Default (whether such sale is
                    before or
                    after foreclosure) to which the Company has given prior approval;
                    or

                

        

         

        
          	 	
                  b.

                	
                  A
                    foreclosure sale of the Property to a Person other than the Insured
                    at a
                    price exceeding the amount approved by the Company under Section
                    5.12(b),
                    or if no amount is approved, the amount as defined in Section
                    5.12(a);
                    or

                

        

         

        
          	 	
                  c.

                	
                  Acquisition
                    of a Property by someone other than the Insured by exercise of
                    rights of
                    redemption, if the Insured has complied with Section 5.12;
                    or

                

        

         

        
          	 	
                  d.

                	
                  Acquisition
                    of a Property or Loan pursuant to a Primary
                    Policy.

                

        

         

        
          	 	
                  1.8

                	
                  Borrower
                    means any Person legally obligated to repay the debt obligation
                    created by
                    a Loan, including any co-signer or guarantor of the
                    Loan.

                

        

         

        
          	 	
                  1.9

                	
                  Certificate
                    Number
                    means the identification number issued by the Company for a Loan
                    to which
                    coverage is extended as shown on the Approval of Coverage for
                    such
                    Loan.

                

        

         

        
          	 	
                  1.10

                	
                  Claim
                    means the timely filed written request, made on a form or in
                    a format
                    provided or approved by the Company, to receive the benefits
                    of this
                    Policy.

                

        

         

        
          	 	
                  1.11

                	
                  Claim
                    Amount
                    means the amount calculated in accordance with Section 6.2 of
                    this
                    Policy.

                

        

         

        
          	 	
                  1.12

                	
                  Deductible
                    Amount
                    means the Total Initial Principal Balance multiplied by the Deductible
                    Loss Percentage or such other amount set forth on the face of
                    this Policy,
                    and represents the maximum aggregate amount of Deductible Losses
                    under
                    this Policy.

                

        

         

        
          	 	
                  1.13

                	
                  Deductible
                    Loss
                    means the amount charged to the Deductible Amount as set forth
                    in Section
                    6.6.

                

        

         

        
          	 	
                  1.14

                	
                  Deductible
                    Loss Percentage
                    means that percentage identified on the face of this
                    Policy.

                

        

         

        
          	 	
                  1.15

                	
                  Default
                    means the failure by a Borrower (a) to pay when due an amount
                    equal to or
                    greater than one (1) monthly regular periodic payment due under
                    the terms
                    of a Loan or (b) to pay all amounts due on acceleration of the
                    Loan by the
                    Insured after breach by the Borrower of a due-on-sale provision
                    in the
                    Loan, granting the Insured the right to accelerate the Loan upon
                    transfer
                    of title to, or an interest in, the Property and to institute
                    Appropriate
                    Proceedings. Violation by the Borrower of any other term or condition
                    of
                    the Loan which is a basis for Appropriate Proceedings shall not
                    be
                    considered to be a Default.

                

        

         

        A
          Loan is
          deemed to be in Default for that month as of the close of business on the
          installment due date for which a scheduled monthly payment has not been
          made or
          as of the close of business on the due date stated in the notice of acceleration
          given pursuant to the due-on-sale provision in the Loan. The Loan will
          be
          considered to remain in Default until filing of a Claim so long as such
          periodic
          payment has not been made or such basis for Appropriate Proceedings remains.
          For
          example, a Loan is “four (4) months in Default” if the monthly installments due
          on January 1 through April 1 remain unpaid as of the close of business
          on April
          1 or if a basis for acceleration and Appropriate Proceedings exists for
          a
          continuous period of four months.

         

        
          	 	
                  1.16

                	
                  Eligibility
                    Criteria
                    means the requirements established by the Company for the insurability
                    of
                    a Loan under this Policy and of which the Company has notified
                    the Insured
                    prior to issuance of the Policy.

                

        

         

        
          	 	
                  1.17

                	
                  Environmental
                    Condition
                    means the presence of environmental contamination, including
                    nuclear
                    reaction or radioactive waste, toxic waste, or poisoning, contamination
                    or
                    pollution of earth or water subjacent to the Property or of the
                    atmosphere
                    above the Property; or the presence, on or under a Property,
                    of any
                    “Hazardous Substance” as that term is defined by the federal Comprehensive
                    Environmental Response, Compensation, and Liability Act (42 U.S.C.
                    Sec.
                    9601, et. seq., as amended from time to time) or as defined by
                    any similar
                    state law, or of any “Hazardous Waste” or “Regulated Substance” as those
                    terms are defined by the federal Resource Conservation and Recovery
                    Act
                    (42 U.S.C. Sec. 6901, et. seq., as amended from time to time)
                    or as
                    defined by any similar state law. Environmental Condition does
                    not mean
                    the presence of radon, lead paint, or
                    asbestos.

                

        

         

        
          	 	
                  1.18

                	
                  Good
                    and Merchantable Title
                    means title to a Property free and clear of all liens, encumbrances,
                    covenants, conditions, restrictions, easements and rights of
                    redemption,
                    except for any of the following or as permitted in writing by
                    the
                    Company:

                

        

         

        
          	 	
                  a.

                	
                  Any
                    lien established by public bond, assessment or tax, when no installment,
                    call or payment of or under such bond, assessment or tax is
                    delinquent;

                

        

         

        
          	 	
                  b.

                	
                  Any
                    municipal and zoning ordinances and exceptions to title waived
                    by the
                    regulations of federal mortgage insurers and guarantors with
                    respect to
                    mortgages on one-to-four family residences in effect on the date
                    on which
                    the Loan was closed and all documents were executed;
                    and

                

        

         

        
          	 	
                  c.

                	
                  Any
                    other impediments which will not have a materially adverse effect
                    on
                    either the transferability of the Property or the sale thereof
                    to a bona
                    fide purchaser.

                

        

         

        Good
          and
          Merchantable Title will not exist if (i) there is any lien pursuant to
          the
          Comprehensive Environmental Response, Compensation, and Liability Act,
          or
          similar federal or state law, as in effect from time to time, providing
          for
          liens in connection with the removal and clean-up of environmental conditions,
          or if notice has been given of commencement of proceedings which could
          result in
          such a lien, or (ii) there are limitations on ingress and egress to the
          Property
          or on use of utilities. Any action or proceeding after a foreclosure sale
          relating to establishing a deficiency judgment will not be considered in
          determining whether the Insured has acquired Good and Merchantable
          Title.

         

        
          	 	
                  1.19

                	
                  Initial
                    Principal Balance
                    means the unpaid principal balance of a Loan at the Loan Effective
                    Date.

                

        

         

        
          	 	
                  1.20

                	
                  Insured
                    means:

                

        

         

        
          	 	
                  a.

                	
                  The
                    Person designated on the face of this Policy;
                    or

                

        

         

        
          	 	
                  b.

                	
                  Any
                    Person (1) to whom this Policy and coverage of all (but not fewer
                    than
                    all) Loans under this Policy has been assigned and (2) of whom
                    the Company
                    has been notified.

                

        

         

        Any
          Person becoming the Insured under this Policy shall be subject to all of
          the
          terms and conditions of this Policy to the same extent as any previous
          Insured
          hereunder including, without regard to the extent of the knowledge or
          responsibility of such Person, with respect to matters occurring before
          such
          Person became an Insured.

         

        
          	 	
                  1.21

                	
                  Loan
                    means any note, bond, or other evidence of indebtedness secured
                    by a
                    mortgage, deed of trust, or other similar instrument, which constitutes
                    or
                    is equivalent to a first lien or charge on a Property and which
                    the
                    Company has approved for insurance, which secures or is represented
                    by the
                    Security, to which coverage under this Policy has been extended,
                    and which
                    must be included on the Approval of
                    Coverage.

                

        

         

        
          	 	
                  1.22

                	
                  Loan
                    Effective Date
                    means the date a Loan first becomes insured under this Policy,
                    as
                    determined by the Company and as set forth on the Approval of
                    Coverage.

                

        

         

        
          	 	
                  1.23

                	
                  Loan
                    File
                    means, with respect to a Loan, copies of all documents (including
                    all data
                    and information in electronic format) created or received in
                    connection
                    with the origination and closing of the Loan, including the Borrower’s
                    loan application, purchase contract, appraisal, credit report,
                    verifications of employment, income and deposit, and HUD-1 or
                    other
                    settlement statement.

                

        

         

        
          	 	
                  1.24

                	
                  Loss
                    means the liability of the Company with respect to a Loan for
                    payment of a
                    Perfected Claim which is calculated in accordance with Section
                    6.3, but
                    subject to the Deductible Amount and the Aggregate Loss Limit.
                    A Loss will
                    be deemed to have occurred when a Default on a Loan occurs, even
                    though
                    the amount of Loss is not then either presently ascertainable
                    or due and
                    payable.

                

        

         

        
          	 	
                  1.25

                	
                  Perfected
                    Claim
                    means a Claim received by the Company which contains all information
                    or
                    proof required by the Company and for which all requirements
                    of this
                    Policy applicable to payment of a Claim are
                    satisfied.

                

        

         

        
          	 	
                  1.26

                	
                  Person
                    means any individual, corporation, partnership, association or
                    other
                    entity.

                

        

         

        
          	 	
                  1.27

                	
                  Physical
                    Damage
                    means any tangible injury to a Property, whether caused by accident,
                    natural occurrence, or any other reason, including damage caused
                    by
                    defects in construction, land subsidence, earth movement or slippage,
                    fire, flood, earthquake, riot, vandalism or any Environmental
                    Condition.

                

        

         

        
          	 	
                  1.28

                	
                  Policy
                    means this contract of insurance and all Applications, Approvals
                    of
                    Coverage, and Endorsements which are incorporated in this Policy,
                    related
                    to Loans insured under this Policy.

                

        

         

        
          	 	
                  1.29

                	
                  Pooling
                    and Servicing Agreement
                    means the document that sets forth the processes, procedures,
                    and
                    standards for servicing the Loans in effect with respect to the
                    Security
                    as of the Effective Date of this Policy, which may incorporate
                    standards
                    of the Servicer with respect to such servicing; provided, however,
                    that
                    such document and standards of the Servicer may be amended thereafter
                    with
                    respect to such servicing only with the approval of the
                    Company.

                

        

         

        
          	 	
                  1.30

                	
                  Possession
                    of the Property
                    means, if the Company elects to acquire the Property, physical
                    and
                    undisputed occupancy and control of the Property at the time
                    of
                    acquisition.

                

        

         

        
          	 	
                  1.31

                	
                  Primary
                    Policy
                    means a policy, deemed acceptable to the Company, issued by a
                    mortgage
                    guaranty insurance company or government agency or instrumentality,
                    approved by the Company, providing the coverage shown on the
                    face of this
                    Policy and defined by Section 5.1. A policy shall be deemed acceptable
                    to
                    the Company if it has been approved as the standard form of policy
                    for
                    insuring an individual mortgage loan sold to the Federal Home
                    Loan
                    Mortgage Corporation or the Federal National Mortgage
                    Association.

                

        

         

        
          	 	
                  1.32

                	
                  Property
                    means a Residential real property and all improvements thereon
                    which
                    secure a Loan, together with all easements and appurtenances,
                    all rights
                    of access, all rights to use common areas, recreational and other
                    facilities, and all of their replacements or
                    additions.

                

        

         

        
          	 	
                  1.33

                	
                  Qualified
                    means the Company is duly qualified under applicable state laws
                    as a
                    mortgage guaranty insurance company, duly authorized to write
                    the
                    insurance provided by this Policy, and is approved as an insurer
                    and has a
                    financial strength rating of not lower than “Baa3” from Moody’s, “BBB”
                    from S&P and “BBB” from Fitch (if rated by the respective rating
                    agency).

                

        

         

        
          	 	
                  1.34

                	
                  Residential
                    means a type of building or a portion thereof which is designed
                    for
                    occupancy by not more than four (4) families, or a single-family
                    condominium, or a unit in a planned unit
                    development.

                

        

         

        
          	 	
                  1.35

                	
                  Security
                    means the bond, certificate or other security instrument, or
                    pool or group
                    of loans, designated or referred to on the face of this
                    Policy.

                

        

         

        
          	 	
                  1.36

                	
                  Servicer
                    means that Person acting on behalf of the Insured of a Loan (or
                    on behalf
                    of the Insured’s designee, if any) to service the Loan. The Servicer acts
                    as a representative of the Insured of the Loan (and the Insured’s
                    designee, if any) and will bind the Insured and its designee
                    for all
                    purposes of this Policy, including providing information to the
                    Company,
                    receiving any notices, paying premiums, accepting Loss payments,
                    and
                    performing any other acts under this Policy. For purposes of
                    this Policy,
                    the term “Servicer” shall include the master servicer for a Loan of whom
                    the Company has been notified, as well as any servicer acting
                    on behalf of
                    the master servicer of whom the Company has been notified. References
                    in
                    this Policy to a Servicer’s obligations will not be construed as relieving
                    the Insured or its designee of responsibility for the Servicer’s
                    performance.

                

        

         

        
          	 	
                  1.37

                	
                  Settlement
                    Period
                    means the thirty (30) day period as determined under Section
                    6.4, at the
                    end of which a Loss is payable by the Company; provided that
                    if the
                    Company pays a Loss prior to expiration of such thirty (30) day
                    period,
                    the Settlement Period ends with such
                    payment.

                

        

         

        
          	 	
                  1.38

                	
                  Total
                    Initial Principal Balance
                    means the sum of the Initial Principal Balances of all the Loans
                    insured
                    under this Policy.

                

        

         

        
          	 	
                  1.39

                	
                  Value
                    means the lesser of the sales price of a Property (only applicable
                    in the
                    case of a Loan to finance the purchase of such Property) or appraised
                    value of the Property as set forth by the Company in the Approval
                    of
                    Coverage.

                

        

         

        As
          used
          herein, the masculine, feminine and neuter gender and the singular and
          plural
          number shall each equally include the other, as the context shall
          require.

         

        
          	
                  2

                	
                  Obtaining
                    Coverage and Payment of
                    Premiums

                

        

         

        
          	 	
                  2.1

                	
                  Loan
                    Underwriting and Obtaining Coverage
                    - This Policy shall automatically extend to each Loan
                    which is
                    submitted for coverage under this Policy, provided that the Loan
                    is (a)
                    made in accordance with the terms and provisions of this Policy,
                    including
                    the Eligibility Criteria, (b) included on an Approval of Coverage,
                    and (c)
                    included in the Security. In order to obtain coverage under this
                    Policy
                    for a Loan, the Insured or the Person acting on its behalf must
                    submit a
                    duly completed Application to the Company which must be acceptable
                    to the
                    Company. If all applicable requirements are satisfied, extension
                    of
                    coverage to a Loan under this Policy shall be evidenced by inclusion
                    on
                    the Approval of Coverage and assignment of a Certificate Number
                    to the
                    Loan.

                

        

         

        
          	 	
                  2.2

                	
                  Representations
                    of the Insured
                    - The Insured represents to the Company
                    that:

                

        

         

        
          	 	
                  a.

                	
                  all
                    statements made and information provided to the Company in an
                    Application
                    (including as such is related to continuation of coverage upon
                    assumption
                    of a Loan) are supported by statements and information in the
                    Loan File;
                    and

                

        

         

        
          	 	
                  b.

                	
                  such
                    statements and information are not false or misleading in any
                    material
                    respect as of the date(s) on which they are made or provided
                    and do not
                    omit any fact necessary in order to make such statements and
                    information
                    not false or misleading in any material respect as of such date(s);
                    and

                

        

         

        
          	 	
                  c.

                	
                  The
                    Loan complies with the Eligibility Criteria in effect at the
                    time the
                    Application is submitted to the Company.

                

        

         

        The
          foregoing representations will apply to all statements and information
          in the
          Application, Approval of Coverage or Loan File, whether made or submitted
          by the
          Insured, the Borrower or any other Person, and will be deemed to have been
          made
          and provided for and on behalf of the Insured. The foregoing representations
          shall be effective whether or not they are made by the Insured or other
          Person
          with the intent to deceive or mislead, or with the knowledge that they
          are not
          true and correct.

         

        It
          is
          understood and agreed that such statements and information in the aggregate
          are,
          and in certain instances individually may be, material to the Company’s decision
          to offer, provide or so continue coverage of the related Loan; the Company
          issues the related Approval of Coverage or continues coverage in reliance
          on the
          accuracy and completeness of such statements and information and without
          any
          obligation to independently verify the statements and information submitted
          to
          it; and the Company’s reliance on the representations in Section 2.2(a) and (b)
          above survive the issuance of an Approval of Coverage or such continuation
          of
          coverage.

         

        The
          foregoing representations shall be effective whether or not they are made
          by the
          Insured or other Person with the intent to deceive or mislead, or with
          the
          knowledge that they are not true and correct.

         

        
          	 	
                  2.3

                	
                  Company’s
                    Remedies for Misrepresentation
                    - If any of the Insured’s misrepresentations made with respect to
                    such Loan as described in Section 2.2 are materially false or
                    misleading
                    with respect to a Loan, the Company will have, at its option,
                    the right to
                    defend against a Claim, or to the extent permitted by applicable
                    law, to
                    cancel, reduce or rescind coverage of such Loan under this Policy
                    retroactively to commencement of coverage (or if the misrepresentation
                    occurs with respect to continuation of coverage upon assumption
                    of a Loan,
                    to so defend, cancel, reduce or rescind retroactively to the
                    date of such
                    continuation). In the case of such cancellation or rescission,
                    the Company
                    shall return at that time all paid premiums applicable to such
                    Loan
                    retroactively to such applicable date. In the case of rescission
                    of
                    coverage retroactively to the Loan Effective Date, the Aggregate
                    Loss
                    Limit and the Deductible Amount shall be adjusted as if such
                    Loan had not
                    been insured.

                

        

         

        
          	 	
                  2.4

                	
                  Premiums
                    and Term of Coverage

                

        

         

        
          	 	
                  a.

                	
                  Within
                    fifteen (15) days from the Policy Effective Date, or such other
                    date as
                    the Company and the Insured may agree to in writing, the Insured
                    must
                    forward to the Company the appropriate initial premium. Payment
                    of the
                    applicable first premium shall be a condition precedent to coverage
                    being
                    initially extended to the Loan. Coverage shall remain in effect
                    for the
                    period covered by the applicable first premium. Tender of the
                    first
                    premium for a Loan will constitute a representation for purposes
                    of
                    Section 2.2 by the Insured that any special conditions included
                    by the
                    Company in the related Approval of Coverage have been satisfied
                    and that
                    no payment which is then due under the Loan is more than thirty
                    (30) days
                    past due.

                

        

         

        
          	 	
                  b.

                	
                  The
                    Company will not rescind or cancel coverage, or deny or adjust
                    a Claim for
                    Loss, with respect to a Loan on the basis of a failure to satisfy
                    such
                    special condition (other than a special condition relating to
                    completion
                    of construction, as described in Section 4.3 or to rehabilitation
                    or
                    repairs) if the Borrower has made twenty-four (24) consecutive
                    full
                    installment payments of principal, interest and impound or escrow
                    amounts
                    as called for by the Loan from the Borrower’s own funds. A payment will be
                    considered to be “consecutive” only if it is made prior to the date the
                    next scheduled installment becomes due. The “Borrower’s own funds” will
                    include any funds used by the Borrower for the purpose of making
                    installment payments, but will not include funds provided directly
                    or
                    indirectly by any Person (other than the Borrower) who is or
                    was a party
                    to the Loan or the related Property transaction, unless expressly
                    set
                    forth in the Application.

                

        

         

        
          	 	
                  2.5

                	
                  Termination
                    for Nonpayment of Premium

                

        

         

        The
          Insured is obligated to continue coverage in effect and pay any premium
          which is
          due, as required by Section 2.7 of this Policy. The entire premium for
          all Loans
          must be paid within the grace period for payment specified on the face
          of this
          Policy. Such premium shall be computed on the basis of the aggregate applicable
          principal balance of all Loans, and irrespective of whether a Loan is in
          Default
          or whether Good and Merchantable Title for a Loan has been acquired by
          the
          Insured. Upon payment of the entire premium for all Loans within such grace
          period, this Policy will be in effect for the applicable period of coverage
          and
          a Default on a Loan occurring within said grace period which is not cured,
          and
          which results in a Claim being filed, will be covered.

         

        If
          the
          entire premium for all Loans is not paid within the grace period, the coverage
          of the Policy and the Company’s liability as to all Loans will terminate
          effective as of 12:01 a.m. on the first day following the date through
          which the
          applicable premium has been paid and as a result, any existing or future
          Defaults on any of the Loans will not be covered under this Policy.

         

        
          	 	
                  2.6

                	
                  Payment
                    of Premiums

                

        

         

        At
          the
          request of the Company, the Insured shall provide the information and
          documentation upon which all premium calculations are based; if the Insured
          fails to provide the information and documentation requested by the Company,
          the
          Company shall calculate the applicable premium based on the information
          used for
          the most recent prior premium calculation, with the Company’s only refund
          obligation being to refund any excess premium, without interest thereon,
          upon
          the Insured providing such information (but only if provided within twelve
          (12)
          months after the premium due date) as may be necessary to compute the correct
          premium as of its due date and without the Insured being relieved of its
          obligation to pay any further premium if the premium so calculated was
          less than
          the correct premium due. Except as expressly provided in this Policy, there
          shall be no refund of premium under this Policy. If the Aggregate Losses
          paid by
          the Company under this Policy equal the Aggregate Loss Limit, then the
          total
          premium due under this Policy is due and shall remain due; provided, however,
          that the premium shall continue to be calculated and paid in the manner
          specified on the face of this Policy. The Company shall have a right of
          offset
          for any such unpaid premium against any payment of a Loss on any
          Loan.

         

        The
          Insured acknowledges that the Company deposits premium checks immediately
          upon
          receipt and agrees that the receipt and deposit of a premium check by the
          Company after the time specified in this Policy for receipt, does not constitute
          a waiver of the requirements of this Policy for timely receipt or an acceptance
          of premium by the Company. The Company will have the right to return such
          late
          premium payment as applicable to a Loan, but only within sixty (60) days
          after
          receipt, in which case coverage will be canceled retroactively to the applicable
          Loan Effective Date for a late initial premium, or to the last day of the
          period
          covered by the previous premium payment for subsequent premium payment
          which
          becomes due. Receipt, deposit and retention of a premium check will not
          constitute a waiver of any defenses with respect to any other matters which
          the
          Company may have under this Policy.

         

        
          	 	
                  2.7

                	
                  Continuation
                    or Cancellation by the Insured of Coverage of a
                    Loan

                

        

         

        Subject
          to payment of the applicable premiums with respect to the Loans insured
          under
          this Policy, coverage of a Loan shall continue until, and automatically
          cease
          upon, the first to occur of the following events:

         

        
          	 	
                  a.

                	
                  The
                    Loan is paid in full; or

                

        

         

        
          	 	
                  b.

                	
                  The
                    Loan no longer secures or no longer is represented by the Security;
                    or

                

        

         

        
          	 	
                  c.

                	
                  The
                    Company pays the Insured the Loss with respect to the Loan;
                    or

                

        

         

        
          	 	
                  d.

                	
                  A
                    Deductible Loss is charged to the Deductible Amount with respect
                    to the
                    Loan; or

                

        

         

        
          	 	
                  e.

                	
                  The
                    Insured cancels the Policy pursuant to Section 2.8;
                    or

                

        

         

        
          	 	
                  f.

                	
                  The
                    Policy is cancelled pursuant to Section
                    2.9.

                

        

         

        Except
          as
          a result of cancellation pursuant to Section 2.8, the Insured may not cancel
          coverage of a Loan.

         

        In
          the
          event coverage does not continue and ceases for any of the foregoing reasons,
          the Company shall have no liability for any Default existing at the time
          coverage is discontinued or ceases, other than Defaults on Loans for which
          a
          Claim had been filed in accordance with Section 6.1 of this Policy prior
          to the
          date of termination of coverage, and the Company shall have no liability
          for any
          Claims arising out of any future Default. Notwithstanding coverage of such
          existing Default, the provisions of Section 3.5 shall continue to apply
          and
          limit assignment of coverage of a Loan. 

         

        Except
          as
          provided in Section 2.8, there shall be no refund of premium on cancellation
          by
          the Insured of coverage of a Loan or if coverage of a Loan is not
          continued.

         

        
          	 	
                  2.8

                	
                  Cancellation
                    of Policy by the Insured
                    - The Insured may cancel this Policy upon thirty (30)
                    days
                    written notice thereof to the Company if the Company shall cease
                    to be
                    Qualified. The Company shall use diligent efforts to remain Qualified.
                    There shall be no other right of cancellation of this Policy
                    by the
                    Insured. There shall be no refund of premium on cancellation
                    of this
                    Policy by the Insured.

                

        

         

        
          	 	
                  2.9

                	
                  Cancellation
                    of Policy and Coverage of Loans Upon Termination of
                    

                

        

         

        Security
          - Except as otherwise specified below, in the event that

         

        
          	 	
                  a.

                	
                  the
                    bonds, certificates or other security instruments designated
                    or referred
                    to in this Policy as the Security are redeemed, paid in full,
                    cancelled or
                    otherwise terminated, or the trust created in connection with
                    the issuance
                    of the Security is terminated for any reason (individually, a
                    “Redemption”), or

                

        

         

        
          	 	
                  b.

                	
                  there
                    are no longer any Loans that are security for, or represented
                    by, the
                    Security,

                

        

         

        this
          Policy and the coverage of all Loans under this Policy shall automatically
          be
          terminated without further action being required by either the Insured
          or the
          Company, and the Company shall have no liability for any Default existing
          at the
          time of cancellation, other than Defaults on Loans for which a Claim had
          been
          filed in accordance with Section 6.1 of this Policy prior to the date of
          termination of coverage.

         

        The
          Insured shall notify the Company within thirty (30) days after the occurrence
          of
          either (a) or (b) above. The provisions of this Section 2.9 shall control,
          notwithstanding the right of the Insured to cancel coverage on some or
          all of
          the Loans and the exercise of such right by the Insured. No refund will
          be paid
          upon cancellation of this Policy and coverage of Loans under this Section
          2.9.

         

        
          	 	
                  2.10

                	
                  Post
                    Underwriting Review and Copies of Loan Files
                    - The Company or representatives designated by it will
                    have the
                    right, from time to time, upon thirty (30) days advance notice
                    to the
                    Insured, to conduct a post underwriting review (including inspection)
                    of
                    the Loan Files and other information, papers, files, documents,
                    books,
                    records, agreements, and electronically stored data prepared
                    or maintained
                    by or in the possession or under the control of the Insured pertaining
                    to
                    or in connection with Loans insured under this Policy. The Company
                    will
                    have the right to conduct the review on the Insured’s premises during
                    normal business hours. The Insured must cooperate fully with
                    the review.
                    In addition, either in connection with such review or separately,
                    the
                    Company will have the right upon thirty (30) days prior written
                    notice to
                    obtain from the Insured a copy of the Loan File for any Loan
                    insured under
                    this Policy.

                

        

         

        
          	
                  3

                	
                  Changes
                    in Various Loan Terms and Servicing, Co-ordination and Duplication
                    of
                    Insurance Benefits

                

        

         

        
          	 	
                  3.1

                	
                  Loan
                    Modifications
                    - Unless advance written approval is provided by, or
                    obtained
                    from, the Company, the Insured may not make any change in the
                    terms of a
                    Loan, including the borrowed amount, interest rate, term or amortization
                    schedule of the Loan, except as such change is permitted by terms
                    of the
                    Loan without the approval of the Insured; nor make any change
                    in the
                    Property or other collateral securing the Loan; nor release the
                    Borrower
                    from liability on a Loan.

                

        

         

        
          	 	
                  3.2

                	
                  Open
                    End Provisions
                    - The Insured may increase the principal balance of a
                    Loan,
                    provided that the written approval of the Company has been obtained.
                    The
                    Insured will pay the Company the additional premium due at the
                    then
                    prevailing premium rate.

                

        

         

        
          	 	
                  3.3

                	
                  Assumption
                    - If a Loan is assumed with the Insured’s approval, the Company’s
                    liability for coverage under this Policy will terminate as of
                    the date of
                    such assumption, unless the Company approves the assumption in
                    writing.
                    The Company will not unreasonably withhold approval of an assumption.
                    It
                    is understood that coverage will continue, and that the restriction
                    of
                    this Section 3.3 will not apply, if under the Loan or applicable
                    law the
                    Insured cannot exercise a “due-on-sale” clause or is obligated to consent
                    to such assumption under the Loan or applicable
                    law.

                

        

         

        
          	 	
                  3.4

                	
                  Change
                    of Servicing
                    - If the servicing rights for a Loan are sold, assigned
                    or
                    transferred, coverage of the Loan hereunder will continue provided
                    that
                    written notice of the new Servicer is given to the Company and
                    the new
                    Servicer is approved in writing by the Company, and subject,
                    nevertheless,
                    to all of the terms and conditions hereof and to all defenses
                    which the
                    Company may have had prior to any such sale, assignment or transfer.
                    The
                    Company shall be automatically deemed to have approved as a Servicer
                    any
                    person to whom the Company has issued a master policy, which
                    has not been
                    canceled, providing for residential mortgage guaranty
                    insurance.

                

        

         

        
          	 	
                  3.5

                	
                  Loan
                    Assignment
                    - Unless advance written approval is obtained from the
                    Company
                    (which approval shall be in the sole and absolute discretion
                    of the
                    Company), or this Policy and coverage of all Loans under this
                    Policy are
                    assigned to an Insured as described in Section 1.20, if a Loan
                    is sold,
                    assigned, or transferred by the Insured, the coverage of such
                    Loan under
                    this Policy may not and will not be assigned to such purchaser,
                    assignee,
                    or transferee and coverage of such Loan under this Policy shall
                    automatically terminate upon such purchase, assignment or transfer.
                    If the
                    Company does give such approval, the Company shall thereafter,
                    for all
                    purposes under this Policy, including for purposes of calculating
                    premiums
                    and the Aggregate Loss Limit, disregard such sale, assignment
                    or transfer,
                    and continue to treat the Insured as the only Person with any
                    interest in
                    such Loan and the Insured agrees that it and any such purchaser,
                    assignee,
                    or transferee shall make all such arrangements as between or
                    among
                    themselves as may be appropriate in light of this restriction
                    on the
                    transfer of such coverage.

                

        

         

        
          	 	
                  3.6

                	
                  Co-ordination
                    and Duplication of Insurance Benefits
                    - The coverage under this Policy shall be excess over
                    any Primary
                    Policy and any other insurance which may apply to the Property
                    or to the
                    Loan, regardless of the type of or the effective date of such
                    other
                    coverage.

                

        

         

        
          	
                  4

                	
                  Exclusions
                    From Coverage

                

        

         

        The
          Company will not be liable for, and this Policy will not apply to, extend
          to or
          cover the following:

        

        
          	 	
                  4.1

                	
                  Balloon
                    Payment
                    - Any Claim arising out of or in connection with the
                    failure of
                    the Borrower to make any payment of principal and/or interest
                    due under a
                    Loan, (a) as a result of the Insured exercising its right to
                    call the Loan
                    (other than when the Loan is in Default) or because the term
                    of the Loan
                    is shorter than the amortization period, and (b) which is for
                    an amount
                    more than twice the regular periodic payments of principal and
                    interest
                    that are set forth in the Loan (commonly referred to as a “balloon
                    payment”). This exclusion will not apply if the Insured, the owner of
                    the
                    Loan, or other Person acting on either’s behalf offers the Borrower, in
                    writing, a renewal or extension of the Loan or a new loan which
                    (i)
                    constitutes a first lien, (ii) is at rates and terms generally
                    prevailing
                    in the marketplace (but otherwise subject to Section 3.1), (iii)
                    is in an
                    amount not less than the then outstanding principal balance,
                    (iv) has no
                    decrease in the amortization period, and (v) is offered regardless
                    of
                    whether the Borrower is then qualified under the Insured’s or owner’s
                    underwriting standards. This exclusion also will not apply if
                    the Borrower
                    is notified of the availability of such renewal or extension
                    of the Loan
                    or new loan and does not accept the renewal, extension or new
                    loan.

                

        

         

        
          	 	
                  4.2

                	
                  Effective
                    Date
                    - Any Claim on a Loan resulting from a payment on the
                    Loan being
                    thirty (30) days or more past due as of the Loan Effective
                    Date.

                

        

         

        
          	 	
                  4.3

                	
                  Incomplete
                    Construction
                    - Any Claim when, as of the date of such Claim, construction
                    of a
                    Property is not completed in accordance with the construction
                    plans and
                    specifications upon which the appraisal of the Property at origination
                    of
                    the Loan was based.

                

        

         

        
          	 	
                  4.4

                	
                  Fraud
                    and Misrepresentation
                    - Any Claim not otherwise within the scope of Section
                    2.3 where
                    there was fraud or misrepresentation by the Insured with respect
                    to the
                    Loan, and the fraud or misrepresentation (a) materially contributed
                    to the
                    Default resulting in such Claim; or (b) increased the Loss, except
                    that if
                    the Company can reasonably determine the amount of such increase,
                    such
                    Claim will not be excluded, but the Loss will be reduced to the
                    extent of
                    such amount.

                

        

         

        
          	 	
                  4.5

                	
                  Failure
                    to Meet Servicing Standards
                    - Any Claim resulting from failure to service the Loan
                    in
                    accordance with the servicing standards of the Servicer as set
                    forth in
                    the Pooling and Servicing Agreement with respect to the Loan,
                    which (a)
                    was material to either the acceptance of the risk or the hazard
                    assumed by
                    the Company; (b) materially contributed to the Default resulting
                    in such
                    Claim; or (c) increased the Loss, except that if the Company
                    can
                    reasonably determine the amount of such increase, such Claim
                    will not be
                    excluded, but the Loss will be reduced to the extent of such
                    amount.

                

        

         

        
          	 	
                  4.6

                	
                  Non-Approved
                    Servicer
                    - Any Claim occurring when the Servicer, at time of Default
                    or
                    thereafter, is not approved in writing; provided that this exclusion
                    shall
                    only apply if the Company notifies the Insured if a Servicer
                    is no longer
                    approved and if within ninety (90) days thereafter the Insured
                    does not
                    complete or cause to complete a transfer of servicing to a new
                    Servicer
                    approved by the Company.

                

        

         

        
          	 	
                  4.7

                	
                  Physical
                    Damage (Other than Relating to Pre-Existing Environmental
                    Conditions)
                    - Any Claim where, at any time after the Loan Effective
                    Date,
                    Physical Damage to a Property (other than reasonable wear and
                    tear),
                    occurs or manifests itself subject to the following
                    provisions:

                

        

         

        
          	 	
                  a.

                	
                  This
                    exclusion shall not apply if the Company in good faith determines
                    that the
                    aggregate cost of restoring all such Physical Damage is less
                    than fifteen
                    hundred dollars ($1,500), or such higher amount as the Company
                    may provide
                    from time to time.

                

        

         

        
          	 	
                  b.

                	
                  This
                    exclusion shall not apply if the Insured has restored the Property
                    in a
                    timely and diligent manner to its condition (except reasonable
                    wear and
                    tear) as of the Loan Effective Date. In lieu of requiring restoration
                    of
                    the Property, the Company may, at its option, reduce the Claim
                    Amount by
                    an amount equal to the cost of such
                    restoration.

                

        

         

        
          	 	
                  c.

                	
                  For
                    purposes of this Section 4.7, the Property subject to restoration
                    will
                    consist only of the land, improvements or personal property deemed
                    part of
                    the real property under applicable law; and chattel items affixed
                    to the
                    real property and identified in the appraisal of the Property
                    at the time
                    the Loan was made, whether or not they are deemed part of the
                    real
                    property.

                

        

         

        
          	 	
                  d.

                	
                  Cost
                    estimates relied upon by the Company in connection with this
                    Section 4.7
                    shall be provided in writing by an independent party selected
                    by the
                    Company. The Company will furnish the Insured with any such written
                    cost
                    estimates, if requested by the
                    Insured.

                

        

         

        
          	 	
                  4.8

                	
                  Pre-Existing
                    Environmental Conditions
                    - Any Claim where there is an Environmental Condition
                    which
                    existed on the Property (whether or not known by the Person submitting
                    an
                    Application for coverage of the Loan) as of the Loan Effective
                    Date,
                    subject to the following
                    provisions:

                

        

         

        
          	 	
                  a.

                	
                  This
                    exclusion will not apply if the existence of such Environmental
                    Condition,
                    or the suspected existence of such Environmental Condition, was
                    specifically disclosed to the Company in the Application relating
                    to the
                    Property.

                

        

         

        
          	 	
                  b.

                	
                  This
                    exclusion will apply only if such Environmental Condition (1)
                    was a
                    principal cause of the Default, and (2) has made the principal
                    Residential
                    structure on the Property uninhabitable. A structure will be
                    considered
                    “uninhabitable” if generally recognized standards for residential
                    occupancy are violated or if, in the absence of such standards,
                    a fully
                    informed and reasonable person would conclude that such structure
                    was not
                    safe to live in without fear of injury to health or
                    safety.

                

        

         

        
          	 	
                  c.

                	
                  This
                    exclusion will not apply if the Environmental Condition is removed
                    or
                    remedied in a timely and diligent manner in accordance with applicable
                    governmental standards for safe residential
                    occupancy.

                

        

         

        
          	 	
                  4.9

                	
                  First
                    Lien Status
                    - Any Claim, if the mortgage, deed of trust or other
                    similar
                    instrument executed by the Borrower and insured hereunder did
                    not provide
                    the Insured at origination with a first or equivalent lien on
                    the
                    Property.

                

        

         

        
          	 	
                  4.10

                	
                  Breach
                    of the Insured’s Obligations or Failure to Comply with
                    Terms
                    - Any Claim involving or arising out of any breach by
                    the Insured
                    of its obligations under, or its failure to comply with the terms
                    of, this
                    Policy or of its obligations as imposed by operation of law,
                    if the breach
                    or failure:

                

        

         

        
          	 	
                  a.

                	
                  Materially
                    contributed to the Default resulting in such Claim;
                    or

                

        

         

        
          	 	
                  b.

                	
                  Except
                    for a breach described in Section 2.3, increased the Loss; provided
                    that
                    if the Company can reasonably determine the amount of such increase,
                    such
                    Claim will not be excluded, but the Loss will be reduced to the
                    extent of
                    such amount.

                

        

         

        
          	 	
                  4.11

                	
                  Exclusion
                    Under Primary Policy
                    - Any Claim to the extent the related claim was excluded
                    under
                    any Primary Policy. 

                

        

         

        
          	 	
                  4.12

                	
                  Primary
                    Policy
                    - With respect to any Claim, and subject to Section 5.1,
                    the
                    amount of the full percentage option claim payment which the
                    insurer under
                    any Primary Policy should have paid, but which was not paid,
                    disregarding
                    the reason or cause for the denial or failure of such insurer
                    to pay under
                    such Primary Policy, or whether the Insured fails to obtain a
                    Primary
                    Policy as required by Section 5.1.

                

        

         

        
          	 	
                  4.13

                	
                  Investor-Paid
                    Coverage
                    - With respect to any Loan, if necessary for the Company
                    to be
                    authorized by law to insure such loan, if the Borrower, directly
                    or
                    indirectly pays for such premium, including by an interest rate
                    or other
                    charges which are higher than the interest rate or other charges
                    applicable to mortgage loans which are not similarly
                    insured.

                

        

         

        
          	 	
                  4.14

                	
                  Non-Eligible
                    Loans
                    - Any Loan that did not meet the Eligibility Criteria
                    in effect
                    at the time the related Application was submitted to the
                    Company.

                

        

         

        
          	
                  5

                	
                  Conditions
                    Precedent to Payment of
                    Claim

                

        

         

        It
          is a
          condition precedent to the Company’s obligation to pay a Loss that the Insured
          comply with all of the following requirements:

        

        
          	 	
                  5.1

                	
                  Maintenance
                    of Primary Policy
                    - The Insured is required to maintain a Primary Policy
                    issued by
                    a mortgage guaranty insurance company which is approved by the
                    Company,
                    and which provides coverage against loss resulting from a Borrower’s
                    Default on any Loan that has a ratio of the principal balance
                    of the Loan
                    to the Value of the Property at the time of origination in excess
                    of the
                    percentage set forth on the face of this Policy. The Primary
                    Policy shall,
                    at a minimum, provide coverage on the amount of the Loan in excess
                    of the
                    percentage of the Value or other coverage percentage set forth
                    on the face
                    of this Policy and must remain in force until the outstanding
                    principal
                    balance of the Loan or other coverage percentage is reduced to
                    the
                    percentage of the Value or on such other basis set forth on the
                    face of
                    this Policy. Notwithstanding the foregoing, if a Primary Policy
                    is
                    required but there is no Primary Policy in force, the Company
                    shall accept
                    the Claim and compute the Loss as if such a Primary Policy were
                    in force
                    as provided in Section 6.2; provided, however, that the Company
                    shall not
                    be liable pursuant to this Policy for any portion of such Primary
                    Policy
                    claim.

                

        

         

        It
          is the
          primary responsibility of the Insured to provide appropriate servicing
          and
          mitigation of delinquencies through its Primary Policy, if applicable.
          The
          Insured shall not take, or fail to take, any action which would impair
          its
          rights under a Primary Policy unless it shall first have given prompt written
          notice to the Company of any conflict between the Primary Policy and this
          Policy
          or any circumstance under which its rights under the Primary Policy might
          be
          impaired. The risk of collection of a claim payment under any Primary Policy
          and
          the risk of the insolvency of the issuer of any Primary Policy are risks
          of the
          Insured and are not covered under this Policy.

         

        
          	 	
                  5.2

                	
                  Notice
                    of Default
                    - The Insured must give the Company written
                    notice:

                

        

         

        
          	 	
                  a.

                	
                  Within
                    forty-five (45) days of the Default, if it occurs when the first
                    payment
                    is due under the Loan; or 

                

        

         

        
          	 	
                  b.

                	
                  Within
                    ten (10) days after:

                

        

         

        
          	 	
                  1.

                	
                  The
                    date when the Borrower has become no more than four (4) months
                    in Default
                    on the Loan; or

                

        

         

        
          	 	
                  2.

                	
                  The
                    date when any Appropriate Proceedings which affect the Loan or
                    the
                    Property or the Insured’s or Borrower’s interest therein have been
                    started;

                

        

         

        whichever
          occurs first.

        

        If
          the
          Insured fails to give the notice of Default to the Company within the time
          period specified in this Section 5.2, any additional interest accruing
          or
          advances incurred or accruing during the period of such failure shall not
          be
          includable in the Claim Amount.

         

        
          	 	
                  5.3

                	
                  Monthly
                    Reports
                    - Following a notice of Default on the Loan, the Insured
                    must
                    give the Company monthly reports on forms or in a format acceptable
                    to the
                    Company on the status of the Loan and on the servicing efforts
                    undertaken
                    to remedy the Default. These monthly reports may be furnished
                    less
                    frequently if allowed in writing by the Company, and must continue
                    until
                    the Borrower is no longer in Default, the Appropriate Proceedings
                    terminate, or until the Insured has acquired the
                    Property.

                

        

         

        
          	 	
                  5.4

                	
                  Company’s
                    Option to Accelerate Filing of a Claim
                    - At any time following a notification of Default on
                    a Loan, and
                    before the Insured has obtained Good and Merchantable Title to
                    the
                    Property, the Company, directly or through its assignee (as purchaser
                    of
                    the Loan), shall have the right to purchase the Loan from the
                    Insured,
                    free and clear of all liens, claims or encumbrances, for a purchase
                    price
                    equal to the Loss calculated under Section 6.3(a) of this Policy,
                    (but
                    without deduction for a Primary Policy payment which has not
                    yet become
                    payable) and under the following terms and
                    conditions:

                

        

         

        
          	 	
                  a.

                	
                  Within
                    twenty (20) days after notice to the Insured (or such longer
                    period
                    specified by the purchaser in its notice) that the Company or
                    its assignee
                    has elected to purchase the Loan pursuant hereto, the Insured
                    shall tender
                    and deliver or cause to be delivered to the Purchaser, to be
                    held in
                    escrow by the Purchaser against receipt of the purchase price
                    as set forth
                    herein above within ten (10) days after such tender and delivery
                    of all of
                    the following: 

                

        

         

        
          	 	
                  1.

                	
                  one
                    or more assignments (as shall be necessary or appropriate) to
                    the
                    purchaser, containing customary representations and warranties,
                    duly and
                    properly executed and in recordable form, of all of the Insured’s
                    ownership right, title and interest in and to the Loan and related
                    documents (including private mortgage insurance coverage) and,
                    unless
                    expressly specified as being not subject to assignment or transfer,
                    seller/servicing agreements relating to the
                    Loan;

                

        

         

        
          	 	
                  2.

                	
                  the
                    note, bond or other instrument evidencing the Loan, properly
                    endorsed in
                    blank;

                

        

         

        
          	 	
                  3.

                	
                  an
                    assignment, to the purchaser, of coverage with respect to such
                    Loan under
                    this Policy, subject to all of the terms and conditions contained
                    herein;
                    and

                

        

         

        
          	 	
                  4.

                	
                  any
                    and all documents executed or delivered by or to the Borrower
                    under, or
                    any holder of, such Loan, including the
                    following:

                

        

         

        
          	 	
                  i)

                	
                  originals
                    (or, if publicly recorded, certified copies) of mortgages, deeds
                    of trust
                    or other security instruments or assignments
                    thereof;

                

        

         

        
          	 	
                  ii)

                	
                  originals
                    (or acceptable duplicates) of policies of title insurance or
                    opinions of
                    title and surveys;

                

        

         

        
          	 	
                  iii)

                	
                  originals
                    (or acceptable duplicates) of certificates and/or policies evidencing
                    private mortgage insurance and hazard insurance;
                    and

                

        

         

        
          	 	
                  iv)

                	
                  copies
                    of state and/or federal disclosure and/or consumer credit
                    documents.

                

        

         

        
          	 	
                  b.

                	
                  Upon
                    purchase of the Loan by the purchaser pursuant to the foregoing
                    terms, all
                    rights of the Insured under this Policy shall be transferred
                    to the
                    purchaser, and payment to an Insured of the amount specified
                    herein shall
                    be a full and final discharge of the Company’s obligations to such Insured
                    with respect to such Loan. The Company shall have the right to
                    assign its
                    right to purchase a Loan pursuant to this Section 5.4 to any
                    Person,
                    subject to the terms and conditions
                    hereof.

                

        

         

        
          	 	
                  5.5

                	
                  Voluntary
                    Conveyance
                    - The Insured may only accept a conveyance of the Property
                    from
                    the Borrower in lieu of foreclosure or other proceeding if the
                    prior
                    written approval of the Company has been obtained. Such approval
                    shall not
                    be considered as an acknowledgement of liability by the Company
                    with
                    respect to such Loan.

                

        

         

        
          	 	
                  5.6

                	
                  Appropriate
                    Proceedings
                    - The Insured must begin Appropriate Proceedings no later
                    than
                    when the Loan becomes six (6) months in Default unless the Company
                    provides written instructions that some other action be taken.
                    Such
                    instructions may be general or applicable only to specific Loans.
                    The
                    Company reserves the right to direct the Insured to institute
                    Appropriate
                    Proceedings at any time after Default. When either defending
                    against or
                    bringing Appropriate Proceedings, the Insured must report their
                    status to
                    the Company as reasonably and expeditiously as
                    possible.

                

        

         

        In
          conducting Appropriate Proceedings, the Insured must:

         

        
          	 	
                  a.

                	
                  Diligently
                    pursue the Appropriate Proceedings once they have
                    begun;

                

        

         

        
          	 	
                  b.

                	
                  Apply
                    for the appointment of a receiver and assignment of rents, if
                    permitted by
                    law and requested by the Company;

                

        

         

        
          	 	
                  c.

                	
                  Furnish
                    the Company with copies of all notices and pleadings filed or
                    required in
                    the Appropriate Proceedings, except as the Company may waive
                    such
                    requirement in writing;

                

        

         

        
          	 	
                  d.

                	
                  Act
                    and bid at the foreclosure sale in accordance with Section 5.12
                    so that
                    its ability to preserve, transfer and assign to the Company its
                    rights
                    against the Borrower are not impaired; and so that the rights
                    of the
                    Company under this Policy against the Borrower are fully protected.
                    Such
                    rights include any rights to obtain a deficiency judgment, subject
                    to the
                    Company’s compliance with Sections 7.2 and 7.3 relating to establishing
                    a
                    deficiency; and

                

        

         

        
          	 	
                  e.

                	
                  When
                    requested by the Company, furnish the Company with a written
                    statement
                    indicating the estimated potential Claim Amount (as computed
                    under Section
                    6.2) at least fifteen (15) days before the foreclosure
                    sale.

                

        

         

        
          	 	
                  5.7

                	
                  Mitigation
                    of Damages
                    - The Insured must actively cooperate with and assist
                    the Company
                    to prevent and mitigate the Loss, including good faith efforts
                    by the
                    Insured to obtain a cure of the Default, collect amounts due
                    under the
                    Loan, inspect and appraise the Property and effectuate the early
                    disposition of the Property. The Company must administer this
                    Policy in
                    good faith.

                

        

         

        Without
          limiting the right of the Company to direct the Insured with respect to
          disposition of the Property, the Company may direct the Insured: to list
          the
          Property for sale at a price to be established; to select the agents or
          brokers
          with whom the Property is listed; without limiting the Insured’s obligation
          under this Policy to restore a Property, to expend funds and complete work
          on
          the Property for the purpose of making the Property ready for sale at the
          listed
          price, provided that such expenditures are includable in the Claim for
          Loss; to
          assist in obtaining access of the Company to the Property; and to otherwise
          assist in the prompt disposition of the Property, pursuant to an Approved
          Sale
          at the price established by the Company. If the Company so requests, the
          Insured
          shall permit the Company to cooperatively assist the Insured in the collection
          of monies due under the Loan, including activities such as obtaining information
          from the Borrower, attempting to develop repayment schedules acceptable
          to the
          Insured, conducting Property inspections, and requesting appraisals of
          the
          Property. The Insured shall make available to the Company such information
          relating to the Insured’s collection efforts as the Company shall reasonably
          request.

         

        
          	 	
                  5.8

                	
                  Advances
                    - The Insured or the Servicer must
                    advance:

                

        

         

        
          	 	
                  a.

                	
                  Normal
                    and customary hazard insurance premiums and real estate property
                    taxes, in
                    each case as due and payable;

                

        

         

        
          	 	
                  b.

                	
                  Reasonable
                    and necessary Property protection and preservation expenses approved
                    by
                    the Company, which shall not include expenditures to remove an
                    exclusion
                    from coverage under Section 4;

                

        

         

        
          	 	
                  c.

                	
                  Reasonable
                    costs to complete Appropriate Proceedings and eviction and moving
                    of
                    occupants, including related court expenses and attorney’s fees;
                    and

                

        

         

        
          	 	
                  d.

                	
                  Expenses
                    to prepare the Property for sale and to sell the Property, including
                    the
                    expenses described in Section 5.7, as approved in advance by
                    the
                    Company.

                

        

         

        
          	 	
                  5.9

                	
                  Claim
                    Information and Other Requirements
                    - The Insured must provide the Company
                    with:

                

        

         

        
          	 	
                  a.

                	
                  All
                    information reasonably requested by the
                    Company;

                

        

         

        
          	 	
                  b.

                	
                  A
                    completed form furnished by or acceptable to the Company for
                    payment of a
                    Claim;

                

        

         

        
          	 	
                  c.

                	
                  If
                    the Property is not being acquired by the Company: (1) a copy
                    of (i) an
                    executed trustee’s or sheriff’s deed (which may be unrecorded) conveying
                    Good and Merchantable Title to the Property to the Insured, or
                    (ii) a deed
                    from the Borrower (which may be unrecorded) if a voluntary conveyance
                    has
                    been approved by the Company, conveying to the Insured the title
                    that was
                    required by the Company in the approval of the conveyance; (2)
                    a copy of
                    the sale contract and closing statement or evidence of sale pursuant
                    to
                    foreclosure or the Primary Policy; and (3) such other information
                    requested by the Company evidencing an Approved Sale of the
                    Property;

                

        

         

        
          	 	
                  d.

                	
                  If
                    the Property is being acquired by the
                    Company:

                

        

         

        
          	 	
                  1.

                	
                  A
                    recordable deed in normal and customary form containing the customary
                    warranties and covenants conveying to the Company or its designee
                    Good and
                    Merchantable Title to the Property;

                

        

         

        
          	 	
                  2.

                	
                  If
                    required by the Company, a title insurance policy acceptable
                    to the
                    Company or an attorney’s opinion of title acceptable to the Company,
                    confirming that the Insured has and can convey to the Company
                    Good and
                    Merchantable Title to the Property;
                    and

                

        

         

        
          	 	
                  3.

                	
                  Possession
                    of the Property, but only if the Company has required such Possession
                    in
                    writing; and

                

        

         

        
          	 	
                  e.

                	
                  If
                    requested by the Company, access to the Property after completion
                    of
                    foreclosure, which may be requested before or after filing of
                    the
                    Claim.

                

        

         

        
          	 	
                  5.10

                	
                  Acquisition
                    of Good and Merchantable Title Not Required
                    - The Insured will not be required to acquire Good and
                    Merchantable Title to a Property if (a) the Company requires
                    an early
                    Claim filing pursuant to Section 5.4; or (b) the Property is
                    sold pursuant
                    to an Approved Sale.

                

        

         

        
          	 	
                  5.11

                	
                  Procedures
                    for the Company’s Approval of a Sale of the Property by the
                    Insured
                    - An offer to purchase a Property may not be accepted
                    by the
                    Insured unless (a) the offer meets the Company’s written delegated
                    servicing guidelines and any additional requirements of the Pooling
                    and
                    Servicing Agreement, or (b) the Insured has received the Company’s prior
                    approval to accept such offer.

                

        

         

        
          	 	
                  5.12

                	
                  Foreclosure
                    Bidding Instructions Given by the Company
                    - Any bid made at a foreclosure sale held as part of
                    Appropriate
                    Proceedings must either (a) meet the Company’s written delegated bidding
                    guidelines and any additional requirements of the Pooling and
                    Servicing
                    Agreement, or (b) have been previously approved by the Company.
                    The
                    Insured is not required to acquire Good and Merchantable Title
                    if it has
                    bid in accordance with this Section 5.12, whether or not pursuant
                    to
                    approval from the Company.

                

        

         

        
          	
                  6

                	
                  Loss
                    Payment Procedure

                

        

         

        
          	 	
                  6.1

                	
                   Filing
                    of Claim

                

        

         

        
          	 	
                  a.

                	
                  If
                    a Primary Policy is required pursuant to Section 5.1 hereof,
                    unless the
                    Company directs acceleration of the filing of a Claim under Section
                    5.4,
                    the Insured must submit and settle its claim under the Primary
                    Policy
                    before a Claim may be filed under this Policy. If the Insured
                    negotiates a
                    claim settlement on a basis other than on conditions stated in
                    the Primary
                    Policy, the Insured must obtain the prior written consent of
                    the Company
                    to such settlement. A Claim must be filed with the Company on
                    a form
                    provided or approved by the Company within sixty (60) days after
                    the later
                    of the following and only after both of the following conditions
                    have been
                    satisfied: (1) the date the claim has been settled and paid under
                    the
                    Primary Policy; and (2) either (i) the date the Insured has conveyed
                    title
                    to the Property pursuant to an Approved Sale, or (ii) the date
                    the Company
                    notifies the Insured that it will acquire the Property in settlement
                    of
                    the Claim, whichever is applicable.

                

        

         

        If
          a
          claim under the Primary Policy has not been settled within six (6) months
          after
          the Insured has satisfied all reasonable requirements for filing of such
          claim,
          the Claim under this Policy may, notwithstanding any provision of this
          Policy to
          the contrary, be filed and the Claim shall be calculated and paid on the
          basis
          of the claim payment amount which the Insured should have received under
          such
          Primary Policy, as provided in Section 6.2(vii).

        

        
          	 	
                  b.

                	
                  If
                    a Primary Policy is not required pursuant to Section 5.1 hereof,
                    unless
                    the Company directs acceleration of the filing of a Claim under
                    Section
                    5.4, a Claim must be filed with the Company on a form provided
                    or approved
                    by the Company within sixty (60) days after either of the following
                    conditions, whichever is applicable, have been satisfied: (1)
                    the Insured
                    has conveyed title to the Property pursuant to an Approved Sale
                    or (2) the
                    date the Company notifies the Insured that it will acquire the
                    Property in
                    settlement of the Claim.

                

        

         

        
          	 	
                  c.

                	
                  If
                    the Insured is not required to have Good and Merchantable Title
                    to file a
                    Claim as described in Section 5.10, then in lieu of the Approved
                    Sale or
                    acquisition notice by the Company in the preceding paragraphs
                    (a) and (b),
                    the Claim shall be filed within sixty (60) days after the applicable
                    event
                    in Section 5.10.

                

        

         

        
          	 	
                  d.

                	
                  If
                    the Insured fails to file a Claim within the applicable time,
                    the Insured
                    will not be entitled to, and the Company will not be obligated
                    for, any
                    payment under this Policy for amounts, including additional interest
                    and
                    expenses, which would otherwise be claimable, but which accrue
                    or are
                    incurred after the sixty (60) day period for filing of a
                    Claim.

                

        

         

        If
          the
          Insured fails to file a Perfected Claim within one hundred eighty (180)
          days
          after the event occurs under this Section 6.1 which is the basis for filing
          of
          the Claim (or within such longer period of time as the Company may allow
          in
          writing), the Insured will no longer be entitled to payment of a Loss and
          the
          Company will not be obligated to make any payment under this
          Policy.

        

        
          	 	
                  6.2

                	
                  Calculation
                    of Claim Amount
                    - Subject to the requirement for a Primary Policy, if any, and
                    to the
                    Aggregate Loss Limit then applicable, the Claim Amount will be
                    an amount
                    equal to the sum of:

                

        

         

        
          	 	
                  a.

                	
                  The
                    amount of unpaid principal balance due under the Loan as of the
                    date of
                    Default without capitalization of delinquent interest, penalties
                    or
                    advances; and

                

        

         

        
          	 	
                  b.

                	
                  The
                    amount of accrued and unpaid interest due on the Loan, computed
                    at the
                    contract rate stated in the Loan on the unpaid principal balance
                    at the
                    date of Default (without adjustment for the proceeds of Primary
                    Policy
                    coverage or an Approved Sale), through the date that the Loss
                    is paid by
                    the Company, but excluding applicable late charges, penalty interest
                    or
                    other changes to the interest rate by reason of Default;
                    and

                

        

         

        
          	 	
                  c.

                	
                  The
                    amount of advances incurred by the Insured under Section 5.8
                    prior to
                    filing of the Claim (except to Persons employed or controlled
                    by the
                    Insured or the Servicer of the Loan or their other internal costs)
                    provided that such advances, other than attorney’s fees, must have first
                    become due and payable after the Default, and payment of such
                    advances
                    must be prorated through the date the Loss is paid by the Company;
                    and

                

        

         

        
          	 	
                  d.

                	
                  Amounts
                    required to be paid to the Insured pursuant to Sections 6.5,
                    7.2 and 7.5,
                    if applicable, less:

                

        

         

        
          	 	
                  (i)

                	
                  The
                    amount of all rents and other payments (excluding net proceeds
                    of an
                    Approved Sale of the Property and the proceeds of fire and extended
                    coverage insurance) collected or received by the Insured, which
                    are
                    derived from or in any way related to the
                    Property;

                

        

         

        
          	 	
                  (ii)

                	
                  The
                    amount of cash remaining in any escrow account as of the last
                    payment
                    date;

                

        

         

        
          	 	
                  (iii)

                	
                  The
                    amount of cash or other collateral to which the Insured has retained
                    the
                    right of possession as security for the
                    Loan;

                

        

         

        
          	 	
                  (iv)

                	
                  The
                    amount paid under applicable fire and extended coverage policies
                    which is
                    in excess of the cost of restoring and repairing the Property,
                    if the
                    Property is damaged, and which has not been paid to the Borrower
                    or
                    applied to the payment of the Loan as required by the terms of
                    the
                    Loan;

                

        

         

        
          	 	
                  (v)

                	
                  The
                    amounts of any payments of Loss previously made by the
                    Company;

                

        

         

        
          	 	
                  (vi)

                	
                  The
                    net proceeds upon an Approved Sale of the Property other than
                    from
                    acquisition pursuant to a Primary
                    Policy;

                

        

         

        
          	 	
                  (vii)

                	
                  The
                    greater of the amount of any claim payment pursuant to a Primary
                    Policy
                    which the Insured received, or which the Insured should have
                    received in
                    order for the exclusion under Section 4.11 or 4.12 of this Policy
                    not to
                    have applied; and

                

        

         

        
          	 	
                  (viii)

                	
                  Any
                    other amounts claimed by the Insured to the extent they are excluded
                    from
                    the Claim Amount by reason of Section
                    4.

                

        

         

        
          	 	
                  6.3

                	
                  Payment
                    of Loss; Company’s Options
                    - Within the Settlement Period, but only if the Insured
                    has
                    satisfied all requirements for a payment of Loss and if the Company
                    has
                    received a Perfected Claim, the Company shall at its sole option
                    exercise
                    its:

                

        

         

        
          	 	
                  a.

                	
                  Property
                    acquisition settlement option. If the Company has elected to
                    acquire the
                    Property prior to an Approved Sale, the Company shall pay to
                    the Insured
                    as the Loss the Claim Amount calculated in accordance with Section
                    6.2
                    without reduction for net proceeds under Section 6.2(vi);
                    or

                

        

         

        
          	 	
                  b.

                	
                  Approved
                    sale option. If there has been an Approved Sale, the Company
                    shall pay to
                    the Insured as the Loss the Claim Amount calculated in accordance
                    with
                    Section 6.2.

                

        

         

        When
          the
          Aggregate Loss paid by the Company under this Policy is an amount equal
          to the
          Aggregate Loss Limit, the liability of the Company to pay any additional
          Claims
          for Losses ceases until the Aggregate Loss is reduced below the Aggregate
          Loss
          Limit, at which time this Section 6.3 will again apply to any previously
          Perfected Claims.

         

        
          	 	
                  6.4

                	
                  Calculation
                    of Settlement Period
                    - The Settlement Period will be a thirty (30) day period
                    after
                    the Company’s receipt of a Claim, calculated as
                    follows:

                

        

         

        
          	 	
                  a.

                	
                  No
                    later than the twentieth (20th) day after filing of a Claim,
                    the Company
                    may notify the Insured of additional documents or information
                    which it
                    requires for processing the Claim. The thirty (30) day period
                    will be
                    suspended until the Company receives such additional documents
                    and
                    information. The Company may request additional documents and
                    information
                    after such twenty (20) day period, and the Insured must use reasonable
                    efforts to satisfy such request.

                

        

         

        
          	 	
                  b.

                	
                  The
                    Company may notify the Insured at any time after completion of
                    foreclosure
                    and before closing of an Approved Sale (or, if applicable, before
                    the
                    Company acquires the Property) that it will require access to
                    the Property
                    sufficient to inspect, appraise and evaluate the Property. If
                    the Company
                    does not notify the Insured by that date, its right to such access
                    will be
                    deemed waived. If such notice is given, the Insured will use
                    its best
                    efforts to provide access to the Company. If access is not then
                    available
                    and if the thirty day period has commenced, such thirty (30)
                    day period
                    will be suspended from the date such notice was given until the
                    Company
                    receives notice from the Insured that access is available to
                    it. If access
                    is in fact not available when sought by the Company after such
                    notice from
                    the Insured, the Company will promptly notify the Insured of
                    such
                    unavailability, and the passage of the thirty (30) day period
                    will remain
                    suspended as if the Insured’s notice of availability had not been given to
                    the Company.

                

        

         

        
          	 	
                  c.

                	
                  If
                    the Company has elected to acquire the Property in settlement
                    of a Claim,
                    the thirty (30) day period also will be suspended if necessary
                    for there
                    to be a period of ten (10) days after the date on which the Insured
                    satisfies all conditions to acquisition, including any required
                    restoration of the Property, for the Insured to deliver a recordable
                    deed
                    and title policy or opinion evidencing Good and Merchantable
                    Title (not
                    subject to any rights of redemption, unless the Company waives
                    such
                    requirement) and, if applicable, to deliver Possession of the
                    Property.

                

        

         

        
          	 	
                  d.

                	
                  If
                    the thirty (30) day period is suspended for more than one reason,
                    the
                    resulting suspended periods will only be cumulative if in fact
                    they occur
                    at different times; to the extent they occur simultaneously,
                    they will not
                    be cumulative.

                

        

         

        
          	 	
                  6.5

                	
                  Payment
                    by the Company After the Settlement Period
                    - If the Company has not paid a Loss during the Settlement
                    Period, then (a) the Company will include in its payment of Loss,
                    if a
                    Loss is ultimately payable, simple interest on the amount payable
                    accruing
                    after the Settlement Period to the date of payment of Loss at
                    the
                    applicable interest rate or rates which would have been payable
                    on the
                    Loan during such period, and (b) the Company will no longer be
                    entitled to
                    acquire the Property as an option for payment of the
                    Loss.

                

        

         

        The
          Company must either pay the amount of applicable Loss (including any additional
          applicable interest as computed above) or deny the Claim in its entirety
          within
          (a) one hundred twenty (120) days after expiration of the Settlement Period,
          or
          (b) if the Settlement Period has not expired, no later than one hundred
          eighty
          (180) days after filing of the Claim. If at a later date it is finally
          determined by agreement between the Insured and the Company (or by completion
          of
          legal or other proceedings to which the Insured and the Company are parties)
          that the Company was not entitled to deny all or a portion of the Claim,
          the
          Company will include in any resulting subsequent payment of Loss interest
          as
          calculated above through the date of such payment on the amount of Loss
          which
          the Company was not entitled to deny.

         

        
          	 	
                  6.6

                	
                   Deductible
                    Losses

                

        

         

        
          	 	
                  a.

                	
                  Notwithstanding
                    any other provision of this Policy, the Company shall have no
                    liability to
                    pay any Loss until, and except to the extent that, the aggregate
                    amount of
                    the Deductible Loss shall exceed the Deductible Amount. The Insured
                    shall
                    remain solely responsible for all Deductible Loss up to the Deductible
                    Amount.

                

        

         

        
          	 	
                  b.

                	
                  A
                    Deductible Loss shall be calculated in the same manner as a Loss
                    under
                    Section 6.3(b) of this Policy in which there is an Approved Sale
                    except
                    that only interest accrued through the date of closing of the
                    Approved
                    Sale shall be includable in the Deductible Loss. A Deductible
                    Loss shall
                    only be charged to the Deductible Amount if a Claim for Loss
                    would have
                    been payable by the Company. The Insured shall comply with all
                    of the
                    requirements of this Policy which would be applicable if the
                    Company were
                    paying a Claim for Loss, including the requirements of Section
                    5.7
                    relating to the mitigation of the Company’s Loss. After an Approved Sale,
                    the Insured shall file a notice of Deductible Loss with the Company
                    at the
                    same time and in the same manner as it would file a Claim for
                    Loss and the
                    Company shall process the notice and determine the amount of
                    the
                    Deductible Loss as it would a Claim for Loss, and the Deductible
                    Loss
                    shall be charged to the Deductible Amount. The Company shall
                    advise the
                    Insured of its calculation of the Deductible Loss within sixty
                    (60) days
                    after filing of the notice of Deductible Loss by the
                    Insured.

                

        

         

        
          	
                  7

                	
                  Additional
                    Conditions

                

        

         

        
          	 	
                  7.1

                	
                  Proceedings
                    of Eminent Domain
                    - In the event that part or all of a Property is taken
                    by eminent
                    domain, or condemnation or by any other proceedings by federal,
                    state or
                    local governmental unit or agency, the Insured must require that
                    the
                    Borrower apply the maximum permissible amount of any compensation
                    awarded
                    in such proceedings to reduce the principal balance of the Loan,
                    in
                    accordance with the law of the jurisdiction where the Property
                    is
                    located.

                

        

         

        
          	 	
                  7.2

                	
                  Pursuit
                    of Deficiencies

                

        

         

        
          	 	
                  a.

                	
                  The
                    Insured will be entitled to pursue Appropriate Proceedings, or
                    shall at
                    the direction of the Company pursue Appropriate Proceedings through
                    the
                    end of the Settlement Period, which may result in the Borrower
                    becoming
                    liable for a deficiency after completion of the Insured’s acquisition of a
                    Property. Such pursuit may not be directed by the Company unless
                    such
                    deficiency is estimated to exceed $7,500. If the Company proposes
                    to
                    pursue a deficiency judgment, it will notify the Insured at least
                    thirty
                    (30) days before the foreclosure sale. If the Insured pursues
                    the
                    deficiency judgment, without direction from the Company, the Company shall
                    nonetheless be subrogated to such deficiency judgment rights
                    to the extent
                    permitted by Section 7.3.

                

        

         

        
          	 	
                  b.

                	
                  The
                    following provisions will apply if, in completing Appropriate
                    Proceedings
                    there are additional expenses advanced pursuant to Section 5.8
                    or
                    additional interest accrued on the Loan, to the extent not payable
                    under a
                    Primary Policy, due to (1) an additional redemptive period or
                    a delay in
                    acquisition of title, which period or delay is directly related
                    to
                    establishing the deficiency judgment or (2) legal proceedings
                    which are
                    necessary to establish and pursue the deficiency judgment and
                    which would
                    not otherwise be the custom and practice
                    used.

                

        

         

        
          	 	
                  i.

                	
                  If
                    the deficiency judgment is to be established for the account
                    of the
                    Company, the Company must pay the Insured at the time of payment
                    of the
                    Claim, the full amount of:

                

        

         

        
          	 	
                  a.)

                	
                  such
                    additional expenses advanced pursuant to Section 5.8 by the Insured;
                    and

                

        

         

        
          	 	
                  b.)

                	
                  such
                    additional interest accrued on the unpaid principal balance of
                    the Loan at
                    the contract rate stated in the Loan, but excluding applicable
                    late
                    charges, penalty interest, or other changes to the interest rate
                    by reason
                    of Default.

                

        

         

        
          	 	
                  ii.

                	
                  All
                    of the additional interest, expenses, attorney’s fees and court expenses
                    described in subparagraph (i) above will be accrued or advanced
                    only
                    through acquisition of Good and Merchantable Title, including
                    any
                    additional redemptive period or such shorter time period as may
                    be
                    applicable under Section 5.10.

                

        

         

        
          	 	
                  7.3

                	
                  Subrogation
                    - Subject to Section 7.2(a), and only to the extent that
                    the
                    Company is entitled under applicable law to pursue such deficiency
                    rights,
                    the Company will be subrogated, upon payment of the Loss, in
                    the amount
                    thereof and with an equal priority to all of the Insured’s rights of
                    recovery against a Borrower and any other Person relating to
                    the Loan or
                    to the Property, to the extent such rights remain after settlement
                    of the
                    claim under an applicable Primary Policy. The Insured must execute
                    and
                    deliver at the request of the Company such instruments and papers
                    and
                    undertake such actions as may be necessary to transfer, assign
                    and secure
                    such rights. The Insured shall refrain from any action, either
                    before or
                    after payment of a Loss, that prejudices such
                    rights.

                

        

         

        
          	 	
                  7.4

                	
                  Policy
                    for Exclusive Benefit of the Insured
                    - An Approval of Coverage, this Policy and the coverage
                    provided
                    under this Policy will be for the sole and exclusive benefit
                    of the
                    Insured and permitted assigns, and in no event will any Borrower
                    or other
                    Person be deemed a party to, or an intended beneficiary of, such
                    Approval
                    of Coverage, this Policy or any coverage
                    hereunder.

                

        

         

        
          	 	
                  7.5

                	
                  Effect
                    of Borrower Insolvency or Bankruptcy on Principal
                    Balance
                    - If under applicable insolvency or bankruptcy law, a
                    Loan’s
                    principal balance secured by a Property is reduced (after all
                    appeals of
                    such reduction are final or the time for such appeals has lapsed
                    without
                    appeal), the portion of such principal balance of the Loan not
                    secured by
                    the Property, and related interest, will be includable in the
                    Claim
                    Amount, as provided in this Section
                    7.5.

                

        

         

        If
          a
          Default occurs on the Loan, the Insured has acquired Good and Merchantable
          Title
          to the Property as required by this Policy, and all other requirements
          for
          filing of a Claim are complied with, the Insured will be entitled to include
          in
          the Claim Amount (a) the amount of the principal balance of the Loan which
          was
          deemed unsecured under applicable insolvency or bankruptcy law, less any
          collections or payments on such unsecured principal balance received by
          the
          Insured, and (b) interest thereon at the rate and as computed in Section
          6.2,
          from the date of Default giving rise to the Claim (but for no prior period),
          whether payable directly or by an addition to the principal balance which
          is
          includable in the Claim Amount, and (c) reasonable and necessary expenses
          incurred by the Insured which are associated with the amount by which the
          principal balance of the Loan became unsecured.

         

        
          	 	
                  7.6

                	
                  Arbitration
                    of Disputes, Suits and Actions Brought by the
                    Insured

                

        

         

        
          	 	
                  a.

                	
                  Unless
                    prohibited by applicable law, all controversies, disputes or
                    other
                    assertions of liability or rights arising out of or relating
                    to this
                    Policy, including the breach, interpretation or construction
                    thereof,
                    shall be settled by arbitration. Notwithstanding the foregoing,
                    the
                    Company or the Insured both retain the right to seek a declaratory
                    judgment from a court of competent jurisdiction on matters of
                    interpretation of the Policy. Such arbitration shall be conducted
                    in
                    accordance with the Title Insurance Arbitration Rules of the
                    American
                    Arbitration Association in effect on the date the demand for
                    arbitration
                    is made, or if such Rules are not then in effect, such other
                    Rules of the
                    American Arbitration Association as the Company may designate
                    as its
                    replacement.

                

        

         

        The
          arbitrator(s) shall be neutral person(s) selected from the American Arbitration
          Association’s National Panel of Arbitrators familiar with the mortgage lending
          or mortgage guaranty insurance business. Any proposed arbitrator may be
          disqualified during the selection process, at the option of either party,
          if he
          is, or during the previous two (2) years has been, an employee, officer
          or
          director of any mortgage guaranty insurer, or of any entity engaged in
          the
          origination, purchase, sale or servicing of mortgage loans or mortgage-backed
          securities.

        

        
          	 	
                  b.

                	
                  No
                    suit or action (including arbitration hereunder) brought by the
                    Insured
                    against the Company with respect to the Company’s liability for a Claim
                    under this Policy shall be sustained in any court of law or equity
                    or by
                    arbitration unless the Insured has substantially complied with
                    the terms
                    and conditions of this Policy, and unless the suit or action
                    is commenced
                    within three (3) years (five (5) years in Florida or Kansas)
                    after the
                    Insured has acquired Good and Merchantable Title to the Property,
                    an
                    Approved Sale of the Property is completed, or other basis for
                    filing a
                    Claim arises, whichever is applicable to a Loan. The foregoing
                    requirement
                    for substantial compliance shall not be applicable to the extent
                    that such
                    substantial compliance is at issue in the suit or action. No
                    such suit or
                    action with respect to a Claim may be brought by the Insured
                    against the
                    Company until sixty (60) days after such acquisition of Good
                    and
                    Merchantable Title or Approved Sale, as applicable to a
                    Loan.

                

        

         

        
          	 	
                  c.

                	
                  If
                    a dispute arises concerning the Loan which involves either the
                    Property or
                    the Insured, the Company has the right to protect its interest
                    by
                    defending the suit, even if the allegations contained in such
                    suit are
                    groundless, false or fraudulent. The Company is not required
                    to defend any
                    lawsuit involving the Insured, the Property or the
                    Loan.

                

        

         

        
          	 	
                  7.7

                	
                  Release
                    of Borrower; Defenses of Borrower
                    - The Insured’s execution of a release or waiver of the right to
                    collect any portion of the unpaid principal balance of a Loan
                    or other
                    amounts due under the Loan will release the Company from its
                    obligation
                    with respect to such Loan to the extent and amount of said release.
                    If,
                    under applicable law, the Borrower successfully asserts defenses
                    which
                    have the effect of releasing, in whole or in part, the Borrower’s
                    obligation to repay the Loan, or if for any other reason the
                    Borrower is
                    released from such obligation, the Company will be released to
                    the same
                    extent and amount from its liability under this Policy, except
                    as provided
                    by Section 7.5.

                

        

         

        
          	 	
                  7.8

                	
                  Amendments;
                    No Waiver; Rights and Remedies; Use of Term
                    “Including”

                

        

         

        
          	 	
                  a.

                	
                  The
                    Company reserves the right to amend the terms and conditions
                    of this
                    Policy from time to time; provided, however, that any such amendment
                    will
                    be effective only after the Company has given the Insured written
                    notice
                    thereof by endorsement setting forth the amendment. Such amendment
                    will
                    only be applicable to those Loans where the date of the related
                    Approval
                    of Coverage was issued on or after the effective date of the
                    amendment.

                

        

         

        
          	 	
                  b.

                	
                  No
                    condition or requirement of this Policy will be deemed waived,
                    modified or
                    otherwise compromised unless that waiver, modification or compromise
                    is
                    stated in a writing properly executed on behalf of the Company.
                    Each of
                    the conditions and requirements of this Policy is severable,
                    and a waiver,
                    modification or compromise of one will not be construed as a
                    waiver,
                    modification or compromise of any
                    other.

                

        

         

        
          	 	
                  c.

                	
                  No
                    right or remedy of the Company provided for by this Policy will
                    be
                    exclusive of, or limit, any other rights or remedies set forth
                    in this
                    Policy or otherwise available to the Company at law or
                    equity.

                

        

         

        
          	 	
                  d.

                	
                  As
                    used in this Policy, the term “include” or “including” will mean “include
                    or including, without limitation.”

                

        

         

        
          	 	
                  7.9

                	
                  No
                    Agency
                    - Neither the Insured, any Servicer, nor any of their
                    employees
                    or agents (including the Persons underwriting the Loan on behalf
                    of the
                    Insured), will be deemed for any reason to be agents of the Company.
                    Neither the Company, nor any of its employees or agents, will
                    be deemed
                    for any reason to be agents of any Insured or
                    Servicer.

                

        

         

        
          	 	
                  7.10

                	
                  Successors
                    and Assigns
                    - This Policy will inure to the benefit of and shall
                    be binding
                    upon the Company and the Insured and their respective successors
                    and
                    permitted assigns, it being recognized that assignment by the
                    Insured of
                    this Policy and its benefits is limited by Sections 1.20 and
                    3.5.

                

        

         

        
          	 	
                  7.11

                	
                  Applicable
                    Law and Conformity to Law
                    - All matters under this Policy will be governed by and
                    construed
                    in accordance with the laws of the jurisdiction in which the
                    office of the
                    original Insured under this Policy is located. Any provision
                    of this
                    Policy which is in conflict with any provision of the law of
                    such
                    jurisdiction is hereby amended to conform to the provisions required
                    by
                    that law.

                

        

         

        
          	 	
                  7.12

                	
                  Notice
                    - All claims, premium payments, tenders, reports, other
                    data and
                    any other notices required to be submitted to the Company by
                    the Insured
                    must be sent to the Company at MGIC Plaza, 250 East Kilbourn
                    Avenue,
                    Milwaukee, WI 53202. The Company may change this address by giving
                    written
                    notice to the Insured. Unless the Insured otherwise notifies
                    the Company
                    in writing, all notices to the Insured must be sent to the address
                    on the
                    face of this Policy or, if the Insured is not located at such address, to
                    the last known address of the
                    Insured.

                

        

         

        All
          notices under this Policy, whether or not identified in this Policy as
          required
          to be in writing, will be effective only if in writing and only upon receipt
          thereof. Written notices may instead be given in the form of telecopy or,
          if
          acceptable to the Company (for notices given to the Company) or to the
          Insured
          (for notices given to the Insured) in the form of computer tape or
          computer-generated or any other electronic message. A telecopy or such
          tape or
          message shall be effective only when received. The Company and the Insured
          may
          mutually agree that notices will be sent to any additional Person. Except
          as
          expressly agreed to by the Company and the Insured, no liability shall
          be
          incurred by the Company for the failure to give a notice to a Person other
          than
          the Insured.

         

        
          	 	
                  7.13

                	
                  Reports
                    and Examinations
                    - The Company may request, and the Insured must provide,
                    such
                    files, reports or information as the Company may deem necessary
                    pertaining
                    to any Loan, and the Company will be entitled to inspect the
                    files, books
                    and records of the Insured or any of its representatives pertaining
                    to
                    such Loan.

                

        

         

        
          	 	
                  7.14

                	
                  Electronic
                    Media
                    - The Company and the Insured may, from time to time,
                    deliver or
                    transfer information, documents or other data between them by
                    electronic
                    media acceptable to them. In addition, the Company and the Insured
                    may
                    maintain information, documents or other data on electronic media
                    or other
                    media generally accepted for business records, including microfiche.
                    Such
                    electronic or other media will be as equally acceptable for all
                    purposes
                    between the Insured and the Company as information, documents
                    or other
                    data maintained in printed or written
                    form.

                

        

         

        
          	 	
                  7.15

                	
                  Reporting
                    of Loan Balances, Prepayments and Assumptions
                    - The Insured shall provide or cause to be provided to
                    the
                    Company no less often than annually information concerning the
                    current
                    unpaid principal balance of each Loan insured under this Policy,
                    including
                    information as to which Loans have prepaid in full or which have
                    been
                    assumed.

                

        

         

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      0

     

    TERMS
      LETTER

     

    
       

      

        
          	
                  Mortgage
                    Guaranty Insurance Corporation

                	
                  

                
	
                  Steven
                    M. Thompson

                  Vice
                    President

                  Risk
                    Management

                	 

        

      

      
 

      May
        15,
        2006

      

      
        	
                Mr.
                  Patrick Leo

              	
                Ronaldo
                  R. Reyes

              
	
                Greenwich
                  Capital Markets, Inc.

              	
                Deutsche
                  Bank National Trust Company as Trustee 

              
	
                600
                  Steamboat Road

              	
                For
                  Soundview Home Loan Trust Series 2006-OPT4

              
	
                Greenwich,
                  Connecticut 06830

              	
                Asset-Backed
                  Certificates, Series 2006-OPT4

              
	 	
                1761
                  East St. Andrew Place 

              
	 	
                Santa,
                  Ana, California 92705

              
	 	 

      

       

      
        	
                RE:

              	
                Terms
                  for MGIC Pool Coverage (“Coverage") on Approximately $942 Million in
                  Principal Balance of Loans (the “Insurable Loans”) to be included in the
                  Trust known as the Soundview Home Loan Trust Series 2006-OPT4 (the
                  "Trust") 

              

      

      

      Dear
        Mr.
        Leo and Mr. Reyes:

      

      Mortgage
        Guaranty Insurance Corporation ("MGIC") has reviewed the information provided
        by
        Greenwich Capital Markets, Inc. (“Greenwich”) concerning the Insurable Loans and
        is providing pricing and terms to issue lender-paid first lien Coverage under
        the Pool Policy (as defined below) on the loans contained within the portfolio.
        This proposal is subject to the following terms and conditions:

      

      Portfolio
        Size.
        MGIC
        will insure all first-lien loans identified on the Final File (as defined
        below)
        totaling an approximate aggregate principal balance of nine hundred forty
        two
        million dollars ($942,000,000). The actual size of the final portfolio of
        Insurable Loans may be slightly different based on loan removals, additions
        and
        substitutions due to prepayments, delinquencies, and/or additional screening
        of
        loan eligibility. 

      

      
        	
                2.

              	
                Loan
                  Coverage.
                  Lender-paid mortgage insurance will be issued on each mortgage
                  loan that
                  meets the applicable Eligibility Criteria (as set forth in Section
                  8) (an
                  “Insured Loan”). Each Insured Loan will be assigned a Certificate Number
                  and listed on the Approval of Coverage provided by MGIC to the
                  Insured
                  upon issuance of the Pool Policy. 

              

      

       

      
        	
                3.
                  

              	
                Premium.
                  Upon issuance of the Pool Policy, Greenwich on behalf of the Trust
                  shall
                  pay (or cause to be paid) a nonrefundable single premium for the
                  Coverage
                  calculated at a premium rate of forty five (45) basis points, applied
                  to
                  the stated principal balance as the Coverage Effective Date of
                  the
                  Insurable Loans.

              

      

       

      With
        respect to all Insured Loans, Greenwich represents and warrants that (a)
        the
        borrower will not be charged a separate or identified amount as payment or
        reimbursement for premiums for Coverage and that such premiums will be paid
        from
        funds of the Insured or persons other than the borrower, and (b) that the
        Coverage will either not be subject to the Homeowners Protection Act of 1998
        or
        will be “lender paid mortgage insurance” thereunder. In addition, with respect
        to any Insured Loan secured by a property in New York State for which, at
        the
        effective date of Coverage or at any time while the Pool Policy is in effect
        for
        such Insured Loan, the ratio of the unpaid principal balance of such Insured
        Loan to the Value of the related property at origination is less than 75%,
        Greenwich represents and warrants that all premiums for Coverage will not
        be
        paid by the borrower, directly or indirectly, including, for example, by
        a
        higher interest rate or other charges. It is acknowledged that these
        representations and warranties are relied upon by MGIC in insuring such Insured
        Loans because they relate to the maintenance of Coverage of such Insured
        Loans
        under the Pool Policy.

      

      
        	
                4.

              	
                Deductible
                  Amount and Aggregate Loss Limit.
                  There will be a Deductible Amount to be calculated as 675 basis
                  points
                  (6.75%) of the aggregate stated principal balance of all of the
                  mortgage
                  loans held by the Trust following the end of the funding period
                  (the
                  “Total Initial Principal Balance”) established under the Pool Policy. The
                  terms of the deductible will require the Trust to absorb the first
                  675
                  basis points of aggregate losses which would otherwise be payable
                  by MGIC
                  under the Pool Policy.

              

      

      

      There
        will be an Aggregate Loss Limit calculated as 1010 basis points (10.10%)
        of the
        Total Initial Principal Balance established under the Pool Policy, such
        Aggregate Loss Limit to be inclusive of the Deductible Amount. As a result,
        MGIC’s Losses payable under the Pool Policy will be limited in the aggregate to
        335 basis points of the Total Initial Principal Balance.

      

      
        	
                5.

              	
                Effective
                  Date of Pool Policy and Coverage Under the Policy.
                  The Pool Policy and coverage for all Insured Loans thereunder shall
                  take
                  effect as of May 1, 2006. 

              

      

      

      
        	
                6.

              	
                Named
                  Insured. Deutsche
                  Bank National Trust Company (“Deutsche Bank”, the “Insured”), solely in
                  its capacity as Trustee shall be the named insured under the Pool
                  Policy.

              

      

      

      
        	
                7.

              	
                Cancellation
                  of Policy and Coverage of Insured Loans Upon Termination of
                  Trust.
                  As
                  provided for in Section 2.9 of the Pool Policy, in the event of
                  a
                  Redemption or termination of the Trust for any other reason, or
                  if there
                  are no longer any Insured Loans that are security for, or represented
                  by,
                  the Trust, the Pool Policy and the Coverage of all Insured Loans
                  under the
                  Pool Policy shall automatically be terminated effective upon such
                  event,
                  without further action being required by either the Insured or
                  MGIC. Any
                  Default on any Insured Loan existing at the time of such termination
                  (other than Defaults for which a Claim had been filed prior to
                  the date of
                  such termination) and any future Default on an Insured Loan will
                  not be
                  covered under the Pool Policy, nor will any refund of premium be
                  paid.
                  

              

      

      

      
        	
                8.

              	
                Loan
                  Eligibility Criteria.
                  Under the Pool Policy, "Eligibility Criteria" may be established
                  by MGIC
                  upon notice to the Insured. This letter will serve as such notice
                  for
                  purposes of the Pool Policy and will apply to all Insured Loans.
                  All
                  Insured Loans must meet the following Eligibility Criteria as of
                  the Pool
                  Policy Effective Date or as of such other date as otherwise noted
                  below:

              

      

      

      
        	
              	a)	
                CLTVs
                  (Combined LTVs). With
                  respect to any Insured Loan, The CLTV (as defined below) may not
                  exceed
                  the Original LTV, except for loans for which the CLTV is specifically
                  disclosed to exceed the Original LTV on the Final File. The CLTV
                  may not
                  exceed 100% in any case.

              

        	 	 	 

        	 	 	The combined loan-to-value ratio
                ("CLTV") is
                defined as the ratio, expressed as a percentage, of the sum, as of
                the
                date of Insured Loan closing, of (1) the loan amount of the Insured
                Loan
                and (2) the outstanding principal balance of any other loan or loans
                secured by the property which are either (a) subordinated to the
                lien of
                the Insured Loan or (b) a second lien loan, divided by the Value
                of the
                property.

        	 	 	 

        	 	b)	
                Compliance
                  with Laws; Section 32 (HOEPA) loans.
                  Each Insured Loan was originated in compliance with all applicable
                  laws
                  and regulations including, but not limited to, any “fair lending” state
                  laws to which such Insured Loans is subject, and no Insured Loan
                  can be a
                  loan which would be required to comply with Section 226.32 of the
                  federal
                  truth-in-lending regulations (commonly referred to as a "HOEPA
                  loan").

              

        	 	 	 

        	 	c)	Delinquencies.
                For an Insured Loan, the Borrower must have made from the Borrower’s Own
                Funds (a) the first regular periodic payment and (b) all subsequent
                regular periodic payments with a scheduled due date earlier than
                the first
                day of the month immediately preceding the Certificate Effective
                Date. For
                the avoidance of doubt, an Insured Loan satisfies the foregoing sentence
                as of May 1, 2006 if all scheduled periodic payments due on or before
                March 31, 2006 have been paid by the related
                borrower.

        	 	 	 

        	 	d) 	Single Property.
                An
                Insured Loan must be secured by only one
                property.

        	 	 	 

        	 	e)	Loan Instrument Type.
                An Insured Loan must be positively amortizing or interest-only. Negatively
                amortizing loans are not eligible.

        	 	 	 

        	 	f)	Property Type and Units.
                An
                Insured Loan must be secured by only a 1-4 family residential property
                located in the United States. Eligible property types include
                single-family detached and attached (including condominiums, PUDs
                that
                meet Fannie Mae or Freddie Mac requirements, and cooperative housing).
                

        	 	 	 

        	 	g) 	Properties with Physical Damage.
                No
                Insured Loan may be secured by a property which sustained Physical
                Damage
                at any time prior to the Approval of Coverage Issuance Date reflected
                on
                the face of the Approval of Coverage and for which the aggregate
                cost to
                repair all such Physical Damage to the property and restore such
                property
                to its condition at closing of such Insured Loan exceeds Five Thousand
                Dollars ($5,000.00) and for which such repair and restoration has
                not been
                completed as of the Approval of Coverage Issuance
                Date.

        	 	 	 

        	 	h)	Property Valuation.
                For an Insured Loan, the Value as represented on the Final File must
                have
                been obtained as the result of an appraisal as documented on the
                Universal
                Residential Appraisal Report or its equivalent and not as the result
                of an
                alternative valuation methodology such as an automated valuation
                model
                unless the use of such alternative evaluation methodology is disclosed
                in
                the Final File.

        	 	 	 

      

       

      
        	
                9.

              	
                Pool
                  Policy.
                  All Coverage issued hereunder shall be subject to the terms and
                  conditions
                  of Mortgage Trust Bulk Supplemental Policy [MGIC form #71-70289
                  (3/06)]
                  with #71-70290 (5/06)] (the “Pool Policy”) attached as Exhibit A.
                  

              

      

      

      
        	
                10.

              	
                Underwriting.
                  MGIC has been advised that the Insured Loans were made and underwritten
                  by
                  the originators in accordance with the underwriting requirements
                  of Option
                  One (the “Underwriting Requirements”). Greenwich represents and warrants
                  to MGIC that each Insured Loan meets (a) the Eligibility Criteria
                  set
                  forth in Section 8 and (b) in all material respects, the Underwriting
                  Requirements. If the Underwriting Requirements are inconsistent
                  with the
                  Eligibility Criteria, the Insured Loans must comply with the Eligibility
                  Criteria to the extent of any such inconsistency. Greenwich and
                  the
                  Insured acknowledge and agree that MGIC shall be entitled to rely
                  upon the
                  representation and warranty set forth in the preceding
                  sentence.

              

      

      

      
        	
                11.

              	
                Final
                  File.
                  Greenwich will deliver to MGIC a final data file for the initial
                  loan
                  portfolio described in Section 1 (in a form mutually agreed to
                  by the
                  parties) (the "Initial File") of Insurable Loans that meet the
                  Eligibility
                  Criteria. The Initial File and the Subsequent File together shall
                  be
                  referred to as the “Final File”. The Final File will constitute an
                  Application for Coverage under the Pool Policy and this letter
                  and any
                  other information provided to MGIC will be considered part of that
                  Application.

              

      

      

      
        	
                12.

              	
                Servicing
                  of Insured Loans under the Pool Policy.
                  Greenwich and the Insured acknowledge that (1) under Section 3.4
                  of the
                  Pool Policy if there is a change of Servicer, Coverage of an Insured
                  Loan
                  continues provided that (a) prior written notice of the new Servicer
                  is
                  given to MGIC and (b) the new Servicer is approved in writing by
                  MGIC in
                  advance of such change of Servicer, and that (2) under Section
                  4.6 of the
                  Pool Policy a Claim occurring on an Insured Loan when the Servicer
                  for
                  such Insured Loan is not approved by MGIC is excluded from Coverage
                  under
                  the Pool Policy. MGIC shall notify the Insured if the new Servicer
                  is
                  approved within five (5) business days of receipt of such notice
                  and such
                  approval shall not be withheld if the new Servicer has a mortgage
                  loan
                  servicing rating of "RPS2-" or better from Fitch Ratings, "Above
                  Average"
                  or better from Standard & Poor's Rating Services, or “SQ2” or better
                  from Moody’s Investor Services.

              

      

      

      
        	
                13.

              	
                Accuracy
                  of Information and Representations and Warranties and
                  Covenants.
                  Greenwich acknowledges and agrees that (a) the mortgage loan
                  information for each Insurable Loan included in the Application
                  and
                  provided to MGIC prior to issuance of Coverage is material to MGIC’s
                  decision as to whether to issue such Coverage on such Insurable
                  Loan, and
                  (b) MGIC is relying on such information in issuing such Coverage on
                  such Insurable Loan. 

              

        	 	 

        	 	
                It
                  is understood that information relating to the Insured Loans will
                  be
                  delivered to MGIC by electronic format, and that MGIC will not
                  individually underwrite each Insured Loan to determine whether
                  information
                  included in the Application is true, correct and accurate and whether
                  the
                  Insured Loans meet the Eligibility Criteria. In extending this
                  offer to
                  insure, MGIC is relying on the truth and accuracy of the information
                  in
                  the Application and Greenwich’s representation as to compliance with the
                  Eligibility Criteria relating to the Insured Loans. The submission
                  of
                  inaccurate information in the Application which, in MGIC's reasonable
                  judgment, is material to the acceptance or pricing of the risk
                  with
                  respect to any Insured Loan or failure to comply with Eligibility
                  Criteria
                  for an Insured Loan, may result in rescission or cancellation of
                  Coverage
                  on the affected Insured Loan, with a refund of all premium paid
                  with
                  respect thereto. MGIC has no obligation to insure loans which do
                  not meet
                  the requirements of this letter.

              

        	 	 

        	 	For purposes of the Pool Policy, all of the
                representations and warranties and other covenants of Greenwich in
                this
                letter will be considered to be made on behalf of the Insured under
                the
                Pool Policy, and the representations and warranties of the Insured
                in
                Section 2.2 of the Pool Policy shall be deemed to have been made
                by
                Greenwich on behalf of the Insured. However, MGIC's rights and remedies
                for a breach thereof shall be limited to MGIC's rights and remedies
                under
                the Pool Policy and no other rights or remedies of MGIC shall be
                implied
                or created by this letter.

      

       

      
        	
                14.

              	
                Counterparts
                  and Facsimile Signatures; Capitalized Terms.
                  This letter agreement may be executed in separate counterparts,
                  each of
                  which shall be deemed an original but all of which together will
                  constitute but one agreement, and will become effective when each
                  party
                  has executed one or more counterparts and delivered same to the
                  other
                  parties. This letter agreement may also be executed by facsimile
                  signatures, which will be as effective as original signatures.
                  All
                  capitalized terms in this letter, unless defined herein, shall
                  have the
                  respective meanings as set forth in the Pool Policy or on the Approval
                  of
                  Coverage.

              

      

      

      It
        is
        acknowledged that although Deutsche Bank has executed this letter prior to
        its
        becoming Trustee for the benefit of the holders of the Trust, its execution
        hereof only will become effective as of the date it becomes Trustee.

       

      If
        the
        foregoing terms and conditions accurately reflect the agreement among MGIC,
        Greenwich and Deutsche Bank as Trustee, as the Insured, please acknowledge
        this
        letter as your request for insurance of the Insured Loans and your acceptance
        of
        its terms by signing it in the space provided below at your earliest
        convenience. Deutsche Bank is signing solely as the Trustee and only the
        Trustee; Deutsche Bank personally is not responsible or liable for any
        representations, warranties, covenants, or obligations herein except in its
        capacity as Trustee, the Insured. In order for this letter to be binding
        on
        MGIC, it must be signed and returned to me within 30 days subsequent to the
        date
        of this letter, and the Pool Policy must be issued no later than 60 days
        subsequent to the date of this letter.

      

      Please
        call me if you have any questions.

      

      

      Sincerely,

      

       

      Steven
        M.
        Thompson

      Vice
        President

      Risk
        Management

      

      

      Exhibit
        A: Mortgage Trust Bulk Supplemental Policy [MGIC form #71-70289 (3/06)] with
        #71-70290 (5/06)]

       

      
        
          Terms
            for MGIC Pool Coverage on Loans to be included in the Trust known as
            Soundview
            Home Loan Trust Series 2006-OPT4

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        foregoing terms, conditions and provisions are hereby accepted, acknowledged
        and
        agreed to by Greenwich Capital Markets, Inc. and by Deutsche Bank as Trustee
        for
        the Trust.

       

      GREENWICH
        CAPITAL MARKETS, INC.

       

      
        
          	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                   Dated:

                	 
	
                  Name:

                	 	 	
                   

                	 
	
                  Title:

                	 	 	
                   

                	 

        

      

      
 

      

      

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY AS TRUSTEE FOR SOUNDVIEW
        HOME LOAN TRUST SERIES 2006-OPT4 

       

      
        
          
            	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	
                     Dated:

                  	 
	
                    Name:

                  	 	 	
                     

                  	 
	
                    Title:

                  	 	 	
                     

                  	 

          

        

        

      

      
 

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      P

     

    FORM
      OF
      ANNUAL STATEMENT AS TO COMPLIANCE

     

    ___________________
      Trust, Series 200_-___

     

    _______________
      Pass-Through Certificates

     

    I,
      _____________________, hereby certify that I am a duly appointed
      __________________________ of _______________________________ (the
“[Servicer]”), and further certify as follows:

     

    1. This
      certification is being made pursuant to the terms of the Pooling and Servicing
      Agreement, dated as of ____________, _____ (the “Agreement”), among
      ______________________, as depositor, the [Servicer], as [servicer] and
      ________________, as trustee.

     

    2. I
      have
      reviewed the activities of the [Servicer] during the preceding year and the
      [Servicer’s] performance under the Agreement and to the best of my knowledge,
      based on such review, the [Servicer] has fulfilled all of its obligations under
      the Agreement throughout the year.

     

    Capitalized
      terms not otherwise defined herein have the meanings set forth in the
      Agreements.

     

    Dated:
      _________________

     

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      _____________.

     

    
      	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    I,
      _________________________, a (an) __________________ of the [Servicer], hereby
      certify that _________________ is a duly elected, qualified, and acting
      _______________________ of the [Servicer] and that the signature appearing
      above
      is his/her genuine signature.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      ______________.

     

    
      	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Q

    

    FORM
      OF
      INTEREST RATE SWAP AGREEMENT

     

    

      

      Dated:
        May 26, 2006

      

      Rate
        Swap Transaction

      

      Re:
        WB
        Reference No. 1446459 / 1452946

      

      Ladies
        and Gentlemen:

      

      The
        purpose of this letter agreement (“Agreement”)
        is to
        confirm the terms and conditions of the rate Swap Transaction entered into
        on
        the Trade Date specified below (the “Transaction”)
        between Wachovia Bank, N.A. (“WB”),
        and
        Deutsche Bank National Trust Company, not in its individual capacity, but
        solely
        as supplemental interest trust trustee (the “Supplemental
        Interest Trust Trustee”)
        for
        the supplemental interest trust (the “Supplemental
        Interest Trust”
or
        the
“Counterparty”)
        with
        respect to the Soundview Home Loan Trust 2006-OPT4 Asset-Backed Certificates,
        Series 2006-OPT4, under the pooling and servicing agreement dated as of May
        26,
        2006, among Financial Asset Securities Corp., as depositor (the “Depositor”),
        Option One Mortgage Corporation, as servicer (the “Servicer”),
        and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”)
        (the
        “Pooling
        and Servicing Agreement”).
        This
        Agreement, which evidences a complete and binding agreement between you and
        us
        to enter into the Transaction on the terms set forth below, constitutes a
        “Confirmation”
as
        referred to in the “ISDA
        Form Master Agreement”
(as
        defined below), as well as a “Schedule” as referred to in the ISDA Form Master
        Agreement.

      

      1. Form
        of Agreement.
        This Agreement is subject to the 2000
        ISDA Definitions (the
        “Definitions”),
        as published by the International Swaps and Derivatives Association, Inc.
        (“ISDA”).
        You and we have agreed to enter into this Agreement in lieu of negotiating
        a
        Schedule to the 1992 ISDA Master Agreement (Multicurrency—Cross Border) form
        (the “ISDA
        Form Master Agreement”).
        An ISDA Form Master Agreement, as modified by the Schedule terms in Paragraph
        4
        of this Confirmation (the “Master
        Agreement”),
        shall be deemed to have been executed by you and us on the date we entered
        into
        the Transaction. Except as otherwise specified, references herein to Sections
        shall be to Sections of the Master Agreement, and references to Paragraphs
        shall
        be to paragraphs of this Agreement. In the event of any inconsistency between
        the provisions of this Agreement and the Definitions or the Master Agreement,
        this Agreement shall prevail for purposes of the Transaction. Capitalized
        terms
        not otherwise defined herein or in the Definitions or the Master Agreement
        shall
        have the meaning defined for such term in the Pooling and Servicing
        Agreement.

      

      
        	
                2.

              	
                Certain
                  Terms.
                  The terms of the particular Transaction to which this Confirmation
                  relates
                  are as follows:

              

      

      

      
        	
                Type
                  of Transaction:

              	
                Rate
                  Swap

              
	 	 
	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, lesser of (1) the Calculation
                  Amount
                  set forth for such period on Schedule I attached hereto, and (2)
                  (a) the
                  aggregate Certificate Principal Balance of the Floating Rate Certificates
                  immediately preceding the Distribution Date which occurs on or
                  abut the
                  Floating Rate Payer Period End Date for such Distribution Date
                  divided by
                  (b) 250. 

              
	 	 
	
                Trade
                  Date:

              	
                May
                  22, 2006

              
	 	 
	
                Termination
                  Date:

              	
                March
                  25, 2011, subject to adjustment in accordance with the Following
                  Business
                  Day Convention.

              

      

       

      FIXED
        AMOUNTS

      

      
        	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Rate Payer

              	 
	
                Effective
                  Date:

              	
                June
                  25, 2006

              
	 	 
	
                Fixed
                  Rate:

              	
                5.455%

              
	 	 
	
                Fixed
                  Rate Day Count

              	 
	
                Fraction:

              	
                30/360

              
	 	 
	
                Fixed
                  Rate Payer

              	 
	
                Period
                  End Dates:

              	
                The
                  25th
                  day of each month, beginning on July 25, 2006 and ending on the
                  Termination Date with No Adjustment, provided that for purposes
                  of
                  determining the Final Fixed Rate Payer Period End Date, the Termination
                  Date will not be adjusted in accordance with the Following Business
                  Day
                  Convention.

              
	
                Fixed
                  Rate Payer

              	 
	
                Payment
                  Dates:

              	
                The
                  25th
                  day of each month, beginning on July 25, 2006 and ending on the
                  Termination Date, subject to adjustment in accordance with the
                  Following
                  Business Day Convention.

              
	 	 
	
                Fixed
                  Amount:

              	
                To
                  be determined in accordance with the Following formula: 250 * Fixed
                  Rate *
                  Notional Amount * Fixed Rate Day Count
                  Fraction.

              

      

      

      FLOATING
        AMOUNTS

      

      
        	
                Floating
                  Rate Payer:

              	
                WB

              
	 	 
	
                Floating
                  Rate Payer

              	 
	
                Effective
                  Date:

              	
                June
                  26, 2006

              
	 	 
	
                Floating
                  Rate for initial

              	 
	
                Calculation
                  Period:

              	
                To
                  be determined

              
	 	 
	
                Floating
                  Rate Day Count

              	 
	
                Fraction:

              	
                Actual/360

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 
	
                Designated
                  Maturity:

              	
                One
                  month

              
	 	 
	
                Spread:

              	
                Inapplicable

              
	 	 
	
                Floating
                  Rate Payer

              	 
	
                Period
                  End Dates:

              	
                The
                  25th
                  day of each month, beginning on July 25, 2006 and ending on the
                  Termination Date, subject to adjustment in accordance with the
                  Following
                  Business Day Convention.

              
	 	 
	
                Floating
                  Rate Payer

              	 
	
                Payment
                  Dates:

              	
                The
                  25th
                  day of each month, beginning on July 25, 2006 and ending on the
                  Termination Date, subject to adjustment in accordance with the
                  Following
                  Business Day Convention.

              
	 	 
	
                Floating
                  Amount:

              	
                To
                  be determined in accordance with the following formula:

              
	
                 

              	 250
                * Floating Rate Option * Notional Amount * Floating Rate Day Count
                Fraction.
	 	 
	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period

              
	 	 
	
                Compounding:

              	
                Inapplicable

              
	 	 
	
                Business
                  Days for Payments

              	 
	
                By
                  both parties:

              	
                New
                  York 

              
	 	 
	
                Calculation
                  Agent:

              	
                WB

              

      

      

      3. Additional
        Provisions:
        

      

      1) Reliance.
        Each
        party hereto is hereby advised and acknowledges that the other party has
        engaged
        in (or refrained from engaging in) substantial financial transactions and
        has
        taken (or refrained from taking) other material actions in reliance upon
        the
        entry by the parties into the Transaction being entered into on the terms
        and
        conditions set forth herein. 

      

      2) Transfer,
        Amendment and Assignment.
        No
        transfer, amendment, waiver, supplement, assignment or other modification
        of
        this Transaction shall be permitted by either party unless each of Standard
        & Poor’s Ratings Service, a division of The McGraw-Hill Companies, Inc
        (“S&P”)
        and
        Moody’s Investors Service, Inc. (“Moody’s”),
        has
        been provided notice of the same and confirms in writing (including by facsimile
        transmission) that it will not downgrade, qualify, withdraw or otherwise
        modify
        its then-current ratings on the Certificates issued under the Pooling and
        Servicing Agreement (the “Certificates”)
        and
        any notes backed by the Certificates (the “Notes”).

      

      
        
          4. 
            Provisions
            Deemed Incorporated in a Schedule to the Master
            Agreement:

        

      

      

      
        	1)  	
                The
                  parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                  Form
                  Master Agreement will apply to this
                  Transaction.

              

      

      

      

      
        
            
            2) Termination
            Provisions.
            For
            purposes of the Master Agreement:

        

      

      

      
        	 	
                (a)

              	
                “Specified
                  Entity”
                  is not applicable to WB or the Counterparty for any purpose.
                  

              

      

      

      
        	 	
                (b)

              	
                The
                  “Breach
                  of Agreement”
                  provision of Section 5(a)(ii) will not apply to WB or the
                  Counterparty.

              

      

      

      
        	 	
                (c)

              	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) will apply to WB (with respect
                  to credit
                  support furnished pursuant to Paragraph 4(9) below) but will not
                  apply to
                  the Counterparty.

              

      

      

      
        	 	
                (d)

              	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) will not apply to WB or the
                  Counterparty.

              

      

      

      
        	 	
                (e)

              	
                “Default
                  under Specified Transaction”
                  is not applicable to WB or the Counterparty for any purpose, and,
                  accordingly, Section 5(a)(v) shall not apply to WB or the
                  Counterparty.

              

      

      

      
        	 	
                (f)

              	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) will not apply to WB or to the
                  Counterparty.

              

      

      

      
        	 	
                (g)

              	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) (2) will not apply to Counterparty;
                  the
                  words “trustee” and “custodian” in Section 5(a)(vii)(6) will not include
                  the Trustee; and, with respect to Counterparty only, the words
                  “specifically authorized ” are inserted before the word “action” in
                  Section 5(a)(vii)(9).

              

      

      

      
        	 	
                (h)

              	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) will not apply to WB or the
                  Counterparty.

              

      

      

      
        	 	
                (i)

              	
                The
                  “Automatic
                  Early Termination”
                  provision of Section 6(a) will not apply to WB or to the
                  Counterparty.

              

      

      

      
        	 	
                (j)

              	
                Payments
                  on Early Termination.
                  For the purpose of Section 6(e):

              

      

      

      (i) Market
        Quotation will apply.

       

      (ii) The
        Second Method will apply. 

      

      
        	 	
                (k)

              	
                “Termination
                  Currency”
                  means United States Dollars. 

              

      

      

                
        3) Tax
        Representations. 

      

      
        	 	
                (a)

              	
                Payer
                  Representations.
                  For the purpose of Section 3(e), WB and the Counterparty make the
                  following representations:

              

      

      

      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 representations made by the other party pursuant
                  to
                  Section 3(f);

              

      

      

      
        	 	
                (ii)

              	
                the
                  satisfaction of the agreement 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
                  of its legal or commercial position.

              

      

      

      
        	 	
                (b)

              	
                Payee
                  Representations.
                  For the purpose of Section 3(f), WB and the Counterparty make the
                  following representations.

              

      

       

      (i)         
         The
        following representation will apply to WB: 

      

      (x)
        It is
        a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the
        United States Treasury Regulations) for United States federal income tax
        purposes, (y) it is a national banking association organized or formed under
        the
        laws of the United States, and (z) it is a resident of the United States
        for
        federal income tax purposes. 

      

      
        	 	
                (ii)

              	
                The
                  following representation will apply to the
                  Counterparty:

              

      

      

      The
        beneficial owner of the payments made to it under this Agreement is either
        (i) a
        "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United
        States Treasury Regulations) for United States federal income tax purposes
        and
        an "Exempt recipient" within the meaning of section 1.6049-4(c)(1)(ii) of
        United
        States Treasury Regulations, or (ii) a "non-U.S. branch of a foreign person"
        as
        that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury
        Regulations (the "Regulations") for United States federal income tax purposes,
        and it is a "foreign person" as that term is used in section 1.6041-4(a)(4)
        of
        the Regulations for United States federal income tax purposes.

      

                
        4) Documents
        to be delivered. For the purpose of Section 4(a):

      

      (a) 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

                
	
                  WB
                    and Counterparty

                	
                  Any
                    document required or
                    reasonably requested to allow the other party to make payments
                    under this
                    Agreement without any deduction or withholding for or on the
                    account of
                    any tax. 

                	
                  Promptly
                    after the earlier of (i) reasonable demand by either party or
                    (ii)
                    learning that such form or document is required 

                	
                  Yes

                

        

      

      

       

      (b) Other
        documents to be delivered are:

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/
                  Certificate

              	
                Date
                  by which to be delivered

              	
                Covered
                  by Section 3(d) Representation

              
	
                WB
                  

              	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing this
                  Agreement, any relevant Credit Support Document, or any Confirmation,
                  as
                  the case may be.

                 

              	
                Upon
                  the execution and delivery of this Agreement 

              	
                Yes

              
	
                Counterparty
                  

              	
                (i)
                  a copy of the executed Pooling and Servicing Agreement, and (ii)
                  an
                  incumbency certificate verifying the true signatures and authority
                  of the
                  person or persons signing this letter agreement on behalf of the
                  Counterparty.

                 

              	
                Upon
                  the execution and delivery of this Agreement 

              	
                Yes

              
	
                WB

              	
                A
                  copy of the most recent publicly available regulatory call
                  report.

              	
                Promptly
                  after request by the other party

              	
                Yes

                 

              
	
                WB
                  and Counterparty

              	
                Legal
                  Opinion as to enforceability of this Agreement.

              	
                Upon
                  the execution and delivery of this Agreement.

                 

              	
                Yes

              
	
                Counterparty

              	
                Certified
                  copy of the Board of Directors resolution (or equivalent authorizing
                  documentation) which sets forth the authority of each signatory
                  to the
                  Confirmation signing on its behalf and the authority of such party
                  to
                  enter into Transactions contemplated and performance of its obligations
                  hereunder.

              	
                Upon
                  the execution and delivery of this Agreement.

              	
                Yes

              

      

      

                
        5)
         Miscellaneous.
        

      

      
        	 	
                (a)

              	
                Address
                  for Notices:
                  For the purposes of Section 12(a):

              

      

      

      Address
        for notices or communications to WB:

      

      Wachovia
        Bank, NA

      301
        South
        College Street

      DC-8

      Charlotte,
        NC 28202-0600

      Attn:
        Bruce M. Young

      Senior
        Vice President, Risk Management

      Tele:
        704-383-8778

      Fax:
        704-383-0575

      

      (For
        all
        purposes)

      

      Address
        for notices or communications to the Counterparty:

      

      Deutsche
        Bank National Trust Company

      1761
        East St. Andrew Place

      Santa
        Ana, CA 92705-4934

      Attn:
        Mei Tglia

      Tele:
        714-247-6248

      Fax:
        714-247-6478

      

      (b)         
         Process
        Agent.
        For the
        purpose of Section 13(c):

      

      WB
        appoints as its Process Agent:  Not
        Applicable

       

      The
        Counterparty appoints as its Process Agent: Not
        Applicable

      

      
        	 	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will not apply to this Agreement;
                  neither
                  WB nor the Counterparty have any Offices other than as set forth
                  in the
                  Notices Section and WB agrees that, for purposes of Section 6(b),
                  it shall
                  not in future have any Office other than one in the United
                  States.

              

      

      

      
        	 	
                (d)

              	
                Multibranch
                  Party.
                  For the purpose of Section 10(c):

              

      

      

      WB
        is not
        a Multibranch Party.

       

      The
        Counterparty is not a Multibranch Party.

      

      
        	 	
                (e)

              	
                Calculation
                  Agent.
                  The Calculation Agent is WB.

              

      

      

      (f)         
         Credit
        Support Document. Not
        applicable for either WB (except with respect to credit support furnished
        pursuant to Paragraph 9) or the Counterparty.

       

      
        	 	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      
        	
                WB:

              	
                Not
                  Applicable (except with respect to credit support furnished pursuant
                  to
                  Paragraph 4(9)

                 

              
	
                Counterparty:

              	
                Not
                  Applicable

              

      

      
      

       

      
        	 	
                (h)

              	
                Governing
                  Law.
                  The parties to this Agreement hereby agree that the law of the
                  State of
                  New York shall govern their rights and duties in whole, without
                  regard to
                  conflict of law provisions thereof other than New York General
                  Obligations
                  Law Sections 5-1401 and 5-1402.

              

      

      

      
        	 	
                (i)

              	
                Severability.
                  If
                  any term, provision, covenant, or condition of this Agreement,
                  or the
                  application thereof to any party or circumstance, shall be held
                  to be
                  invalid or unenforceable (in whole or in part) for any reason,
                  the
                  remaining terms, provisions, covenants, and conditions hereof shall
                  continue in full force and effect as if this Agreement had been
                  executed
                  with the invalid or unenforceable portion eliminated, so long as
                  this
                  Agreement as so modified continues to express, without material
                  change,
                  the original intentions of the parties as to the subject matter
                  of this
                  Agreement and the deletion of such portion of this Agreement will
                  not
                  substantially impair the respective benefits or expectations of
                  the
                  parties provided, however, that this severability provision shall
                  not be
                  applicable if any provision of Section 2, 5,6, or 13 (or any definition
                  or
                  provision in Section 14 to the extent it relates to, or is used
                  in or in
                  connection with any such Section) shall be so held to be invalid
                  or
                  unenforceable.

              

      

      

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition.

      

      
        	 	
                (j)

              	
                Recording
                  of Conversations.
                  Each party (i) consents to the recording of telephone conversations
                  between the trading, marketing and other relevant personnel of
                  the parties
                  in connection with this Agreement or any potential Transaction,
                  (ii)
                  agrees to obtain any necessary consent of, and give any necessary
                  notice
                  of such recording to, its relevant personnel and (iii) agrees,
                  to the
                  extent permitted by applicable law, that recordings may be submitted
                  in
                  evidence in any Proceedings.

              

      

      

      
        	 	
                (k)

              	
                Waiver
                  of Jury Trial.
                  To
                  the extent permitted by applicable law, each party waives any right
                  it may
                  have to a trial by jury in respect of any Proceedings relating
                  to this
                  Agreement or any Credit Support Document.

              

      

      

      
        	 	
                (l)
                  

              	
                Non-Recourse.
                  Notwithstanding any provision herein or in the Master Agreement
                  to the
                  contrary, the obligations of the Counterparty hereunder are limited
                  recourse obligations of the Counterparty, payable solely from the
                  Swap
                  Account and the proceeds thereof to satisfy the Counterparty's
                  obligations
                  hereunder. In the event that the Swap Account and proceeds thereof
                  should
                  be insufficient to satisfy all claims outstanding and following
                  the
                  realization of the Swap Account and the distribution of the proceeds
                  thereof in accordance with the Pooling and Servicing Agreement,
                  any claims
                  against or obligations of the Counterparty under the Master Agreement
                  or
                  any other confirmation thereunder, still outstanding shall be extinguished
                  and thereafter not revive. This provision shall survive the expiration
                  of
                  this Agreement.

              

      

      

      
        	 	
                (m)

              	
                Limitation
                  on Institution of Bankruptcy Proceedings.
                  WB
                  shall not institute against or cause any other person to institute
                  against, or join any other person in instituting against the Counterparty,
                  the Supplemental Interest Trust, or the trust formed pursuant to
                  the
                  Pooling and Servicing Agreement, any bankruptcy, reorganization,
                  arrangement, insolvency or liquidation proceedings, under any of
                  the laws
                  of the United States or any other jurisdiction, for a period of
                  one year
                  and one day (or, if longer, the applicable preference period) following
                  indefeasible payment in full of the Certificates and any Notes.
                  This
                  provision shall survive the expiration of this Agreement provided
                  that nothing herein shall preclude, or be deemed to estop, WB from
                  taking
                  any action in any case or proceeding voluntarily filed or commenced
                  by or
                  on behalf of Counterparty by a party other than WB or any of WB’s
                  Affiliates or in any involuntary case or proceeding after it has
                  commenced. 

              

      

      

      
        	 	
                (n)

              	
                Remedy
                  of Failure to Pay or Deliver.
                  The ISDA Form Master Agreement is hereby amended by replacing the
                  word
                  “third” in the third line of Section 5(a)(i) by the word
                  “second”.

              

      

      

      
        	 	
                (o)

              	
                “Affiliate”
                  will have the meaning specified in Section 14 of the ISDA Form
                  Master
                  Agreement, provided that the Counterparty shall be deemed not to
                  have any
                  Affiliates for purposes of this Agreement, including for purposes
                  of
                  Section 6(b)(ii).

              

      

      

      
        	 	
                (p)

              	
                Supplemental
                  Interest Trust Trustee’s
                  Capacity.
                  It is expressly understood and agreed by the parties hereto that
                  insofar
                  as this Confirmation is executed by the Supplemental Interest Trust
                  Trustee
                  (i) this Confirmation is executed and delivered by Deutsche
                  Bank National Trust Company (“Deutsche Bank”), not in its individual
                  capacity but solely as Supplemental Interest Trust Trustee
                  pursuant to the Pooling and Servicing Agreement in the exercise
                  of the
                  powers and authority conferred and vested in it thereunder and
                  pursuant to
                  instruction set forth therein (ii) each of the representations,
                  undertakings and agreements herein made on behalf of the trust
                  is made and
                  intended not as a personal representation, undertaking or agreement
                  of the
                  Supplemental Interest Trust Trustee
                  but is made and intended for the purpose of binding only the Counterparty,
                  and (iii) under no circumstances will Deutsche Bank, in its individual
                  capacity be personally liable for the payment of any indebtedness
                  or
                  expenses or be personally liable for the breach or failure of any
                  obligation, representation, warranty or covenant made or undertaken
                  under
                  this Confirmation.

              

      

      

      
        	 	
                (q)

              	
                Supplemental
                  Interest Trust Trustee’s
                  Representation.
                  Deutsche Bank, as Supplemental Interest Trust Trustee,
                  represents and warrants that:

              

      

      

      It
        has
        been directed under the Pooling and Servicing Agreement to enter into this
        letter agreement as Supplemental Interest Trust Trustee
        on
        behalf of the Counterparty.

      

       

      
        	 	
                          
                  6)

              	
                Additional
                  Representations.
                  Section
                  3 is hereby amended, by substituting for the words “Section 3(f)” in the
                  introductory sentence thereof the words “Sections 3(f) and 3(i)” and by
                  adding, at the end thereof, the following Sections 3(g) and
                  3(h):

              

      

      

      
        	 	
                “(g)

              	
                Relationship
                  Between Parties.
                  

              

      

      

      
        	 	
                (1)

              	
                Nonreliance.
                  It
                  is not relying on any statement or representation of the other
                  party
                  regarding the Transaction (whether written or oral), other than
                  the
                  representations expressly made in this Agreement or the Confirmation
                  in
                  respect of that Transaction.

              

      

      

      (2)             
         Evaluation
        and Understanding.
        

      

      
        	 	
                (i)
                  

              	
                Each
                  Party is acting for its own account and has the capacity to evaluate
                  (internally or through independent professional advice) the Transaction
                  and has made its own decision to enter into the Transaction; it
                  is not
                  relying on any communication (written or oral) of the other party
                  as
                  investment advice or as a recommendation to enter into such transaction;
                  it being understood that information and explanations related to
                  the terms
                  and conditions of such transaction shall not be considered investment
                  advice or a recommendation to enter into such 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 the
                  transaction; and

              

      

      

      
        	 	
                (ii)

              	
                Each
                  Party understands the terms, conditions and risks of the Transaction
                  and
                  is willing and able to accept those terms and conditions and to
                  assume
                  (and does, in fact assume) those risks, financially and otherwise.
                  

              

      

      

      
        	 	
                (3)

              	
                Principal.
                  The
                  other party is not acting as a fiduciary or an advisor for it in
                  respect
                  of this Transaction.

              

      

      

      
        	 	
                (h)

              	
                Exclusion
                  from Commodities Exchange Act.
                  (A)
                  It is an “eligible contract participant” within the meaning of Section
                  1a(12) of the Commodity Exchange Act, as amended; (B) this Agreement
                  and
                  each Transaction is subject to individual negotiation by such party;
                  and
                  (C) neither this Agreement nor any Transaction will be executed
                  or traded
                  on a “trading facility” within the meaning of Section 1a(33) of the
                  Commodity Exchange Act, as amended.

              

      

      

      
        	 	
                          
                  7)

              	
                Set-off.
                  Notwithstanding any provision of this Agreement or any other existing
                  or
                  future agreement (but without limiting the provisions of Section
                  2(c) and
                  Section 6, except as provided in the next sentence) and without
                  limiting
                  any set off rights contained in any Credit Support Annex that may
                  be
                  entered into pursuant to Paragraph 4(9)(ii)(A)(1), each party irrevocably
                  waives any and all rights it may have to set off, net, recoup or
                  otherwise
                  withhold or suspend or condition payment or performance of any
                  obligation
                  between it and the other party hereunder against any obligation
                  between it
                  and the other party under any other agreements. The last sentence
                  of the
                  first paragraph of Section 6(e) shall not apply for purposes of
                  this
                  Transaction.

              

      

      

      
        	8)  	
                Additional
                  Termination Events.
                  The following Additional Termination Events will apply, in each
                  case with
                  respect to the Counterparty as the sole Affected Party (unless
                  otherwise
                  provided below): 

              

      

      

      
        	(i)  	
                Downgrade.
                  WB
                  fails to comply with the ratings downgrade provisions as set forth
                  in
                  Paragraph 4(9). WB shall be the sole Affected
                  Party.

              

      

      

      
        	(ii)  	
                Termination
                  of Trust Fund.
                  The Trust Fund shall be terminated 

              

      

      pursuant
        to any provision of the Pooling and Servicing Agreement. The Early Termination
        Date shall be the Distribution Date upon which final payment is made in respect
        of the Certificates; provided, further, that notwithstanding Section 6(b)(iv)
        of
        the ISDA Form Master Agreement, both WB and Counterparty shall have the right
        to
        designate an Early Termination Date in respect of this Additional Termination
        Event 

      

      
        	(iii)  	
                Inability
                  to Pay Class A Certificates.
                  The Trustee is unable to pay the Class A Certificates any related
                  Monthly
                  Interest Distributable Amount or any amount in respect of principal
                  required to be paid pursuant to the terms of the Pooling and Servicing
                  Agreement.

              

      

       

      
        	(iv)  	
                Amendment
                  without Consent.
                  The Pooling and Servicing Agreement is amended in a manner which
                  could
                  have a material adverse effect on WB without the prior written
                  consent of
                  WB, where such consent is required under the Pooling and Servicing
                  Agreement (such consent not to be unreasonably
                  withheld).

              

      

      

      
        	(v)  	
                Provision
                  of Information Required by Regulation AB.
                  The occurrence of a Swap Disclosure Event (as defined in Paragraph
                  4(11)(i)and WB has not within five Business Days after such Swap
                  Disclosure Event (without giving effect to any grace period otherwise
                  provided herein or otherwise) complied with any of the provisions
                  set
                  forth in Paragraph 4(11)(ii) WB shall be the sole Affected
                  Party.

              

      

      

      Unrescindable
        notice is given by the Servicer that it will purchase all Mortgage Loans
        in
        accordance with Section 10.01 of the Pooling and Servicing Agreement. With
        respect to this Additional Termination Event, Counterparty shall be the sole
        Affected Party and this Transaction shall be the sole Affected Transaction;
        provided, however, that notwithstanding Section 6(b)(iv) of the ISDA Form
        Master
        Agreement, either party may designate an Early Termination Date in respect
        of
        this Additional Termination Event; provided, further, that such Early
        Termination Date shall not be prior to the final Distribution Date. If such
        an
        Additional Termination Event occurs, then, for purposes of determining the
        related payment under Section 6(e) of the ISDA Form Master Agreement, for
        all
        Calculation Periods beginning after the related Early Termination Date, the
        definition of Notional Amount in the Confirmation shall be deleted in its
        entirety and replaced with the following: With respect to each Calculation
        Period, the Calculation Amount for such Calculation Period as set forth in
        the
        Schedule of Calculation Amounts attached hereto multiplied by a factor. The
        factor will be set in connection with such Early Termination Date to be equal
        to
        the quotient of (i) the Notional Amount immediately prior to the Early
        Termination Date divided by (ii) the Calculation Amount for such Calculation
        Period set forth in the Schedule of Calculation Amounts attached
        hereto.

      

                
        9) Ratings
        Downgrade. For
        purposes of each Transaction:

       

      (i) Certain
        Definitions.

       

      (A)        
         “Rating
        Agency Condition”
means,
        with respect to any particular proposed act or omission to act hereunder,
        that
        the Trustee shall have received prior written confirmation from each of the
        applicable Rating Agencies, and shall have provided notice thereof to WB,
        that
        the proposed action or inaction would not cause a downgrade or withdrawal
        of
        their then-current ratings of the Certificates.

       

      (B)         
         “Qualifying
        Ratings”
means,
        with respect to the debt of any assignee or guarantor under Paragraph 4(9)(ii)
        below, 

       

      (x) a
        short-term unsecured and unsubordinated debt rating of “P-1” (not on watch for
        downgrade), and a long-term unsecured and unsubordinated debt of ”A1” (not on
        watch for downgrade) (or, if it has no short-term unsecured and unsubordinated
        debt rating, a long term rating of “Aa3” (not on watch for downgrade) by
        Moody’s, and 

       

      (y) a
        short-term unsecured and unsubordinated debt rating of “A-1” by S&P, and

       

      (z) a
        short-term unsecured and unsubordinated debt rating of “F-1” by
        Fitch.

       

      (C)         
         A
        “Collateralization
        Event”
shall
        occur with respect to WB (or any applicable credit support provider)
        if:

       

      (x) its
        short-term unsecured and unsubordinated debt rating is reduced to “P-1” (and is
        on watch for downgrade) or below, and its long-term unsecured and unsubordinated
        debt is reduced to ”A1” (and is on watch for downgrade) or below (or, if it has
        no short-term unsecured and unsubordinated debt rating, its long term rating
        is
        reduced to “Aa3” (and is on watch for downgrade) or below) by Moody’s,
        or

       

      (y) its
        short-term unsecured and unsubordinated debt rating is reduced below “A-1” by
        S&P; or

       

      (z) its
        short-term unsecured and unsubordinated debt rating is reduced below “F-1” by
        Fitch.

       

      (D)           A
        “Ratings
        Event”
shall
        occur with respect to WB (or any applicable credit support provider)
        if:

       

      (x) its
        short-term unsecured and unsubordinated debt rating is withdrawn or reduced
        to
“P-2” or below by Moody’s and its long-term unsecured and unsubordinated debt is
        reduced to “A3” or below (or, if it has no short-term unsecured and
        unsubordinated debt rating, its long term rating is reduced to “A2” or below) by
        Moody’s, or

       

      (y) its
        long-term unsecured and unsubordinated debt rating is withdrawn or reduced
        below
“BBB-” by S&P, or

       

      (z) its
        long-term unsecured and unsubordinated debt rating is withdrawn or reduced
        below
“BBB-” by Fitch.

       

      
        	 	
                (E)

              	
                “Permitted
                  Transfer”
                  means a transfer, in whole but not in part, of all of WB’s rights and
                  obligations under this Agreement and which meets all of the following
                  requirements:

              

      

       

      (v)
        the
        transferee is a recognized dealer in interest rate swaps organized under
        the
        laws of the United States of America or a jurisdiction located in the United
        States of America (or another jurisdiction reasonably acceptable to Party
        B
        that, at the time of the transfer, maintains the Qualifying
        Ratings;

       

      (w)
         the
        Rating Agency Condition is satisfied with respect to such transfer;

       

      (x) neither
        an Event of Default with respect to the transferee nor a Termination Event
        would
        exist immediately after that transfer; 

       

      (y) the
        transferee executes and delivers a written agreement reasonably satisfactory
        to
        Counterparty under the Pooling and Servicing Agreement in which the transferee,
        among other things, legally and effectively accepts all the rights and assumes
        all the obligations of WB under this Agreement; and

       

      (z) as
        of the
        date of such transfer neither the Transferee nor Counterparty will be required
        to withhold or deduct on account of any Tax from any payments under this
        Agreement in excess of what would have been required to be withheld or deducted
        in the absence of such transfer.

       

      For
        purposes of (C) and (D) above, such events include those occurring in connection
        with a merger, consolidation or other similar transaction by WB or any
        applicable credit support provider, but they shall be deemed not to occur
        if,
        within 30 days (or, in the case of a Ratings Event, 10 Business Days)
        thereafter, each of the applicable Rating Agencies has reconfirmed the ratings
        of the Certificates and any Notes, as applicable, which were in effect
        immediately prior thereto. For the avoidance of doubt, a downgrade of the
        rating
        on the Certificates or the Notes could occur in the event that WB does not
        post
        sufficient collateral.

       

      (ii) Actions
        to be Taken Upon Occurrence of Event.
        Subject, in each case set forth in (A) and (B) below, to satisfaction of
        the
        Rating Agency Condition:

       

      (A) Collateralization
        Event.
        If a
        Collateralization Event occurs with respect to WB (or any applicable credit
        support provider), then WB shall, at its own cost and expense, within thirty
        (30) days of such Collateralization Ratings Event:

       

      (1) post
        collateral under agreements and other instruments approved by the Counterparty,
        such approval not to be unreasonably withheld, which will be sufficient to
        restore the immediately prior ratings of the Certificates and any
        Notes;

       

      (2) make
        a
        Permitted Transfer without the prior written consent of
        Counterparty;

       

      (3) obtain
        a
        guaranty of, or a contingent agreement of, another person, the ratings of
        the
        debt of which (or of the guarantor of which) meet or exceed the Qualifying
        Ratings, to honor WB’s obligations under this Agreement.

       

      (B) Ratings
        Event.
        If a
        Ratings Event occurs with respect to WB (or any applicable credit support
        provider), then WB shall, at its own cost and expense, within ten (10) Business
        Days of such Ratings Event:

       

      (1) 
        make a
        Permitted Transfer without the prior written consent of Counterparty
        or;

       

      (2) obtain
        a
        guaranty of, or a contingent agreement of, another person, the ratings of
        the
        debt of which (or of the guarantor of which) meet or exceed the Qualifying
        Ratings, to honor WB’s obligations under this Agreement, provided
        that
        such
        other person is approved by the Counterparty, such approval not to be
        unreasonably withheld.

       

      
        	 	
                        
                  10) 

              	
                WB Payments
                  to be made to Supplemental Interest Trust Trustee.
                  WB
                  will, unless otherwise directed by the Supplemental Interest Trust
                  Trustee,
                  make all payments hereunder to the Supplemental Interest Trust
                  Trustee.
                  Payment made to the Supplemental Interest Trust Trustee
                  at
                  the account specified herein or to another account specified in
                  writing by
                  the Supplemental Interest Trust Trustee
                  shall satisfy the payment obligations of WB hereunder to the extent
                  of
                  such payment.

              

      

      

              
        11) Compliance
        with Regulation AB.
        

      (i)
         It
        shall be a swap disclosure event (“Swap Disclosure Event”) if, at any time after
        the date hereof, the Depositor or the Sponsor notifies WB that the aggregate
        “significance percentage” (calculated in accordance with the provisions of Item
        1115 of Regulation AB) of all derivative instruments provided by WB and any
        of
        its affiliates to the Counterparty (collectively, the “Aggregate Significance
        Percentage”) is 10% or more. 

      

      (ii)
         Upon
        the occurrence of a Swap Disclosure Event, WB, at its own cost and expense
        (and
        without any expense or liability to the Depositor, the Sponsor, or Supplemental
        Interest Trust Trustee, shall take one of the following actions: 

      (a)
        provide to the Sponsor and the Depositor: (i) if the Aggregate Significance
        Percentage is 10% or more, but less than 20%, the information required under
        Item 1115(b)(1) of Regulation AB or (ii) if the Aggregate Significance
        Percentage is 20% or more, within five (5) Business Days, the information
        required under Item 1115(b)(2) of Regulation AB; or 

      (b)
        assign its rights and delegate its obligations under the Transaction to a
        counterparty with Qualifying Ratings (or which satisfies the Rating Agency
        Condition),.

      

      (iii)
         For
        so long as the Aggregate Significance Percentage is 10% or more, Party A
        shall
        provide any updates to the information provided pursuant to clause (ii)
above
        to
        the Sponsor and the Depositor within five (5) Business Days following
        availability thereof (but in no event more than 45 days after the end of
        each of
        WB’s fiscal quarter for any quarterly update, and in no even more than 90 days
        after the end of each of WB’s fiscal year for any annual update). 

       

      (iv)
         All
        information provided pursuant to clauses (ii) and (iii) shall be in a form
        suitable for conversion to the format required for filing by the Depositor
        with
        the Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
        In addition, any such information, if audited, shall be accompanied by any
        necessary auditor’s consents. If permitted by Regulation AB, any such
        information may be provided by reference to or incorporation by reference
        from
        reports filed Pursuant to the Exchange Act. 

       

      
        	 	
                 

              	
                (v)
                  Third Party Beneficiary. Each of the Sponsor and Depositor shall
                  be an
                  express third party beneficiary of this Agreement as if a party
                  hereto to
                  the extent of the Sponsor’s and the Depositor’s rights explicitly
                  specified herein.

              

      

      

      
        	12)  	
                FDIC
                  Requirements.
                  WB represents that it is a bank subject to the requirements of
                  12 U.S.C. §
                  1823(e), its execution, delivery and performance of this Agreement
                  (including the Credit Support Annex and each Confirmation) have
                  been
                  approved by its board of directors or its loan committee, such
                  approval is
                  reflected in the minutes of said board of directors or loan committee,
                  and
                  this Agreement (including the Credit Support Annex and each Confirmation)
                  will be maintained as one of its official records continuously
                  from the
                  time of its execution (or in the case of any Confirmation, continuously
                  until such time as the relevant Transaction matures and the obligations
                  therefore are satisfied in full).

              

      

      

      
        	 	
                                
                  13)

              	
                Permitted
                  Transfer upon Tax Events.
                  Notwithstanding Section 7 of this Agreement, at any time at which
                  a Tax
                  Event or Tax Event Upon Merger exists with respect to WB, WB may,
                  with
                  prior written consent of Counterparty (such consent not to be unreasonably
                  withheld) transfer, in whole but not in part, all of its rights
                  and
                  obligations under this Agreement in a transfer which meets all
                  of the
                  requirements for a Permitted
                  Transfer.

              

      

      

                      
        14) Gross
        Up.
        The
        provisions of Section 2(d)(i)(4) and 2(d)(ii) of the printed 

      ISDA
        Form
        Master Agreement shall not apply to Counterparty and Counterparty shall not
        be
        required to pay any additional amounts referred to therein.

      

      5. Account
        Details and Settlement Information:

      

      Payments
        to WB:

      

      Wachovia
        Bank, N.A.

      CIB
        Group, ABA 053000219

      Ref:
        Derivative Desk (Trade No:1446459/1452946)

      Account#:
        04659360006116

      

      Settlement
        and/or Rate Resets:

      1-800-249-3865

      1-704-383-8429

      

      Payments
        to Counterparty:

      

      Deutsche
        Bank National Trust Company Americas

      ABA
        021-001-033

      A/C:
        01419663

      A/C:
        NYLTD Funds Control-Stars West

      Ref:
        Soundview 2006-OPT4

      

      6.
        Counterparts.
        This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Please
        confirm that the foregoing correctly sets forth the terms of our agreement
        by
        executing this agreement and returning it via facsimile to Derivatives
        Documentation at 704-383-9139. Once we receive this we will send you two
        original confirmations for execution.

      
 

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

      

      Very
        truly yours,

      

      

      
        	
                WACHOVIA
                  BANK, NATIONAL ASSOCIATION

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      SP:__

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

      

      The
        Counterparty, acting through its duly authorized signatory, hereby agrees
        to,
        accepts and confirms the terms of the foregoing as of the Trade
        Date.

      

      

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
        SUPPLEMENTAL INTEREST TRUST TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST WITH
        RESPECT TO THE SOUNDVIEW HOME LOAN TRUST 2006-OPT4 ASSET-BACKED CERTIFICATES,
        SERIES 2006-OPT4

      

      
        	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        I

      

      

      (With
        respect to each Fixed Rate Payer Period End Date, all such dates are with
        No

      Adjustment,
        and with respect to each Floating Rate Payer Period End Date, all
        such

      dates
        are
        subject to adjustment in accordance with the Following Business Day

      Convention)

      

      
        	
                Accrual
                  Start Date

              	
                Accrual
                  End Date

              	
                Calculation
                  Amount 

              
	
                06/25/2006

              	
                07/25/2006

              	
                $3,930,013.27
                  

              
	
                07/25/2006

              	
                08/25/2006

              	
                $3,883,988.21
                  

              
	
                08/25/2006

              	
                09/25/2006

              	
                $3,825,936.50
                  

              
	
                09/25/2006

              	
                10/25/2006

              	
                $3,748,327.58
                  

              
	
                10/25/2006

              	
                11/25/2006

              	
                $3,663,304.81
                  

              
	
                11/25/2006

              	
                12/25/2006

              	
                $3,571,106.34
                  

              
	
                12/25/2006

              	
                01/25/2007

              	
                $3,471,972.71
                  

              
	
                01/25/2007

              	
                02/25/2007

              	
                $3,366,233.65
                  

              
	
                02/25/2007

              	
                03/25/2007

              	
                $3,254,501.48
                  

              
	
                03/25/2007

              	
                04/25/2007

              	
                $3,138,748.36
                  

              
	
                04/25/2007

              	
                05/25/2007

              	
                $3,025,890.98
                  

              
	
                05/25/2007

              	
                06/25/2007

              	
                $2,917,182.73
                  

              
	
                06/25/2007

              	
                07/25/2007

              	
                $2,810,592.89
                  

              
	
                07/25/2007

              	
                08/25/2007

              	
                $2,707,764.72
                  

              
	
                08/25/2007

              	
                09/25/2007

              	
                $2,606,054.74
                  

              
	
                09/25/2007

              	
                10/25/2007

              	
                $2,490,472.83
                  

              
	
                10/25/2007

              	
                11/25/2007

              	
                $2,381,982.40
                  

              
	
                11/25/2007

              	
                12/25/2007

              	
                $2,279,698.25
                  

              
	
                12/25/2007

              	
                01/25/2008

              	
                $2,184,427.01
                  

              
	
                01/25/2008

              	
                02/25/2008

              	
                $2,101,641.39
                  

              
	
                02/25/2008

              	
                03/25/2008

              	
                $2,009,317.50
                  

              
	
                03/25/2008

              	
                04/25/2008

              	
                $1,855,804.65
                  

              
	
                04/25/2008

              	
                05/25/2008

              	
                $1,704,433.61
                  

              
	
                05/25/2008

              	
                06/25/2008

              	
                $1,569,490.67
                  

              
	
                06/25/2008

              	
                07/25/2008

              	
                $1,455,212.83
                  

              
	
                07/25/2008

              	
                08/25/2008

              	
                $1,388,487.07
                  

              
	
                08/25/2008

              	
                09/25/2008

              	
                $1,332,691.05
                  

              
	
                09/25/2008

              	
                10/25/2008

              	
                $1,279,327.92
                  

              
	
                10/25/2008

              	
                11/25/2008

              	
                $1,228,249.86
                  

              
	
                11/25/2008

              	
                12/25/2008

              	
                $1,179,351.56
                  

              
	
                12/25/2008

              	
                01/25/2009

              	
                $1,132,533.52
                  

              
	
                Accrual
                  Start Date

              	
                Accrual
                  End Date

              	
                Calculation
                  Amount 

              
	
                01/25/2009

              	
                02/25/2009

              	
                $1,087,703.33
                  

              
	
                02/25/2009

              	
                03/25/2009

              	
                $1,044,773.04
                  

              
	
                03/25/2009

              	
                04/25/2009

              	
                $1,003,658.20
                  

              
	
                04/25/2009

              	
                05/25/2009

              	
                $964,282.00
                  

              
	
                05/25/2009

              	
                06/25/2009

              	
                $926,565.77
                  

              
	
                06/25/2009

              	
                07/25/2009

              	
                $890,434.25
                  

              
	
                07/25/2009

              	
                08/25/2009

              	
                $855,817.44
                  

              
	
                08/25/2009

              	
                09/25/2009

              	
                $822,648.70
                  

              
	
                09/25/2009

              	
                10/25/2009

              	
                $790,864.31
                  

              
	
                10/25/2009

              	
                11/25/2009

              	
                $760,403.54
                  

              
	
                11/25/2009

              	
                12/25/2009

              	
                $731,208.41
                  

              
	
                12/25/2009

              	
                01/25/2010

              	
                $703,223.41
                  

              
	
                01/25/2010

              	
                02/25/2010

              	
                $676,395.60
                  

              
	
                02/25/2010

              	
                03/25/2010

              	
                $650,674.49
                  

              
	
                03/25/2010

              	
                04/25/2010

              	
                $626,011.83
                  

              
	
                04/25/2010

              	
                05/25/2010

              	
                $602,361.56
                  

              
	
                05/25/2010

              	
                06/25/2010

              	
                $579,679.71
                  

              
	
                06/25/2010

              	
                07/25/2010

              	
                $557,924.25
                  

              
	
                07/25/2010

              	
                08/25/2010

              	
                $537,054.70
                  

              
	
                08/25/2010

              	
                09/25/2010

              	
                $517,032.04
                  

              
	
                09/25/2010

              	
                10/25/2010

              	
                $497,817.74
                  

              
	
                10/25/2010

              	
                11/25/2010

              	
                $479,375.28
                  

              
	
                11/25/2010

              	
                12/25/2010

              	
                $461,675.83
                  

              
	
                12/25/2010

              	
                01/25/2011

              	
                $444,688.14
                  

              
	
                01/25/2011

              	
                02/25/2011

              	
                $428,381.52
                  

              
	
                02/25/2011

              	
                03/25/2011

              	
                $412,724.91
                  

              

      

      

      

    

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      R

    

    FORM
      OF
      SWAP ADMINISTRATION AGREEMENT

     

    

      SWAP
        ADMINISTRATION AGREEMENT

       

      This
        Swap
        Administration Agreement, dated as of May 26, 2006 (this “Agreement”), among
        Deutsche Bank National Trust Company (“Deutsche Bank”), as swap administrator
        (in such capacity, the “Swap Administrator”) and as trustee and supplemental
        interest trust trustee under the Pooling and Servicing Agreement, as hereinafter
        defined (in such capacity, the “Trustee” and “Supplemental Interest Trust
        Trustee”), and Greenwich
        Capital Markets, Inc., as majority holder of the Class C
        Certificates.

       

      WHEREAS,
        the Trustee, on behalf of the holders of the Soundview Home Loan Trust
        2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4, is counterparty to
        an
        Interest Rate Swap Agreement (the “Swap Agreement”), a copy of which is attached
        hereto as Exhibit A, between the Trustee and Wachovia Bank, N.A.
        (“WB”);
        and

       

      WHEREAS,
        it is desirable to irrevocably appoint the Swap Administrator, and the Swap
        Administrator desires to accept such appointment, to receive and distribute
        funds payable by WB under the Swap Agreement as provided herein; 

       

      NOW,
        THEREFORE, in consideration of the mutual covenants contained herein, and
        for
        other good and valuable consideration, the receipt and adequacy of which
        are
        hereby acknowledged, the parties agree as follows: 

       

      1.  Definitions.
        Capitalized terms used but not otherwise defined herein shall have the
        respective meanings assigned thereto in the Pooling and Servicing Agreement,
        dated as of May 1, 2006 (the “Pooling and Servicing Agreement”), among Financial
        Asset Securities Corp., as Depositor, Option One Mortgage Corporation, as
        servicer, and Deutsche Bank National Trust Company as trustee relating to
        the
        Soundview Home Loan Trust 2006-OPT4, Asset-Backed Certificates, Series 2006-OPT4
        (the “Certificates”), or in the related Indenture as the case may be, as in
        effect on the date hereof. 

       

      2.      
        Swap
        Administrator.
        

       

      (a)  The
        Swap
        Administrator is hereby irrevocably appointed to receive all funds paid to
        the
        Supplemental Interest Trust Trustee by WB, or its successors in interest
        (the
“Swap Provider”) under the Swap Agreement (including any Swap Termination
        Payment) and the Swap Administrator hereby accepts such appointment and hereby
        agrees to receive such amounts and to distribute on each Distribution Date
        such
        amounts in the following order of priority:

       

      (i)  first,
        to
        the Trustee for deposit into the Swap Account, an amount equal to the sum
        of the
        following amounts remaining outstanding after distribution of the Net Monthly
        Excess Cashflow: (A) Unpaid Interest Shortfall Amounts, (B) Net WAC Rate
        Carryover Amounts; (C) an
        amount necessary to maintain or restore the Overcollateralization Target
        Amount;
        and
        (D) any
        Allocated Realized Loss Amounts;

       

      (ii)  second,
        to Greenwich Capital Markets, Inc., as majority holder of the Class C
        Certificates, any amounts remaining after payment of (i) above, provided,
        however,
        upon the
        issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
        Class C Certificates and the Class P Certificates (the “NIM Notes”), Greenwich
        Capital Markets, Inc., as majority holder of the Class C Certificates, hereby
        instructs the Swap Administrator to make any payments under this clause
        2(a)(ii):

       

      (A)  to
        the
        Indenture Trustee for the Trust, for deposit into the Note Account (each
        as
        defined in the related Indenture), for distribution in accordance with the
        terms
        of the Pooling and Servicing Agreement until satisfaction and discharge of
        the
        Indenture; and

       

      (B)  after
        satisfaction and discharge of the Pooling and Servicing Agreement, to the
        Holders of the Class C Certificates, pro
        rata
        based on
        the outstanding Notional Amount of each such Certificate.

       

      (b)  The
        Swap
        Administrator agrees to hold any amounts received from the Supplemental Interest
        Trust Trustee in trust upon the terms and conditions and for the exclusive
        use
        and benefit of the Trustee and the Indenture Trustee, as applicable (in turn
        for
        the benefit of the Certificateholders, the Noteholders and the NIMS Insurer,
        if
        any) as set forth herein. The rights, duties and liabilities of the Swap
        Administrator in respect of this Agreement shall be as follows:

       

      (i) The
        Swap
        Administrator shall have the full power and authority to do all things not
        inconsistent with the provisions of this Agreement that may be deemed advisable
        in order to enforce the provisions hereof. The Swap Administrator shall not
        be
        answerable or accountable except for its own bad faith, willful misconduct
        or
        negligence. The Swap Administrator shall not be required to take any action
        to
        exercise or enforce any of its rights or powers hereunder which, in the opinion
        of the Swap Administrator, shall be likely to involve expense or liability
        to
        the Swap Administrator, unless the Swap Administrator shall have received
        an
        agreement satisfactory to it in its sole discretion to indemnify it against
        such
        liability and expense.

       

      (ii) The
        Swap
        Administrator shall not be liable with respect to any action taken or omitted
        to
        be taken by it in good faith in accordance with the direction of any party
        hereto or the NIMS Insurer, if any, or otherwise as provided herein, relating
        to
        the time, method and place of conducting any proceeding for any remedy available
        to the Swap Administrator or exercising any right or power conferred upon
        the
        Swap Administrator under this Agreement.

       

      (iii) The
        Swap
        Administrator may perform any duties hereunder either directly or by or through
        agents or attorneys of the Swap Administrator. The Swap Administrator shall
        not
        be liable for the acts or omissions of its agents or attorneys so long as
        the
        Swap Administrator chose such Persons with due care.

       

      3.  Swap
        Account.
        The
        Swap Administrator shall segregate and hold all funds received from the
        Supplemental Interest Trust Trustee (including any Swap Termination Payment)
        separate and apart from any of its own funds and general assets and shall
        establish and maintain in the name of the Swap Administrator one or more
        segregated accounts (such account or accounts, the “Swap”) as described in the
        Pooling and Servicing Agreement.

       

      4.     
        Replacement
        Swap Agreements.
        

       

      The
        Trustee shall, at the direction of the NIMS Insurer, if any, or, with the
        consent of the NIMS Insurer, if any, at the direction of Greenwich Capital
        Markets, Inc., as majority holder of the Class C Certificates, enforce all
        of
        its rights and exercise any remedies under the Swap Agreement. In the event
        the
        Swap Agreement is terminated as a result of the designation by either party
        thereto of an Early Termination Date (as defined therein), Greenwich Capital
        Markets, Inc., as majority holder of the Class C Certificates, shall find
        a
        replacement counterparty to enter into a replacement swap
        agreement.

       

      Any
        Swap
        Termination Payment received by the Swap Administrator shall be deposited
        in the
        Swap Account and shall be used to make any upfront payment required under
        a
        replacement swap agreement and any upfront payment received from the
        counterparty to a replacement swap agreement shall be used to pay any Swap
        Termination Payment owed to the Swap Provider.

       

      Notwithstanding
        anything contained herein, in the event that a replacement swap agreement
        cannot
        be obtained within 30 days after receipt by the Swap Administrator of the
        Swap
        Termination Payment paid by the terminated Swap Provider, the Swap Administrator
        shall deposit such Swap Termination Payment into a separate, non-interest
        bearing account, established by the Swap Administrator and the Swap
        Administrator shall, on each Distribution Date, withdraw from such account,
        an
        amount equal to the Net Swap Payment, if any, that would have been paid to
        the
        Trust by the original Swap Provider (computed in accordance with Exhibit
        A) and
        distribute such amount in accordance with Section 2(a) of this Agreement.
        On the
        Distribution Date immediately after the termination date of the original
        Swap
        Agreement, the Swap Administrator shall withdraw any funds remaining in such
        account and distribute such amount in accordance with Section 2(a)(ii) of
        this
        Agreement.

       

      5.  Representations
        and Warranties of Deutsche Bank.
        Deutsche Bank represents and warrants as follows:

       

      (a)  Deutsche
        Bank is duly organized and validly existing as a national trust company under
        the laws of the United States and has all requisite power and authority to
        execute and deliver this Agreement, to perform its obligations as Swap
        Administrator hereunder.

       

      (b)  The
        execution, delivery and performance of this Agreement by Deutsche Bank as
        Trustee have been duly authorized in the Pooling and Servicing
        Agreement.

       

      (c)  This
        Agreement has been duly executed and delivered by Deutsche Bank as Swap
        Administrator, the Trustee and the Supplemental Interest Trust Trustee and
        is
        enforceable against Deutsche Bank in such capacities in accordance with its
        terms, except as enforceability may be affected by bankruptcy, insolvency,
        fraudulent conveyance, reorganization, moratorium and other similar laws
        relating to or affecting creditors’ rights generally, general equitable
        principles (whether considered in a proceeding in equity or at
        law).

       

      6.      
        Replacement
        of Swap Administrator.

       

      Any
        corporation, bank, trust company or association into which the Swap
        Administrator may be merged or converted or with which it may be consolidated,
        or any corporation, bank, trust company or association resulting from any
        merger, conversion or consolidation to which the Swap Administrator shall
        be a
        party, or any corporation, bank, trust company or association succeeding
        to all
        or substantially all the corporate trust business of the Swap Administrator,
        shall be the successor of the Swap Administrator hereunder, without the
        execution or filing of any paper or any further act on the part of any of
        the
        parties hereto, except to the extent that assumption of its duties and
        obligations, as such, is not effected by operation of law.

       

      No
        resignation or removal of the Swap Administrator and no appointment of a
        successor Swap Administrator shall become effective until the appointment
        by
        Greenwich Capital Markets, Inc., as majority holder of the Class C Certificates,
        of a successor swap administrator acceptable to the NIMS Insurer, if any.
        Any
        successor swap administrator shall execute such documents or instruments
        necessary or appropriate to vest in and confirm to such successor swap
        administrator all such rights and powers conferred by this
        Agreement.

       

      The
        Swap
        Administrator may resign at any time by giving written notice thereof to
        the
        other parties hereto with a copy to the NIMS Insurer, if any. If a successor
        swap administrator shall not have accepted the appointment hereunder within
        30
        days after the giving by the resigning Swap Administrator of such notice
        of
        resignation, the resigning Swap Administrator may petition any court of
        competent jurisdiction for the appointment of a successor swap administrator
        acceptable to the NIMS Insurer, if any.

       

      In
        the
        event of a resignation or removal of the Swap Administrator, Greenwich Capital
        Markets, Inc., as majority holder of the Class C Certificates, shall promptly
        appoint a successor Swap Administrator acceptable to the NIMS Insurer, if
        any.
        If no such appointment has been made within 10 days of the resignation or
        removal, the NIMS Insurer, if any, may appoint a successor Swap
        Administrator.

       

      
        	7.  	
                Trustee
                  Obligations.

              

      

       

      Whenever
        the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
        has
        the option or is requested in such capacity, whether such request is by the
        counterparty to such agreement, to take any action or to give any consent,
        approval or waiver that it is on behalf of the Trust entitled to take or
        give in
        such capacity, including, without limitation, in connection with an amendment
        of
        such agreement or the occurrence of a default or termination event thereunder,
        the Supplemental Interest Trust Trustee shall promptly notify the parties
        hereto
        and the NIMS Insurer, if any, of such request in such detail as is available
        to
        it and, shall, on behalf of the parties hereto and the NIMS Insurer, if any,
        take such action in connection with the exercise and/or enforcement of any
        rights and/or remedies available to it in such capacity with respect to such
        request as Greenwich Capital Markets, Inc., as majority holder of the Class
        C
        Certificates, or the NIMS Insurer, if any, shall direct in writing; provided
        that if no such direction is received prior to the date that is established
        for
        taking such action or giving such consent, approval or waiver (notice of
        which
        date shall be given by the Supplemental Interest Trust Trustee to the parties
        hereto and the NIMS Insurer, if any), the Supplemental Interest Trust Trustee
        may abstain from taking such action or giving such consent, approval or
        waiver.

       

      The
        Trustee shall forward to the parties hereto and the NIMS Insurer, if any,
        on the
        Payment Date following its receipt thereof copies of any and all notices,
        statements, reports and/or other material communications and information
        (collectively, the “Swap Reports”) that it receives in connection with the Swap
        Agreement or from the counterparty thereto.

       

      
        	8.  	
                Miscellaneous.
                  

              

      

       

      (a)  This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York.

       

      (b)  Any
        action or proceeding against any of the parties hereto relating in any way
        to
        this Agreement may be brought and enforced in the courts of the State of
        New
        York sitting in the borough of Manhattan or of the United States District
        Court
        for the Southern District of New York and the Swap Administrator irrevocably
        submits to the jurisdiction of each such court in respect of any such action
        or
        proceeding. The Swap Administrator waives, to the fullest extent permitted
        by
        law, any right to remove any such action or proceeding by reason of improper
        venue or inconvenient forum.

       

      (c)  This
        Agreement may be amended, supplemented or modified in writing by the parties
        hereto, but only with the consent of the NIMS Insurer, if any.

       

      (d)  This
        Agreement may not be assigned or transferred without the prior written consent
        of the NIMS Insurer, if any; provided, however, the parties hereto acknowledge
        and agree to the assignment of the rights of Greenwich Capital Markets, Inc.,
        as
        majority holder of the Class C Certificates, as provided under this Agreement
        pursuant to the Sale Agreement, the Trust Agreement and the
        Indenture.

       

      (e)  This
        Agreement may be executed by one or more of the parties to this Agreement
        on any
        number of separate counterparts (including by facsimile transmission), and
        all
        such counterparts taken together shall be deemed to constitute one and the
        same
        instrument.

       

      (f)  Any
        provision of this Agreement which is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any
        jurisdiction shall not invalidate or render unenforceable such provision
        in any
        other jurisdiction.

       

      (g)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement. No act or omission
        on the
        part of any party hereto shall constitute a waiver of any such representation
        or
        warranty.

       

      (h)  The
        article and section headings herein are for convenience of reference only,
        and
        shall not limit or otherwise affect the meaning hereof.

       

      (i)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement. No act or omission
        on the
        part of any party hereto shall constitute a waiver of any such representation
        or
        warranty.

       

      9.  Third-Party
        Beneficiary.
        Each of
        the Note Insurer, the Backup Note Insurer and the Indenture Trustee, if any,
        shall be deemed a third-party beneficiary of this Agreement to the same extent
        as if it were a party hereto, and shall have the right to enforce the provisions
        of this Agreement.

       

      10.  Swap
        Administrator and Trustee Rights.
        The
        Swap Administrator shall be entitled to the same rights, protections and
        indemnities afforded to the Trustee under the Pooling and Servicing Agreement,
        and the Indenture Trustee under the Indenture, in each case as if specifically
        set forth herein with respect to the Swap Administrator.

       

      The
        Trustee shall be entitled to the same rights, protections and indemnities
        afforded to the Trustee under the Pooling and Servicing Agreement as if
        specifically set forth herein with respect to the Swap
        Administrator.

       

      11.  Limited
        Recourse.
        It is
        expressly understood and agreed by the parties hereto that this Agreement
        is
        executed and delivered by the Trustee, not in its individual capacity but
        solely
        as Trustee under the Pooling and Servicing Agreement. Notwithstanding any
        other
        provisions of this Agreement, the obligations of the Trustee under this
        Agreement are non-recourse to the Trustee, its assets and its property, and
        shall be payable solely from the assets of the Trust Fund, and following
        realization of such assets, any claims of any party hereto shall be extinguished
        and shall not thereafter be reinstated. No recourse shall be had against
        any
        principal, director, officer, employee, beneficiary, shareholder, partner,
        member, Trustee, agent or affiliate of the Trustee or any person owning,
        directly or indirectly, any legal or beneficial interest in the Trustee,
        or any
        successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
        payment of any amount payable under this Agreement. The parties hereto shall
        not
        enforce the liability and obligations of the Trustee to perform and observe
        the
        obligations contained in this Agreement by any action or proceeding wherein
        a
        money judgment establishing any personal liability shall be sought against
        the
        Trustee, subject to the following sentence, or the Exculpated Parties. The
        agreements in this paragraph shall survive termination of this Agreement
        and the
        performance of all obligations hereunder.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
        and
        delivered as of the day and year first above written. 

       

      
        	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY

                as
                  Swap Administrator

              
	 
	 
	
                By:

              	 
	 	
                Name: 

                Title:

              
	
                 

                By:

              	 
	 	
                Name: 

                Title:

              
	 	 

      

      

      
        	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY

                not
                  in its individual capacity but solely as Trustee under the Pooling
                  and
                  Servicing Agreement

              
	 
	 
	
                By:

              	 
	 	
                Name: 

                Title:

              
	
                 

                By:

              	 
	 	
                Name: 

              
	 	
                Title:

              

      

      

      
        	
                GREENWICH
                  CAPITAL MARKETS, INC., as majority holder of the Class C
                  Certificates

              
	 
	 
	
                By:

              	 
	 	
                Name: 

              
	 	
                Title: 

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      SWAP
        AGREEMENT

       

      

       

      SEE
        EXHIBIT Q TO THE POOLING AND SERVICING AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        I

      

      The
        amounts paid under clause 2(a)(ii) of the Swap Administration Agreement shall
        be
        calculated as follows:

      

      
        	
                Floating
                  Amount:

              	 
	 	 
	
                Floating
                  Rate Payer:

              	
                Deutsche
                  Bank National Trust Company

              
	 	 
	
                Cap
                  Rate:

              	
                15.00%

              
	 	 
	
                Floating
                  Amount

              	
                To
                  be determined in accordance with the following formula:

                 

                The
                  product of: (i) 250; (ii) the Cap Rate, (iii) the Notional Amount;
                  and
                  (iv) the Floating Rate Day Count Fraction;

                 

                provided,
                  however,
                  the Swap Administrator will only be obligated to pay the Floating
                  Amount
                  up to the amount remaining after payments are made under clause
                  2(a)(i) of
                  the Swap Administration Agreement.

                 

                The
                  Floating Amount shall be paid to the Indenture Trustee for payment
                  in
                  accordance with Section 2.09(e) of the Indenture.

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360.

              
	 	 
	
                Notional
                  Amount:

              	
                The
                  amount set forth for such period in the Amortization Schedule
                  A.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A TO ANNEX I

      

      SEE
        ANNEX
        3 TO THE PROSPECTUS SUPPLEMENT

    

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      S

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Securities
      Administrator - waterfall calculator (may be the Trustee, or may be the Master
      Servicer)

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    Paying
      Agent - distributor of funds to ultimate investor 

    Trustee
      -
      fiduciary of the transaction

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title. So, for example, in a particular transaction, the
      trustee may perform the “paying agent” and “securities administrator” functions,
      while in another transaction, the securities administrator may perform these
      functions.

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    Key:        
      X
      - obligation

    [X]
      - under consideration for obligation

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Primary
                Servicer

            	
              Master
                Servicer

            	
              Trustee

            
	 	
              General
                Servicing Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              To
                the extent applicable

            	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	
              X

            	 
	 	
              Cash
                Collection and Administration

            	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              [X]

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              If
                applicable

            	 	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            
	 	
              Investor
                Remittances and Reporting

            	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	
              X

            
	 	
              Pool
                Asset Administration

            	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	
              X

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	
              X

            	
              X

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	
              X

            	
              X

            

    

    

    

     

    

    

    

    EXHIBIT
      T

     

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the Trustee pursuant
      to Section 4.07(a)(iv). If the Trustee is indicated below as to any item, then
      the Trustee is primarily responsible for obtaining that information.

    

    Under
      Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
      included in the periodic Distribution Date statement under Section 4.02,
      provided by the Trustee based on information received from the Master Servicer;
      and b) items marked “Form 10-D report” are required to be in the Form 10-D
      report but not the 4.02 statement, provided by the party indicated. Information
      under all other Items of Form 10-D is to be included in the Form 10-D
      report.

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Responsible
                Party

            
	
              10-D

            	
              Must
                be filed within 15 days of the Distribution Date.

            
	
              1

            	
              Distribution
                and Pool Performance Information

            	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	
              4.02
                statement

            
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	
              4.02
                statement

            
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	
              4.02
                statement

            
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	
              4.02
                statement

            
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	
              4.02
                statement

            
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	
              4.02
                statement

            
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	
              4.02
                statement

            
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	
              4.02
                statement

            
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	
              4.02
                statement

            
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	
              4.02
                statement

            
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	
              4.02
                statement

            
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average life, weighted average remaining term, pool
                factors and prepayment amounts.

            	
              4.02
                statement

               

              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            
	
              (9)
                Delinquency and loss information for the period. 

               

              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool
                assets.

            	
              4.02
                statement.

               

               

              Form
                10-D report: Depositor

            
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              4.02
                statement

            
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              Form
                10-D report; Servicer

            
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              Form
                10-D report: Servicer

            
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	
              4.02
                statement

            
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

              [information
                regarding] any pool asset changes (other than in connection with
                a pool
                asset converting into cash in accordance with its terms), such as
                additions or removals in connection with a prefunding or revolving
                period
                and pool asset substitutions and repurchases (and purchase rates,
                if
                applicable), and cash flows available for future purchases, such
                as the
                balances of any prefunding or revolving accounts, if
                applicable.

              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	
              Form
                10-D report: Depositor

               

              Form
                10-D report: Depositor

               

               

               

               

              Form
                10-D report: Depositor

            
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

              Updated
                pool information as required under Item 1121(b).

            	
              Depositor

            
	
              2

            	
              Legal
                Proceedings

            	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

              Seller

              Depositor

              Trustee

              Trustee

              Issuing
                entity

              Master
                Servicer

              Originator
                

              Custodian

            	
               

               

               

              Seller

              Depositor

              Trustee

              Trustee

              Depositor

              Master
                Servicer

              Originator

              Custodian

            
	
              3

            	
              Sales
                of Securities and Use of Proceeds

            	 
	
              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
               

               

               

              Depositor

            
	
              4

            	
              Defaults
                Upon Senior Securities

            	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
               

               

               

              N/A

            
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	
              Trustee

            
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              N/A

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

              Determining
                applicable disclosure threshold

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              N/A

              N/A

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information*

              Determining
                current maximum probable exposure

              Determining
                current significance percentage

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              [TBD]

              [TBD]

               

              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              8

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below

            
	
              9

            	
              Exhibits

            	 
	
              Distribution
                report

            	
              Trustee

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

              Examples:
                servicing agreement, custodial agreement.

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              Depositor

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

              Examples:
                servicing agreement, custodial agreement.

            	
              Depositor

            
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Depositor, Servicer or Trustee, with respect to any of the following:
                

              Sponsor
                (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provicer,
                Custodian

            	
              Depositor/Servicer/Trustee

            
	
              2.04

            	
              Triggering
                Events that Accelerate or Increase a Direct Financial Obligation
                or an
                Obligation under an Off-Balance Sheet Arrangement

            	 
	
              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the 4.02 statement

            	
              N/A

            
	
              3.03

            	
              Material
                Modification to Rights of Security Holders

            	 
	
              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement

            	
              Party
                requesting material modification

            
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	
              Depositor

            
	
              5.06

            	
              Change
                in Shell Company Status

            	 
	
              [Not
                applicable to ABS issuers]

            	
              Depositor

            
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 
	
              [Not
                included in reports to be filed under Section 4.07]

            	
              Depositor

            
	
              6.02

            	
              Change
                of Master Servicer or Trustee

            	 
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers, certificate
                administrator or trustee. Reg AB disclosure about any new servicer
                or
                trustee is also required.

            	
              Trustee
                or Master Servicer

            
	
              6.03

            	
              Change
                in Credit Enhancement or Other External Support

            	 
	
              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                Reg AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	
              Trustee

            
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              Depositor

            
	
              8.01

            	
              Other
                Events

            	
               

            
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to security
                holders.

            	
              Depositor

            
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            
	
              9B

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                above

            
	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	
              N/A

            
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

              Determining
                applicable disclosure threshold

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              N/A

               

              N/A

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information

              Determining
                current maximum probable exposure

              Determining
                current significance percentage

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              [TBD]

              [TBD]

              Depositor

            
	
              Seller

              Depositor

              Trustee

              Issuing
                entity

              Master
                Servicer

              Originator
                

              Custodian

            	
              Seller

              Depositor

              Trustee

              Issuing
                entity

              Master
                Servicer

              Originator
                

              Custodian

            
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

              Seller

              Depositor

              Trustee

               

               

               

               

              Issuing
                entity

              Master
                Servicer

              Originator
                

              Custodian
                

               

               

               

               

              Credit
                Enhancer/Support Provider, if any

              Significant
                Obligor, if any

            	
               

               

              Seller

              Depositor

              Trustee
                (only
                with respect to affiliations and relationships with the sponsor,
                depositor
                or issuing entity)

              Issuing
                Entity

              Master
                Servicer

              Originator
                

              Custodian
                (only with respect to affiliations and relationships with the sponsor,
                depositor or issuing entity)

               

              Depositor

              Depositor

            
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              Each
                Party participating in the servicing function

            
	
              Item
                1123 -Servicer Compliance Statement

            	
              Master
                Servicer

            

    

    

     

    

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      I

     

    PREPAYMENT
      CHARGE SCHEDULE

     

    Available
      Upon Request

    

    

    

    
      
        
          
            
 

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      II

    

    

    
      	
              Distribution
                Date

            	
              Base
                Calculation Amount ($)

            	 	
              Distribution
                Date

            	
              Base
                Calculation Amount ($)

            
	
              June
                25, 2006

            	
                          
                0.00

            	 	
              October
                25, 2008

            	
              1,279,327.92

            
	
              July
                25, 2006

            	
              3,930,013.27

            	 	
              November
                25, 2008

            	
              1,228,249.86

            
	
              August
                25, 2006

            	
              3,883,988.21

            	 	
              December
                25, 2008

            	
              1,179,351.56

            
	
              September
                25, 2006

            	
              3,825,936.50

            	 	
              January
                25, 2009

            	
              1,132,533.52

            
	
              October
                25, 2006

            	
              3,748,327.58

            	 	
              February
                25, 2009

            	
              1,087,703.33

            
	
              November
                25, 2006

            	
              3,663,304.81

            	 	
              March
                25, 2009

            	
              1,044,773.04

            
	
              December
                25, 2006

            	
              3,571,106.34

            	 	
              April
                25, 2009

            	
              1,003,658.20

            
	
              January
                25, 2007

            	
              3,471,972.71

            	 	
              May
                25, 2009

            	
               
                964,282.00

            
	
              February
                25, 2007

            	
              3,366,233.65

            	 	
              June
                25, 2009

            	
               
                926,565.77

            
	
              March
                25, 2007

            	
              3,254,501.48

            	 	
              July
                25, 2009

            	
               
                890,434.25

            
	
              April
                25, 2007

            	
              3,138,748.36

            	 	
              August
                25, 2009

            	
               
                855,817.44

            
	
              May
                25, 2007

            	
              3,025,890.98

            	 	
              September
                25, 2009

            	
               
                822,648.70

            
	
              June
                25, 2007

            	
              2,917,182.73

            	 	
              October
                25, 2009

            	
               
                790,864.31

            
	
              July
                25, 2007

            	
              2,810,592.89

            	 	
              November
                25, 2009

            	
               
                760,403.54

            
	
              August
                25, 2007

            	
              2,707,764.72

            	 	
              December
                25, 2009

            	
               
                731,208.41

            
	
              September
                25, 2007

            	
              2,606,054.74

            	 	
              January
                25, 2010

            	
               
                703,223.41

            
	
              October
                25, 2007

            	
              2,490,472.83

            	 	
              February
                25, 2010

            	
               
                676,395.60

            
	
              November
                25, 2007

            	
              2,381,982.40

            	 	
              March
                25, 2010

            	
               
                650,674.49

            
	
              December
                25, 2007

            	
              2,279,698.25

            	 	
              April
                25, 2010

            	
               
                626,011.83

            
	
              January
                25, 2008

            	
              2,184,427.01

            	 	
              May
                25, 2010

            	
               
                602,361.56

            
	
              February
                25, 2008

            	
              2,101,641.39

            	 	
              June
                25, 2010

            	
               
                579,679.71

            
	
              March
                25, 2008

            	
              2,009,317.50

            	 	
              July
                25, 2010

            	
               
                557,924.25

            
	
              April
                25, 2008

            	
              1,855,804.65

            	 	
              August
                25, 2010

            	
               
                537,054.70

            
	
              May
                25, 2008

            	
              1,704,433.61

            	 	 	 
	
              June
                25, 2008

            	
              1,569,490.67

            	 	 	 
	
              July
                25, 2008

            	
              1,455,212.83

            	 	 	 
	
              August
                25, 2008

            	
              1,388,487.07

            	 	 	 
	
              September
                25, 2008

            	
              1,332,691.05Exhibit 10.1

                               U.S. $2,400,000,000

                 AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT

                            Dated as of June 23, 2006

                                      Among

                              OMNICOM FINANCE INC.
                              OMNICOM CAPITAL INC.
                                       and
                               OMNICOM FINANCE PLC
                                  as Borrowers

                               OMNICOM GROUP INC.
                                  as Guarantor

                        THE INITIAL LENDERS NAMED HEREIN
                               as Initial Lenders

                          CITIGROUP GLOBAL MARKETS INC.
                                       and
                           J.P. MORGAN SECURITIES INC.
                       as Lead Arrangers and Book Managers

                               ABN AMRO BANK N.V.
                              as Syndication Agent

                            JPMORGAN CHASE BANK, N.A.
                               HSBC BANK USA, N.A.
                              BANK OF AMERICA, N.A.
                                       and
                       BANCO BILBAO VIZCAYA ARGENTARIA SA
                             as Documentation Agents

                                       and

                                 CITIBANK, N.A.
                             as Administrative Agent

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I

         SECTION 1.01.  Certain Defined Terms                                  1

         SECTION 1.02.  Computation of Time Periods                           12

         SECTION 1.03.  Accounting Terms                                      12

ARTICLE II

         SECTION 2.01.  The Advances and Letters of Credit                    12

         SECTION 2.02.  Making the Advances                                   13

         SECTION 2.03.  Issuance of and Drawings and Reimbursement
                          Under Letters of Credit                             14

         SECTION 2.04.  Fees                                                  15

         SECTION 2.05.  Optional Termination or Reduction of
                          the Commitments                                     16

         SECTION 2.06.  Repayment of Advances and Letter of
                        Credit Drawings                                       16

         SECTION 2.07.  Interest on Advances                                  17

         SECTION 2.08.  Interest Rate Determination                           17

         SECTION 2.09.  Optional Conversion of Advances                       18

         SECTION 2.10.  Prepayments of Advances                               19

         SECTION 2.11.  Increased Costs                                       19

         SECTION 2.12.  Illegality                                            20

         SECTION 2.13.  Payments and Computations                             20

         SECTION 2.14.  Taxes                                                 22

         SECTION 2.15.  Sharing of Payments, Etc                              24

         SECTION 2.16.  Evidence of Debt                                      24

         SECTION 2.17.  Use of Proceeds                                       25

         SECTION 2.18.  Increase in the Aggregate Commitments                 25

ARTICLE III

         SECTION 3.01.  Conditions Precedent to Effectiveness
                          of Section 2.01                                     26

                                       i

<PAGE>

         SECTION 3.02.  Conditions Precedent to Each Borrowing,
                          Each Issuance and each Commitment Increase          27

         SECTION 3.03.  Determinations Under Section 3.01                     28

ARTICLE IV

         SECTION 4.01.  Representations and Warranties of
                          the Guarantor                                       28

ARTICLE V

         SECTION 5.01.  Affirmative Covenants                                 29

         SECTION 5.02.  Negative Covenants                                    31

         SECTION 5.03.  Financial Covenants                                   33

ARTICLE VI

         SECTION 6.01.  Events of Default                                     33

         SECTION 6.02.  Actions in Respect of Letters of Credit
                          upon Default                                        35

ARTICLE VII

         SECTION 7.01.  Guaranty                                              36

         SECTION 7.02.  Guaranty Absolute                                     36

         SECTION 7.03.  Waivers and Acknowledgements                          37

         SECTION 7.04.  Subrogation                                           37

         SECTION 7.05.  Subordination                                         38

         SECTION 7.06.  Continuing Guaranty; Assignments                      38

ARTICLE VIII

         SECTION 8.01.  Authorization and Action                              39

         SECTION 8.02.  Agent's Reliance, Etc                                 39

         SECTION 8.03.  Citibank and Affiliates                               39

         SECTION 8.04.  Lender Credit Decision                                39

         SECTION 8.05.  Indemnification                                       40

         SECTION 8.06.  Successor Agent                                       40

                                       ii

<PAGE>

         SECTION 8.07.  Sub-Agent                                             41

         SECTION 8.08.  Other Agents                                          41

ARTICLE IX

         SECTION 9.01.  Amendments, Etc                                       41

         SECTION 9.02.  Notices, Etc                                          41

         SECTION 9.03.  No Waiver; Remedies                                   42

         SECTION 9.04.  Costs and Expenses                                    42

         SECTION 9.05.  Right of Set-off                                      43

         SECTION 9.06.  Binding Effect                                        43

         SECTION 9.07.  Assignments and Participations                        43

         SECTION 9.08.  Confidentiality                                       45

         SECTION 9.09.  Governing Law                                         45

         SECTION 9.10.  Execution in Counterparts                             45

         SECTION 9.11.  Judgment                                              46

         SECTION 9.12.  Jurisdiction, Etc                                     46

         SECTION 9.13.  Substitution of Currency                              46

         SECTION 9.14.  No Liability of the Issuing Banks                     47

         SECTION 9.15.  Patriot Act                                           47

         SECTION 9.16.  Waiver of Jury Trial                                  47

                                      iii

<PAGE>

Schedules
---------

Schedule I - List of Applicable Lending Offices

Schedule 2.01(b) - Existing Letters of Credit

Schedule 3.01(b) - Disclosed Litigation

Schedule 5.02(a) - Existing Liens

Schedule 5.02(d) - Existing Debt

Exhibits
--------

Exhibit A        -   Form of Note

Exhibit B        -   Form of Notice of Borrowing

Exhibit C        -   Form of Assignment and Acceptance

Exhibit D-1      -   Form of Opinion of New York Counsel for the Loan Parties

Exhibit D-2      -   Form of Opinion of English Counsel for OFP

                                       iv

<PAGE>

                 AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT

                            Dated as of June 23, 2006

      OMNICOM  FINANCE INC., a Delaware  corporation  ("OFI"),  OMNICOM  CAPITAL
INC., a Connecticut  corporation ("OCI"), and OMNICOM FINANCE PLC, a corporation
organized under the laws of England and Wales ("OFP";  OFI, OCI and OFP are each
a "Borrower" and collectively, the "Borrowers"),  OMNICOM GROUP INC., a New York
corporation  (the  "Guarantor"),  the banks,  financial  institutions  and other
institutional  lenders (the "Initial  Lenders")  and initial  issuing banks (the
"Initial Issuing Banks") listed on the signature pages hereof,  CITIGROUP GLOBAL
MARKETS  INC.  and J.P.  MORGAN  SECURITIES  INC.,  as lead  arrangers  and book
managers,  ABN AMRO BANK N.V., as syndication agent,  JPMORGAN CHASE BANK, N.A.,
HSBC BANK USA, N.A., BANK OF AMERICA,  N.A. and BANCO BILBAO VIZCAYA  ARGENTARIA
SA, as documentation agents, and CITIBANK, N.A. ("Citibank"),  as administrative
agent (the "Agent") for the Lenders (as hereinafter defined), agree as follows:

      PRELIMINARY STATEMENT.  The Borrowers,  the Guarantor, the lenders parties
thereto and Citibank, as agent, are parties to an Amended and Restated Five Year
Credit  Agreement  dated as of May 23, 2005 (the "Existing  Credit  Agreement").
Subject to the  satisfaction  of the  conditions  set forth in Section 3.01, the
Borrower, the parties hereto and Citibank, as Agent, desire to amend and restate
the Existing Credit Agreement as herein set forth.

                                    ARTICLE I

                        DEFINITIONS AND ACCOUNTING TERMS

      SECTION  1.01.  Certain  Defined  Terms.  As used in this  Agreement,  the
following  terms shall have the following  meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

            "Advance"  means an advance by an Issuing Bank or a Lender  pursuant
      to Section  2.03(c) or by a Lender to a  Borrower  as part of a  Borrowing
      pursuant  to  Section  2.01 and may  refer  to a Base  Rate  Advance  or a
      Eurocurrency Rate Advance (each of which shall be a "Type" of Advance).

            "Affiliate" means, as to any Person, any other Person (other than an
      individual) that, directly or indirectly, controls, is controlled by or is
      under  common  control with such Person;  provided  that,  for purposes of
      Section 5.01(h),  an Affiliate of a Borrower shall include any Person that
      (x) is a director  or officer  of such  Person or (y) has the  possession,
      direct or indirect, of the power to vote 5% or more of the Voting Stock of
      such Person.  A Person shall be deemed to control  another  Person if such
      Person possesses, directly or indirectly, the power to direct or cause the
      direction of the management and policies of such Person,  whether  through
      the ownership of Voting Stock, by contract or otherwise.

            "Agent's  Account" means (a) in the case of Advances  denominated in
      Dollars,  the account of the Agent  maintained by the Agent at Citibank at
      its office at Two Penns Way,  New  Castle,  Delaware  19720,  Account  No.
      36852248,  Attention: Bank Loan Syndications,  (b) in the case of Advances
      denominated  in any  Committed  Currency,  the  account  of the  Sub-Agent
      designated  in writing from time to time by the Agent to the Borrowers and
      the Lenders for such purpose and (c) in any such case,  such other account
      of the Agent as is designated in writing from time to time by the Agent to
      the Borrowers and the Lenders for such purpose.

<PAGE>

            "Applicable Lending Office" means, with respect to each Lender, such
      Lender's  Domestic  Lending  Office in the case of a Base Rate Advance and
      such Lender's  Eurocurrency  Lending  Office in the case of a Eurocurrency
      Rate Advance.

            "Applicable  Margin" means (a) for Base Rate Advances,  0% per annum
      and (b) for Eurocurrency  Rate Advances,  as of any date, a percentage per
      annum  determined by reference to the Public Debt Rating in effect on such
      date as set forth below:

            -----------------------------------------------------------
                  Public Debt Rating          Applicable Margin for
                     S&P/Moody's           Eurocurrency Rate Advances
            -----------------------------------------------------------
            Level 1
            A+ or A1 or above                        0.100%
            -----------------------------------------------------------
            Level 2
            A or A2                                  0.130%
            -----------------------------------------------------------
            Level 3
            A- or A3                                 0.170%
            -----------------------------------------------------------
            Level 4
            BBB+ or Baa1                             0.475%
            -----------------------------------------------------------
            Level 5
            BBB or Baa2                              0.700%
            -----------------------------------------------------------
            Level 6
            Lower than Level 5                       0.750%
            -----------------------------------------------------------

            "Applicable  Percentage"  means,  as of any date, a  percentage  per
      annum  determined by reference to the Public Debt Rating in effect on such
      date as set forth below:

            -----------------------------------------------------------
            Public Debt Rating                        Applicable
               S&P/Moody's                            Percentage
            -----------------------------------------------------------
            Level 1
            A+ or A1 or above                          0.100%
            -----------------------------------------------------------
            Level 2
            A or A2                                    0.120%
            -----------------------------------------------------------
            Level 3
            A- or A3                                   0.130%
            -----------------------------------------------------------
            Level 4
            BBB+ or Baa1                               0.150%
            -----------------------------------------------------------
            Level 5
            BBB or Baa2                                0.175%
            -----------------------------------------------------------
            Level 6
            Lower than Level 5                         0.250%
            -----------------------------------------------------------

            "Applicable  Utilization  Fee" means, as of any date that the sum of
      the aggregate  Advances plus the Available Amount of all Letters of Credit
      exceed 50% of the aggregate Commitments, a percentage per annum determined
      by reference to the Public Debt Rating in effect on such date as set forth
      below:

            -----------------------------------------------------------
            Public Debt Rating                       Applicable
               S&P/Moody's                        Utilization Fee
            -----------------------------------------------------------
            Level 1
            A+ or A1 or above                          0.125%
            -----------------------------------------------------------
            Level 2
            A or A2                                    0.125%
            -----------------------------------------------------------

                                       2
<PAGE>

            -----------------------------------------------------------
            Level 3
            A- or A3                                   0.125%
            -----------------------------------------------------------
            Level 4
            BBB+ or Baa1                               0.125%
            -----------------------------------------------------------
            Level 5
            BBB or Baa2                                0.125%
            -----------------------------------------------------------
            Level 6
            Lower than Level 5                         0.250%
            -----------------------------------------------------------

            "Assignment  and  Acceptance"  means an  assignment  and  acceptance
      entered  into by a Lender and an Eligible  Assignee,  and  accepted by the
      Agent, in substantially the form of Exhibit C hereto.

            "Assuming Lender" has the meaning specified in Section 2.18(d).

            "Assumption   Agreement"  has  the  meaning   specified  in  Section
      2.18(d)(ii).

            "Available  Amount" of any Letter of Credit means,  at any time, the
      maximum  amount  available to be drawn under such Letter of Credit at such
      time (assuming compliance at such time with all conditions to drawing).

            "Bankruptcy  Law" means Title 11, U.S. Code, or any similar foreign,
      federal or state law for the relief of debtors.

            "Base Rate" means a  fluctuating  interest  rate per annum in effect
      from time to time, which rate per annum shall at all times be equal to the
      highest of:

                  (a) the rate of interest announced publicly by Citibank in New
            York, New York, from time to time, as Citibank's base rate;

                  (b) the sum (adjusted to the nearest 1/4 of 1% or, if there is
            no nearest 1/4 of 1%, to the next higher 1/4 of 1%) of (i) 1/2 of 1%
            per annum,  plus (ii) the rate  obtained by dividing  (A) the latest
            three-week moving average of secondary market morning offering rates
            in the United  States  for  three-month  certificates  of deposit of
            major United  States  money market  banks,  such  three-week  moving
            average  (adjusted  to the  basis  of a  year  of  360  days)  being
            determined  weekly on each Monday (or, if such day is not a Business
            Day, on the next succeeding  Business Day) for the three-week period
            ending on the previous Friday by Citibank on the basis of such rates
            reported by certificate  of deposit  dealers to and published by the
            Federal  Reserve Bank of New York or, if such  publication  shall be
            suspended or  terminated,  on the basis of quotations for such rates
            received  by  Citibank  from three New York  certificate  of deposit
            dealers  of  recognized  standing  selected  by  Citibank,  by (B) a
            percentage equal to 100% minus the average of the daily  percentages
            specified during such three-week period by the Board of Governors of
            the Federal  Reserve System (or any successor) for  determining  the
            maximum  reserve  requirement  (including,  but not  limited to, any
            emergency,  supplemental or other marginal reserve  requirement) for
            Citibank  with  respect to  liabilities  consisting  of or including
            (among  other  liabilities)  three-month  Dollar  non-personal  time
            deposits in the United  States,  plus (iii) the average  during such
            three-week  period  of the  annual  assessment  rates  estimated  by
            Citibank for determining the then current annual assessment  payable
            by Citibank to the Federal  Deposit  Insurance  Corporation  (or any
            successor)  for insuring  Dollar  deposits of Citibank in the United
            States; and

                  (c) 1/2 of one percent per annum above the Federal Funds Rate.

            "Base Rate  Advance"  means an Advance  denominated  in Dollars that
      bears interest as provided in Section 2.07(a)(i).

                                       3
<PAGE>

            "Borrowing"  means (a) with  respect to the making of Advances (i) a
      borrowing  consisting  of  simultaneous  Advances of the same Type made by
      each  of the  Lenders  pursuant  to  Section  2.01  or  (ii)  a  borrowing
      consisting of the Advances made pursuant to Section 2.03(c) by each of the
      Lenders,  other than the Issuing  Bank,  and by the Issuing  Bank,  to the
      extent of its Ratable Share of its payment of a draft drawn on a Letter of
      Credit that is not reimbursed by the applicable Borrower on the date made;
      and (b) in other  contexts (i) that  portion of the Advances  comprised of
      all  outstanding  Base Rate Advances and (ii) that portion of the Advances
      converted  into, or continued as,  Eurocurrency  Rate Advances  having the
      same Interest Period.

            "Borrowing  Minimum"  means,  in respect of Advances  denominated in
      Dollars,  $10,000,000,  in respect of Advances  denominated  in  Sterling,
      (pound)10,000,000  and,  in  respect  of  Advances  denominated  in Euros,
      (euro)10,000,000.

            "Borrowing  Multiple"  means, in respect of Advances  denominated in
      Dollars,  $1,000,000  in  respect of  Advances  denominated  in  Sterling,
      (pound)1,000,000  and,  in  respect  of  Advances  denominated  in  Euros,
      (euro)1,000,000.

            "Business  Day"  means a day of the  year  on  which  banks  are not
      required  or  authorized  by law to  close in New York  City  and,  if the
      applicable  Business Day relates to any  Eurocurrency  Rate  Advances,  on
      which dealings are carried on in the London interbank market and banks are
      open for business in London and in the country of issue of the currency of
      such Eurocurrency Rate Advance (or, in the case of an Advance  denominated
      in Euro, on which the Trans-European  Automated Real-Time Gross Settlement
      Express Transfer (TARGET) System is open).

            "Commitment"  means a  Revolving  Credit  Commitment  or a Letter of
      Credit Commitment.

            "Commitment Date" has the meaning specified in Section 2.18(b).

            "Commitment Increase" has the meaning specified in Section 2.18(a).

            "Committed  Currencies"  means lawful currency of the United Kingdom
      of Great Britain and Northern Ireland and Euros.

            "Confidential  Information"  means  information  that a  Loan  Party
      furnishes  to  the  Agent  or  any  Lender  in  a  writing  designated  as
      confidential, but does not include any such information that is or becomes
      generally  available to the public or that is or becomes  available to the
      Agent or such Lender from a source other than a Loan Party.

            "Consolidated" refers to the consolidation of accounts in accordance
      with GAAP.

            "Convert",  "Conversion" and "Converted" each refers to a conversion
      of  Advances  of one Type into  Advances  of the other  Type  pursuant  to
      Section 2.08 or 2.09.

            "Debt"  of  any  Person   means,   without   duplication,   (a)  all
      indebtedness  of such Person for borrowed  money,  (b) all  obligations of
      such Person for the deferred purchase price of property or services (other
      than earn-out  payment  obligations of such Person in connection  with the
      purchase of property or services to the extent they are still contingent),
      (c) all obligations of such Person evidenced by notes,  bonds,  debentures
      or other similar  instruments,  (d) all obligations of such Person created
      or arising under any conditional  sale or other title retention  agreement
      with  respect to property  acquired by such Person (even though the rights
      and remedies of the seller or lender under such  agreement in the event of
      default are limited to  repossession  or sale of such  property),  (e) all
      obligations of such Person as lessee under leases that have been or should
      be,  in  accordance  with  GAAP,  recorded  as  capital  leases,  (f)  all
      obligations,  contingent  or  otherwise,  of such  Person  in  respect  of
      acceptances,  letters of credit or similar  extensions of credit,  (g) all
      obligations of such Person in respect of Hedge Agreements, (h) all Debt of
      others  referred  to in clauses  (a) through (g) above

                                       4
<PAGE>

      or clause (i) below and other payment  obligations  guaranteed directly or
      indirectly in any manner by such Person, or in effect guaranteed  directly
      or indirectly  by such Person  through an agreement (1) to pay or purchase
      such Debt or to advance or supply  funds for the  payment or  purchase  of
      such Debt, (2) to purchase,  sell or lease (as lessee or lessor) property,
      or to purchase or sell services, primarily for the purpose of enabling the
      debtor to make  payment  of such Debt or to assure the holder of such Debt
      against loss,  (3) to supply funds to or in any other manner invest in the
      debtor   (including   any  agreement  to  pay  for  property  or  services
      irrespective  of whether  such  property is received or such  services are
      rendered) or (4) otherwise to assure a creditor  against loss, and (i) all
      Debt referred to in clauses (a) through (h) above secured by (or for which
      the holder of such Debt has an existing right, contingent or otherwise, to
      be  secured  by) any  Lien on  property  (including,  without  limitation,
      accounts  and  contract  rights)  owned by such  Person,  even though such
      Person has not assumed or become liable for the payment of such Debt.

            "Debt for  Borrowed  Money" of any Person  means all items that,  in
      accordance   with  GAAP,   would  be  classified  as   indebtedness  on  a
      Consolidated balance sheet of such Person.

            "Default"  means  any  Event of  Default  or any  event  that  would
      constitute  an Event of Default  but for the  requirement  that  notice be
      given or time elapse or both.

            "Disclosed Litigation" has the meaning specified in Section 3.01(b).

            "Dollars" and the "$" sign each means lawful  currency of the United
      States of America.

            "Domestic  Lending  Office" means,  with respect to any Lender,  the
      office of such Lender specified as its "Domestic  Lending Office" opposite
      its  name on  Schedule  I hereto  or in the  Assumption  Agreement  or the
      Assignment  and Acceptance  pursuant to which it became a Lender,  or such
      other  office of such Lender as such Lender may from time to time  specify
      to the Borrowers and the Agent.

            "EBITDA"  means,  for any period,  net income (or net loss) plus the
      sum of (a) net interest expense,  (b) income tax expense, (c) depreciation
      expense  and  (d)  amortization   expense,  in  each  case  determined  in
      accordance with GAAP for such period.

            "Effective Date" has the meaning specified in Section 3.01.

            "Eligible  Assignee"  means (i) a  Lender;  (ii) an  Affiliate  of a
      Lender;  and (iii) any other  Person  approved by the Agent,  each Issuing
      Bank and, unless an Event of Default has occurred and is continuing at the
      time any  assignment  is effected in  accordance  with Section  9.07,  the
      Guarantor,  such  approval  not to be  unreasonably  withheld  or delayed;
      provided,  however,  that  neither the  Guarantor  nor an Affiliate of the
      Guarantor shall qualify as an Eligible Assignee.

            "Environmental  Action"  means  any  action,  suit,  demand,  demand
      letter, claim, notice of non-compliance or violation,  notice of liability
      or  potential  liability,  investigation,  proceeding,  consent  order  or
      consent  agreement   relating  in  any  way  to  any  Environmental   Law,
      Environmental Permit or hazardous materials or arising from alleged injury
      or  threat  of injury to  health,  safety or the  environment,  including,
      without  limitation,  (a) by any governmental or regulatory  authority for
      enforcement,  cleanup,  removal,  response,  remedial or other  actions or
      damages and (b) by any  governmental or regulatory  authority or any third
      party  for  damages,   contribution,   indemnification,   cost   recovery,
      compensation or injunctive relief.

            "Environmental  Law"  means any  federal,  state,  local or  foreign
      statute, law, ordinance,  rule, regulation,  code, order, judgment, decree
      or  judicial  or agency  interpretation,  policy or  guidance  relating to
      pollution or  protection  of the  environment,  health,  safety or natural
      resources,  including,  without  limitation,  those  relating  to the use,
      handling,   transportation,   treatment,  storage,  disposal,  release  or
      discharge of hazardous materials.

                                       5
<PAGE>

            "Environmental  Permit" means any permit,  approval,  identification
      number,  license or other  authorization  required under any Environmental
      Law.

            "Equivalent" in Dollars of any Committed  Currency on any date means
      the equivalent in Dollars of such Committed  Currency  determined by using
      the quoted spot rate at which the Sub-Agent's  principal  office in London
      offers  to  exchange  Dollars  for such  Committed  Currency  in London at
      approximately  4:00 P.M. (London time) (unless otherwise  indicated by the
      terms of this Agreement) on such date as is required pursuant to the terms
      of this  Agreement,  and the  "Equivalent"  in any  Committed  Currency of
      Dollars  means  the  equivalent  in such  Committed  Currency  of  Dollars
      determined  by  using  the  quoted  spot  rate at  which  the  Sub-Agent's
      principal office in London offers to exchange such Committed  Currency for
      Dollars  in  London  at  approximately  4:00 P.M.  (London  time)  (unless
      otherwise  indicated  by the terms of this  Agreement)  on such date as is
      required pursuant to the terms of this Agreement.

            "ERISA" means the Employee  Retirement  Income Security Act of 1974,
      as amended from time to time, and the regulations  promulgated and rulings
      issued thereunder.

            "ERISA  Affiliate" means any Person that for purposes of Title IV of
      ERISA is a member of the  Guarantor's  controlled  group,  or under common
      control  with the  Guarantor,  within the  meaning  of Section  414 of the
      Internal Revenue Code.

            "ERISA Event" means (a) (i) the  occurrence  of a reportable  event,
      within  the  meaning of Section  4043 of ERISA,  with  respect to any Plan
      unless the 30-day notice  requirement  with respect to such event has been
      waived by the PBGC, or (ii) the  requirements of subsection (1) of Section
      4043(b) of ERISA  (without  regard to subsection  (2) of such Section) are
      met  with  respect  to a  contributing  sponsor,  as  defined  in  Section
      4001(a)(13) of ERISA,  of a Plan, and an event described in paragraph (9),
      (10),  (11),  (12) or (13) of  Section  4043(c)  of  ERISA  is  reasonably
      expected to occur with respect to such Plan within the  following 30 days;
      (b) the  application  for a minimum funding waiver with respect to a Plan;
      (c) the provision by the  administrator  of any Plan of a notice of intent
      to terminate such Plan pursuant to Section  4041(a)(2) of ERISA (including
      any such notice with  respect to a plan  amendment  referred to in Section
      4041(e) of ERISA);  (d) the  cessation of  operations at a facility of the
      Guarantor or any ERISA Affiliate in the circumstances described in Section
      4062(e)  of  ERISA;  (e) the  withdrawal  by the  Guarantor  or any  ERISA
      Affiliate  from a Multiple  Employer  Plan during a plan year for which it
      was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f)
      the  conditions for the imposition of a lien under Section 302(f) of ERISA
      shall  have been met with  respect  to any Plan;  (g) the  adoption  of an
      amendment  to a Plan  requiring  the  provision  of  security to such Plan
      pursuant to Section 307 of ERISA;  or (h) the  institution  by the PBGC of
      proceedings to terminate a Plan pursuant to Section 4042 of ERISA,  or the
      occurrence  of any event or  condition  described in Section 4042 of ERISA
      that  constitutes  grounds for the termination of, or the appointment of a
      trustee to administer, a Plan.

            "EURIBO Rate" means,  for any Interest Period for each  Eurocurrency
      Rate Advance  comprising  part of the same  Borrowing,  the rate per annum
      appearing  on Page 248 of the  Telerate  Service (or on any  successor  or
      substitute  page of such Service,  or any  successor to or substitute  for
      such Service,  providing  rate  quotations  comparable to those  currently
      provided on such page of such  Service,  as  determined  by the Agent from
      time to time for  purposes  of  providing  quotations  of  interest  rates
      applicable  to deposits in Euro by reference to the Banking  Federation of
      the European Union Settlement Rates for deposits in Euro) at approximately
      10:00 a.m.,  London time, two Business Days prior to the  commencement  of
      such  Interest  Period,  as the rate for deposits in Euros with a maturity
      comparable to such Interest  Period or, if for any reason such rate is not
      available,  the average  (rounded  upward to the nearest whole multiple of
      1/16 of 1% per  annum,  if such  average  is not such a  multiple)  of the
      respective  rates per annum at which  deposits in Euros are offered by the
      principal  office of each of the  Reference  Banks in  London,  England to
      prime banks in the London interbank market at 11:00 A.M. (London time) two
      Business  Days before the first day of such  Interest  Period in an amount
      substantially  equal to such Reference  Bank's  Eurocurrency  Rate Advance
      comprising  part of such Borrowing to be outstanding  during such Interest
      Period and for a period equal to such Interest Period  (subject,  however,
      to the provisions of Section 2.08).

                                       6
<PAGE>

            "Euro"  means  the  lawful   currency  of  the  European   Union  as
      constituted  by  the  Treaty  of  Rome  which   established  the  European
      Community, as such treaty may be amended from time to time and as referred
      to in the EMU legislation.

            "Eurocurrency  Liabilities" has the meaning assigned to that term in
      Regulation D of the Board of Governors of the Federal Reserve  System,  as
      in effect from time to time.

            "Eurocurrency Lending Office" means, with respect to any Lender, the
      office of such  Lender  specified  as its  "Eurocurrency  Lending  Office"
      opposite its name on Schedule I hereto or in the  Assumption  Agreement or
      the Assignment and Acceptance pursuant to which it became a Lender (or, if
      no such office is specified,  its Domestic Lending Office),  or such other
      office of such Lender as such Lender may from time to time  specify to the
      Borrowers and the Agent.

            "Eurocurrency   Rate"  means,  for  any  Interest  Period  for  each
      Eurocurrency  Rate  Advance  comprising  part of the  same  Borrowing,  an
      interest  rate per annum equal to the rate per annum  obtained by dividing
      (a)(i) in the case of any Advance  denominated in Dollars or any Committed
      Currency  other  than  Euro,  the rate per  annum  (rounded  upward to the
      nearest  whole  multiple  of 1/16 of 1% per annum)  appearing  on Telerate
      Markets Page 3750 (or any successor page) as the London interbank  offered
      rate for  deposits  in Dollars or the  applicable  Committed  Currency  at
      approximately  11:00 A.M.  (London  time) two  Business  Days prior to the
      first day of such Interest  Period for a term  comparable to such Interest
      Period or, if for any reason such rate is not  available  (but  subject to
      the  provisions  of Section  2.08),  the  average  (rounded  upward to the
      nearest  whole  multiple of 1/16 of 1% per annum,  if such  average is not
      such a multiple) of the rate per annum at which deposits in Dollars or the
      applicable  Committed  Currency is offered by the principal office of each
      of the  Reference  Banks in London,  England to prime  banks in the London
      interbank  market at 11:00 A.M. (London time) two Business Days before the
      first day of such Interest Period in an amount substantially equal to such
      Reference  Bank's  Eurocurrency  Rate  Advance  comprising  part  of  such
      Borrowing to be outstanding  during such Interest  Period and for a period
      equal  to  such  Interest  Period  or,  (ii) in the  case  of any  Advance
      denominated  in Euros,  the EURIBO Rate by (b) a percentage  equal to 100%
      minus the Eurocurrency Rate Reserve Percentage for such Interest Period.

            "Eurocurrency Rate Advance" means an Advance  denominated in Dollars
      or a  Committed  Currency  that  bears  interest  as  provided  in Section
      2.07(a)(ii).

            "Eurocurrency  Rate Reserve  Percentage" for any Interest Period for
      all Eurocurrency Rate Advances comprising part of the same Borrowing means
      the reserve  percentage  applicable two Business Days before the first day
      of such Interest Period under regulations  issued from time to time by the
      Board of Governors of the Federal  Reserve  System (or any  successor) for
      determining   the  maximum   reserve   requirement   (including,   without
      limitation,   any  emergency,   supplemental  or  other  marginal  reserve
      requirement)  for a member bank of the Federal  Reserve System in New York
      City with  respect to  liabilities  or assets  consisting  of or including
      Eurocurrency  Liabilities  (or  with  respect  to any  other  category  of
      liabilities that includes deposits by reference to which the interest rate
      on Eurocurrency  Rate Advances is determined)  having a term equal to such
      Interest Period.

            "Events of Default" has the meaning specified in Section 6.01.

            "Federal Funds Rate" means, for any period,  a fluctuating  interest
      rate per  annum  equal for each day  during  such  period to the  weighted
      average of the rates on overnight Federal funds  transactions with members
      of the Federal  Reserve  System  arranged  by Federal  funds  brokers,  as
      published  for such day (or,  if such day is not a Business  Day,  for the
      next preceding  Business Day) by the Federal Reserve Bank of New York, or,
      if such rate is not so published  for any day that is a Business  Day, the
      average of the  quotations for such day on such  transactions  received by
      the Agent from three Federal funds brokers of recognized standing selected
      by it.

            "GAAP" has the meaning specified in Section 1.03.

                                       7
<PAGE>

            "Guaranteed Obligations" has the meaning specified in Section 7.01.

            "Guaranty" means the provisions of Article VII.

            "Hedge   Agreements"   means  interest  rate  swap,  cap  or  collar
      agreements,  interest  rate  future or  option  contracts,  currency  swap
      agreements,   currency  future  or  option  contracts  and  other  similar
      agreements.

            "Increase Date" has the meaning specified in Section 2.18(a).

            "Increasing Lender" has the meaning specified in Section 2.18(b).

            "Information Memorandum" means the information memorandum dated June
      1,  2006  used by the  Agent in  connection  with the  syndication  of the
      Commitments.

            "Interest   Period"  means,  for  each   Eurocurrency  Rate  Advance
      comprising part of the same Borrowing,  the period  commencing on the date
      of such  Eurocurrency  Rate Advance or the date of the  Conversion  of any
      Base Rate  Advance into such  Eurocurrency  Rate Advance and ending on the
      last day of the period selected by the applicable Borrower pursuant to the
      provisions  below  and,  thereafter,  with  respect to  Eurocurrency  Rate
      Advances,  each  subsequent  period  commencing  on  the  last  day of the
      immediately  preceding  Interest  Period and ending on the last day of the
      period  selected by such Borrower  pursuant to the provisions  below.  The
      duration of each such  Interest  Period  shall be one,  two,  three or six
      months,  and  subject  to clause  (c) of this  definition,  nine or twelve
      months, as the applicable  Borrower may, upon notice received by the Agent
      not later than 11:00 A.M.  (New York City time) on the third  Business Day
      prior to the first day of such Interest Period, select; provided, however,
      that:

                  (a) the Borrowers may not select any Interest Period that ends
            after the Termination Date;

                  (b)  Interest   Periods   commencing  on  the  same  date  for
            Eurocurrency  Rate Advances  comprising  part of the same  Borrowing
            shall be of the same duration;

                  (c) in the case of any such Borrowing, the Borrowers shall not
            be entitled to select an Interest  Period having duration of nine or
            twelve months unless, by 2:00 P.M. (New York City time) on the third
            Business Day prior to the first day of such  Interest  Period,  each
            Lender notifies the Agent that such Lender will be providing funding
            for such  Borrowing  with such  Interest  Period (the failure of any
            Lender to so respond by such time being  deemed for all  purposes of
            this  Agreement  as an  objection  by such  Lender to the  requested
            duration of such Interest  Period);  provided that, if any or all of
            the  Lenders  object  to the  requested  duration  of such  Interest
            Period, the duration of the Interest Period for such Borrowing shall
            be one,  two,  three or six months,  as  specified  by the  Borrower
            requesting  such Borrowing in the applicable  Notice of Borrowing as
            the  desired  alternative  to an  Interest  Period of nine or twelve
            months;

                  (d)  whenever  the  last  day of  any  Interest  Period  would
            otherwise  occur on a day other than a Business Day, the last day of
            such  Interest  Period  shall  be  extended  to  occur  on the  next
            succeeding Business Day, provided,  however, that, if such extension
            would  cause  the last day of such  Interest  Period to occur in the
            next following  calendar month, the last day of such Interest Period
            shall occur on the next preceding Business Day; and

                  (e) whenever the first day of any Interest  Period occurs on a
            day of an initial  calendar  month for which there is no numerically
            corresponding  day in the calendar  month that succeeds such initial
            calendar month by the number of months in such Interest Period, such
            Interest  Period  shall  end  on  the  last  Business  Day  of  such
            succeeding calendar month.

                                       8
<PAGE>

            "Internal  Revenue Code" means the Internal Revenue Code of 1986, as
      amended from time to time,  and the  regulations  promulgated  and rulings
      issued thereunder.

            "Issuing  Bank"  means  an  Initial  Issuing  Bank  or any  Eligible
      Assignee to which a portion of the Letter of Credit Commitments  hereunder
      has  been  assigned  pursuant  to  Section  9.07 so long as such  Eligible
      Assignee expressly agrees to perform in accordance with their terms all of
      the  obligations  that by the terms of this  Agreement  are required to be
      performed  by it as  an  Issuing  Bank  and  notifies  the  Agent  of  its
      Applicable  Lending  Office  (which  information  shall be recorded by the
      Agent  in the  Register),  for so  long as such  Initial  Issuing  Bank or
      Eligible  Assignee,  as the case may be,  shall  have a Letter  of  Credit
      Commitment.

            "L/C Cash Deposit  Account"  means an interest  bearing cash deposit
      account to be  established  and  maintained  by the Agent,  over which the
      Agent  shall have sole  dominion  and  control,  upon such terms as may be
      reasonably satisfactory to the Agent.

            "L/C  Related  Documents"  has  the  meaning  specified  in  Section
      2.06(b)(i).

            "Lenders"  means  the  Initial  Lenders,  each  Issuing  Bank,  each
      Assuming  Lender that shall become a party hereto pursuant to Section 2.18
      and each Person that shall become a party hereto pursuant to Section 9.07.

            "Letter of Credit" has the meaning specified in Section 2.01(b).

            "Letter of Credit  Agreement"  has the meaning  specified in Section
      2.03(a).

            "Letter of Credit  Commitment"  means,  with respect to each Issuing
      Bank,  the  obligation of such Issuing Bank to issue Letters of Credit for
      the account of the Borrowers in (a) the maximum aggregate Available Amount
      set forth opposite the Issuing  Bank's name on the signature  pages hereto
      under the caption  "Letter of Credit  Commitment"  or (b) if such  Issuing
      Bank has entered into one or more Assignment and  Acceptances,  the amount
      set forth for such Issuing Bank in the  Register  maintained  by the Agent
      pursuant  to Section  9.07(d)  as such  Issuing  Bank's  "Letter of Credit
      Commitment", in each case as such amount may be reduced prior to such time
      pursuant to Section 2.05.

            "Letter of Credit  Facility"  means, at any time, an amount equal to
      the least of (a) the  aggregate  amount of the  Issuing  Banks'  Letter of
      Credit  Commitments at such time, (b)  $100,000,000  and (c) the aggregate
      amount of the Revolving Credit Commitments,  as such amount may be reduced
      at or prior to such time pursuant to Section 2.05.

            "Lien"  means  any  lien,  security  interest  or  other  charge  or
      encumbrance  of any kind,  or any other type of  preferential  arrangement
      intended  to  provide  security  for  the  payment  or  performance  of an
      obligation,  including,  without limitation, the lien or retained security
      title of a  conditional  vendor  and any  easement,  right of way or other
      encumbrance on title to real property.

            "Loan Party" means each Borrower and the Guarantor.

            "Material  Adverse Change" means any material  adverse change in the
      business, condition (financial or otherwise),  operations,  performance or
      properties of the Guarantor or the Guarantor and its Subsidiaries taken as
      a whole.

            "Material Adverse Effect" means a material adverse effect on (a) the
      business, condition (financial or otherwise),  operations,  performance or
      properties of the Guarantor or the Guarantor and its Subsidiaries taken as
      a whole, (b) the rights and remedies of the Agent or any Lender under this
      Agreement  or any Note or (c) the ability of any Loan Party to perform its
      obligations under this Agreement or any Note.

                                       9
<PAGE>

            "Moody's" means Moody's Investors Service, Inc.

            "Multiemployer  Plan"  means a  multiemployer  plan,  as  defined in
      Section 4001(a)(3) of ERISA, to which the Guarantor or any ERISA Affiliate
      is making or accruing an obligation to make  contributions,  or has within
      any of the preceding five plan years made or accrued an obligation to make
      contributions.

            "Multiple Employer Plan" means a single employer plan, as defined in
      Section  4001(a)(15) of ERISA, that (a) is maintained for employees of the
      Guarantor  or any ERISA  Affiliate  and at least one Person other than the
      Guarantor and the ERISA Affiliates or (b) was so maintained and in respect
      of which the Guarantor or any ERISA  Affiliate  could have liability under
      Section  4064 or 4069 of ERISA in the event  such plan has been or were to
      be terminated.

            "Note" means a promissory note of a Borrower payable to the order of
      any Lender,  delivered  pursuant to a request  made under  Section 2.16 in
      substantially  the form of  Exhibit A  hereto,  evidencing  the  aggregate
      indebtedness  of such Borrower to such Lender  resulting from the Advances
      made by such Lender to such Borrower.

            "Notice of Borrowing" has the meaning specified in Section 2.02(a).

            "Notice of Issuance" has the meaning specified in Section 2.03(a).

            "Payment Office" means, for any Committed  Currency,  such office of
      Citibank as shall be from time to time  selected by the Agent and notified
      by the Agent to the Borrowers and the Lenders.

            "PBGC"  means  the  Pension  Benefit  Guaranty  Corporation  (or any
      successor).

            "Permitted  Liens"  means  such  of the  following  as to  which  no
      enforcement,  collection,  execution, levy or foreclosure proceeding shall
      have been commenced:  (a) Liens for taxes,  assessments  and  governmental
      charges  or levies to the  extent not  required  to be paid under  Section
      5.01(b)  hereof;   (b)  Liens  imposed  by  law,  such  as  materialmen's,
      mechanics',  carriers',  workmen's and repairmen's Liens and other similar
      Liens arising in the ordinary course of business securing obligations that
      are not  overdue  for a  period  of more  than 30 days or that  are  being
      contested in good faith and by  appropriate  proceedings  that prevent the
      forfeiture  or sale of the assets  subject to such  Lien;  (c)  pledges or
      deposits to secure obligations under workers' compensation laws or similar
      legislation or to secure public or statutory  obligations  or, in any such
      case, to secure reimbursement obligations under letters of credit or bonds
      issued to support such obligations;  and (d) easements,  rights of way and
      other  encumbrances  on title to real property that do not render title to
      the property  encumbered  thereby  unmarketable  or  materially  adversely
      affect the use of such property for its present purposes.

            "Person" means an individual, partnership,  corporation (including a
      business trust), joint stock company, trust,  unincorporated  association,
      joint venture,  limited liability company or other entity, or a government
      or any political subdivision or agency thereof.

            "Plan" means a Single Employer Plan or a Multiple Employer Plan.

            "Post-Petition Interest" has the meaning specified in Section 7.05.

            "PTR Scheme"  shall mean the  Provisional  Treaty  Relief  Scheme as
      described in Inland Revenue Guidelines dated July 1999 and administered by
      the Inland Revenue's Centre for Non-Residents.

            "Public Debt Rating" means, as of any date, the rating that has been
      most recently announced by either S&P or Moody's,  as the case may be, for
      any class of non-credit enhanced long-term senior unsecured debt issued by
      the Guarantor or, if either such rating agency shall have issued more than
      one such rating,  the lowest such rating issued by such rating agency. For
      purposes of the  foregoing,  (a) if only

                                       10
<PAGE>

      one of S&P and  Moody's  shall have in effect a Public  Debt  Rating,  the
      Applicable   Margin,   the   Applicable   Percentage  and  the  Applicable
      Utilization Fee shall be determined by reference to the available  rating;
      (b) if neither S&P nor Moody's  shall have in effect a Public Debt Rating,
      the  Applicable  Margin,  the  Applicable  Percentage  and the  Applicable
      Utilization  Fee  will  be  set in  accordance  with  Level  6  under  the
      definition of "Applicable Margin",  "Applicable Percentage" or "Applicable
      Utilization  Fee", as the case may be; (c) if the ratings  established  by
      S&P and Moody's shall fall within different levels, the Applicable Margin,
      the  Applicable  Percentage and the  Applicable  Utilization  Fee shall be
      based upon the higher  rating  unless such  rating  differs by two or more
      levels,  in which case the applicable level will be deemed to be one level
      above the lower of such levels;  (d) if any rating  established  by S&P or
      Moody's shall be changed, such change shall be effective as of the date on
      which such change is first announced  publicly by the rating agency making
      such  change;  and (e) if S&P or Moody's  shall  change the basis on which
      ratings  are  established,  each  reference  to  the  Public  Debt  Rating
      announced  by S&P or Moody's,  as the case may be, shall refer to the then
      equivalent rating by S&P or Moody's, as the case may be.

            "Ratable  Share" of any amount means,  with respect to any Lender at
      any time,  the product of such amount  times a fraction  the  numerator of
      which is the amount of such Lender's  Revolving Credit  Commitment at such
      time (or, if the Revolving Credit  Commitments  shall have been terminated
      pursuant to Section 2.05 or 6.01, the aggregate  principal  amount of such
      Lender's Advances) and the denominator of which is the aggregate amount of
      all Revolving Credit Commitments at such time (or, if the Revolving Credit
      Commitments  shall have been terminated  pursuant to Section 2.05 or 6.01,
      the aggregate principal amount of all outstanding Advances).

            "Reference Banks" means Citibank, ABN AMRO Bank N.V., JPMorgan Chase
      Bank, N.A. and HSBC Bank USA, N.A.

            "Register" has the meaning specified in Section 9.07(d).

            "Required  Lenders"  means  at any  time  Lenders  owed  at  least a
      majority in interest of the then aggregate  unpaid principal amount (based
      on the  Equivalent  in  Dollars  at such  time) of the  Advances  owing to
      Lenders,  or, if no such  principal  amount is then  outstanding,  Lenders
      having at least a majority in interest of the Commitments.

            "Revolving Credit  Commitment" means as to any Lender (a) the Dollar
      amount set forth opposite such Lender's name on the signature pages hereof
      as such Lender's  "Revolving  Credit  Commitment",  (b) if such Lender has
      become a Lender hereunder pursuant to an Assumption Agreement,  the Dollar
      amount set forth in such  Assumption  Agreement  or (c) if such Lender has
      entered into any  Assignment and  Acceptance,  the Dollar amount set forth
      for such  Lender  in the  Register  maintained  by the Agent  pursuant  to
      Section 9.07(d), as such amount may be reduced pursuant to Section 2.05 or
      increased pursuant to Section 2.18.

            "S&P"  means  Standard  &  Poor's,  a  division  of The  McGraw-Hill
      Companies, Inc.

            "Single  Employer Plan" means a single  employer plan, as defined in
      Section  4001(a)(15) of ERISA, that (a) is maintained for employees of the
      Guarantor or any ERISA  Affiliate  and no Person other than the  Guarantor
      and the ERISA  Affiliates or (b) was so maintained and in respect of which
      the Guarantor or any ERISA  Affiliate  could have liability  under Section
      4069 of ERISA in the event such plan has been or were to be terminated.

            "Sub-Agent" means Citibank International plc.

            "Subordinated  Obligations"  has the  meaning  specified  in Section
      7.05.

            "Subsidiary" of any Person means any corporation, partnership, joint
      venture, limited liability company, trust or estate of which (or in which)
      more than 50% of (a) the issued and outstanding Voting

                                       11
<PAGE>

      Stock of such  Person,  (b) the interest in the capital or profits of such
      limited  liability  company,  partnership  or  joint  venture  or (c)  the
      beneficial  interest  in such trust or estate is at the time  directly  or
      indirectly  owned or controlled by such Person,  by such Person and one or
      more of its other  Subsidiaries  or by one or more of such Person's  other
      Subsidiaries.

            "Termination  Date"  means the  earlier of (a) June 23, 2011 and (b)
      the date of  termination in whole of the  Commitments  pursuant to Section
      2.05 or 6.01.

            "Unissued Letter of Credit  Commitment"  means,  with respect to any
      Issuing  Bank,  the  obligation  of such Issuing Bank to issue  Letters of
      Credit for the account of the  Borrowers  in an amount equal to the excess
      of (a)  the  amount  of its  Letter  of  Credit  Commitment  over  (b) the
      aggregate Available Amount of all Letters of Credit issued by such Issuing
      Bank.

            "Unused  Commitment" means, with respect to each Lender at any time,
      (a) such Lender's  Revolving Credit  Commitment at such time minus (b) the
      sum of (i) the  aggregate  principal  amount of all Advances  made by such
      Lender (in its capacity as a Lender) and  outstanding  at such time,  plus
      (ii) such Lender's Ratable Share of (A) the aggregate  Available Amount of
      all the Letters of Credit  outstanding  at such time and (B) the aggregate
      principal  amount of all Advances  made by each  Issuing Bank  pursuant to
      Section  2.03(c) that have not been ratably  funded by such Lender and are
      outstanding at such time.

            "Voting  Stock"  means  capital  stock issued by a  corporation,  or
      equivalent  interests  in any  other  Person,  the  holders  of which  are
      ordinarily,  in the  absence of  contingencies,  entitled  to vote for the
      election of directors (or persons  performing  similar  functions) of such
      Person,  even if the right so to vote has been  suspended by the happening
      of such a contingency.

      SECTION  1.02.  Computation  of Time  Periods.  In this  Agreement  in the
computation of periods of time from a specified date to a later  specified date,
the word "from" means "from and  including"  and the words "to" and "until" each
mean "to but excluding".

      SECTION 1.03.  Accounting  Terms.  All accounting  terms not  specifically
defined  herein  shall  be  construed  in  accordance  with  generally  accepted
accounting  principles  consistent  with those applied in the preparation of the
financial statements referred to in Section 4.01(e) ("GAAP").

                                   ARTICLE II

             AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT

      SECTION 2.01. The Advances and Letters of Credit.  (a) The Advances.  Each
Lender severally agrees,  on the terms and conditions  hereinafter set forth, to
make Advances to the Borrowers  from time to time on any Business Day during the
period from the Effective Date until the Termination Date in an amount (based in
respect of any Advances to be denominated  in a Committed  Currency by reference
to the Equivalent  thereof in Dollars  determined on the date of delivery of the
applicable Notice of Borrowing) not to exceed such Lender's Unused Commitment at
such time.  Each Borrowing  under this Section 2.01(a) shall be in an amount not
less  than the  Borrowing  Minimum  or an  integral  multiple  of the  Borrowing
Multiple in excess thereof and shall consist of Advances of the same Type and in
the same currency made on the same day by the Lenders ratably according to their
respective  Revolving  Credit  Commitments.  Within the limits of each  Lender's
Revolving  Credit  Commitment,  the  Borrowers  may borrow  under  this  Section
2.01(a),  prepay  pursuant  to Section  2.10 and  reborrow  under  this  Section
2.01(a).

      (b)  Letters  of  Credit.  Each  Issuing  Bank  agrees,  on the  terms and
conditions  hereinafter  set forth, in reliance upon the agreements of the other
Lenders set forth in this Agreement, to issue letters of credit (each, a "Letter
of Credit")  for the account of any  Borrower  from time to time on any Business
Day  during  the  period  from  the  Effective  Date  until 30 days  before  the
Termination Date in an aggregate  Available Amount (i) for all Letters of Credit
issued by each  Issuing  Bank not to  exceed  at any time the  lesser of (x) the
Letter of Credit

                                       12
<PAGE>

Facility at such time and (y) such Issuing Bank's Letter of Credit Commitment at
such time and (ii) for each such Letter of Credit not to exceed an amount  equal
to the Unused Commitments of the Lenders at such time. No Letter of Credit shall
have  an  expiration  date  (including  all  rights  of  such  Borrower  or  the
beneficiary  to  require  renewal)  later  than  10  Business  Days  before  the
Termination  Date.  Within the limits referred to above,  the Borrowers may from
time to time  request  the  issuance  of  Letters of Credit  under this  Section
2.01(b).  Each letter of credit  listed on Schedule  2.01(b)  shall be deemed to
constitute  a Letter of Credit  issued  hereunder,  and each  Lender  that is an
issuer of such a Letter of Credit shall, for purposes of Section 2.03, be deemed
to be an Issuing Bank for each such letter of credit,  provided than any renewal
or  replacement  of any such letter of credit shall be issued by an Issuing Bank
pursuant to the terms of this Agreement. The terms "issue", "issued", "issuance"
and all similar  terms,  when applied to a Letter of Credit,  shall  include any
renewal or extension  thereof or amendment  thereto that increases the Available
Amount thereof or otherwise  materially increases the Issuing Bank's obligations
thereunder.

      SECTION  2.02.  Making the Advances.  (a) Except as otherwise  provided in
Section  2.03(c),  each Borrowing shall be made on notice,  given not later than
(x) 11:00 A.M. (New York City time) on the third  Business Day prior to the date
of the proposed Borrowing in the case of a Borrowing  consisting of Eurocurrency
Rate Advances  denominated in Dollars,  (y) 4:00 P.M. (London time) on the third
Business  Day  prior  to the  date of the  proposed  Borrowing  in the case of a
Borrowing  consisting of Eurocurrency Rate Advances denominated in any Committed
Currency,  or (z) 11:00 A.M.  (New York City  time) on the date of the  proposed
Borrowing in the case of a Borrowing  consisting of Base Rate  Advances,  by the
applicable Borrower to the Agent (and, in the case of a Borrowing  consisting of
Eurocurrency Rate Advances,  simultaneously to the Sub-Agent),  which shall give
to each  Lender  prompt  notice  thereof by  telecopier.  Each such  notice of a
Borrowing (a "Notice of Borrowing") shall be by telephone, confirmed immediately
in  writing,  or  telecopier  in  substantially  the form of  Exhibit  B hereto,
specifying  therein  the  requested  (i) date of such  Borrowing,  (ii)  Type of
Advances  comprising such Borrowing,  (iii) aggregate  amount of such Borrowing,
and (iv) in the case of a Borrowing  consisting of  Eurocurrency  Rate Advances,
initial  Interest Period and currency for each such Advance.  Each Lender shall,
before 1:00 P.M. (New York City time) on the date of such Borrowing, in the case
of a Borrowing  consisting of Advances  denominated in Dollars, and before 11:00
A.M.  (London  time) on the date of such  Borrowing,  in the case of a Borrowing
consisting of Eurocurrency Rate Advances  denominated in any Committed Currency,
make available for the account of its Applicable  Lending Office to the Agent at
the applicable Agent's Account, in same day funds, such Lender's ratable portion
of such Borrowing.  After the Agent's receipt of such funds and upon fulfillment
of the applicable  conditions set forth in Article III, the Agent will make such
funds available to the applicable Borrower at the Agent's address referred to in
Section 9.02 or at the applicable Payment Office, as the case may be.

      (b) Anything in subsection (a) above to the contrary notwithstanding,  (i)
the Borrowers may not select Eurocurrency Rate Advances for any Borrowing if the
aggregate amount of such Borrowing is less than the Borrowing  Minimum or if the
obligation of the Lenders to make  Eurocurrency  Rate Advances for the requested
currency  shall then be suspended  pursuant to Section 2.08 or 2.12 and (ii) the
Eurocurrency  Rate  Advances  may not be  outstanding  as part of more  than six
separate Borrowings.

      (c) Each  Notice of  Borrowing  shall be  irrevocable  and  binding on the
Borrower  requesting  such  Borrowing.  In the  case of any  Borrowing  that the
related Notice of Borrowing  specifies is to be comprised of  Eurocurrency  Rate
Advances,  the applicable Borrower shall indemnify each Lender against any loss,
cost or expense incurred by such Lender as a result of any failure to fulfill on
or before the date  specified in such Notice of Borrowing for such Borrowing the
applicable  conditions set forth in Article III, including,  without limitation,
any loss (including loss of anticipated  profits),  cost or expense  incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by
such  Lender  to fund  the  Advance  to be made by such  Lender  as part of such
Borrowing  when such Advance,  as a result of such failure,  is not made on such
date.

      (d) Unless the Agent shall have received notice from a Lender prior to the
time of any Borrowing that such Lender will not make available to the Agent such
Lender's  ratable  portion of such  Borrowing,  the Agent may  assume  that such
Lender  has  made  such  portion  available  to the  Agent  on the  date of such
Borrowing in accordance  with  subsection (a) of this Section 2.02 and the Agent
may, in reliance upon such assumption, make available to the applicable Borrower
on such date a corresponding amount. If and to the extent that such Lender shall
not have so made such ratable  portion  available to the Agent,  such Lender and
such  Borrower  severally  agree to repay to the Agent  forthwith on demand such
corresponding  amount together with interest thereon, for each day from the date
such amount is made  available  to such  Borrower  until the date such amount is
repaid to the  Agent,  at

                                       13
<PAGE>

(i) in the case of a Borrower, the higher of (A) the interest rate applicable at
the  time to  Advances  comprising  such  Borrowing  and (B) the  cost of  funds
incurred  by the Agent in  respect  of such  amount and (ii) in the case of such
Lender,  (A) the  Federal  Funds  Rate in the case of  Advances  denominated  in
Dollars or (B) the cost of funds incurred by the Agent in respect of such amount
in the case of Advances  denominated  in  Committed  Currencies.  If such Lender
shall repay to the Agent such corresponding  amount, such amount so repaid shall
constitute such Lender's  Advance as part of such Borrowing for purposes of this
Agreement.

      (e) The failure of any Lender to make the Advance to be made by it as part
of any Borrowing shall not relieve any other Lender of its  obligation,  if any,
hereunder to make its Advance on the date of such Borrowing, but no Lender shall
be  responsible  for the  failure of any other  Lender to make the Advance to be
made by such other Lender on the date of any Borrowing.

      SECTION 2.03.  Issuance of and Drawings and Reimbursement Under Letters of
Credit. (a) Request for Issuance. (i) Each Letter of Credit shall be issued upon
notice,  given not  later  than  11:00  A.M.  (New York City  time) on the fifth
Business Day prior to the date of the proposed issuance of such Letter of Credit
(or on such shorter  notice as the  applicable  Issuing Bank may agree),  by any
Borrower to any Issuing Bank,  and such Issuing Bank shall give the Agent prompt
notice thereof. Each such notice of issuance of a Letter of Credit (a "Notice of
Issuance")  shall  be by  telecopier  or  telephone,  confirmed  immediately  in
writing, specifying therein the requested (A) date of such issuance (which shall
be a Business Day), (B) Available  Amount and currency of such Letter of Credit,
(C)  expiration  date of such Letter of Credit (which shall not be later than 10
Business  Days  before  the  Termination  Date),  (D)  name and  address  of the
beneficiary of such Letter of Credit and (E) form of such Letter of Credit, such
Letter of Credit shall be issued pursuant to such  application and agreement for
letter of credit as such Issuing Bank may specify to the applicable Borrower for
use in  connection  with such  requested  Letter of Credit (a  "Letter of Credit
Agreement").  If the  requested  form of such Letter of Credit is  acceptable to
such  Issuing  Bank  in its  sole  discretion,  such  Issuing  Bank  will,  upon
fulfillment  of the  applicable  conditions  set forth in Article III, make such
Letter of Credit  available  to the  Borrower  requesting  such  issuance at its
office referred to in Section 9.02 or as otherwise  agreed with such Borrower in
connection  with  such  issuance.  In  the  event  and to the  extent  that  the
provisions of any Letter of Credit Agreement shall conflict with this Agreement,
the  provisions  of this  Agreement  shall govern.  For avoidance of doubt,  but
without  limitation of the generality of the foregoing,  provisions  relating to
security  interests,  reimbursement  or other payment  obligations,  interest or
events of default shall be deemed to be in conflict with this Agreement

      (b) Participations. By the issuance of a Letter of Credit (or an amendment
to a Letter of Credit  increasing  Available  Amount  thereof)  and  without any
further action on the part of the applicable  Issuing Bank or the Lenders,  such
Issuing Bank hereby grants to each Lender,  and each Lender hereby acquires from
such  Issuing  Bank,  a  participation  in such  Letter of Credit  equal to such
Lender's  Ratable Share of the Available  Amount of such Letter of Credit.  Each
Borrower  hereby  agrees to each such  participation.  In  consideration  and in
furtherance of the foregoing,  each Lender hereby absolutely and unconditionally
agrees to pay to the Agent,  for the account of such Issuing Bank, such Lender's
Ratable  Share of each  drawing  made  under a Letter of  Credit  funded by such
Issuing Bank and not reimbursed by the applicable  Borrower on the date made, or
of any  reimbursement  payment  required to be refunded to such Borrower for any
reason,  which  amount  will be  advanced,  and  deemed to be an Advance to such
Borrower  hereunder,  regardless of the satisfaction of the conditions set forth
in Section  3.02.  Each Lender  acknowledges  and agrees that its  obligation to
acquire  participations  pursuant  to this  paragraph  in  respect of Letters of
Credit  is  absolute  and  unconditional  and  shall  not  be  affected  by  any
circumstance  whatsoever,  including any amendment,  renewal or extension of any
Letter  of  Credit  in  accordance  with  the  terms  of this  Agreement  or the
occurrence  and  continuance  of a Default or  reduction or  termination  of the
Revolving Credit  Commitments,  and that each such payment shall be made without
any offset, abatement,  withholding or reduction whatsoever. Each Lender further
acknowledges and agrees that its  participation in each Letter of Credit will be
automatically  adjusted to reflect such Lender's  Ratable Share of the Available
Amount of such  Letter of Credit  at each time such  Lender's  Revolving  Credit
Commitment  is amended  pursuant to a  Commitment  Increase in  accordance  with
Section  2.18,  an  assignment  in  accordance  with  Section  9.07 or otherwise
pursuant to this Agreement.

      (c) Drawing and  Reimbursement.  The payment by an Issuing Bank of a draft
drawn  under any  Letter of Credit  which is not  reimbursed  by the  applicable
Borrower on the date made (the Borrowers  having no obligation to reimburse such
Issuing Bank on the date of such payment, except to the extent, if any, that the
sum of

                                       14
<PAGE>

the  amount  of such  drawing  plus  the  outstanding  principal  amount  of all
Advances,  plus the remaining  Available  Amount of all  outstanding  Letters of
Credit,  would exceed the aggregate  Revolving Credit  Commitments at such date)
shall  constitute  for all  purposes  of this  Agreement  the making by any such
Issuing Bank of an Advance, which, in the case of a Letter of Credit denominated
in Dollars,  shall be a Base Rate Advance,  in the amount of such draft,  or, in
the case of a Letter of Credit denominated in a Committed  Currency,  shall be a
Base Rate Advance in the Equivalent  amount of Dollars on the date such draft is
paid,  without regard to whether the making of such an Advance would exceed such
Issuing Bank's Unused Commitment.  Each Issuing Bank shall give prompt notice of
each drawing under any Letter of Credit issued by it to the applicable  Borrower
and the Agent.  Upon written  demand by such Issuing  Bank,  with a copy of such
demand to the Agent and the  applicable  Borrower,  each Lender shall pay to the
Agent such  Lender's  Ratable  Share of such  outstanding  Advance  pursuant  to
Section 2.03(b). Each Lender acknowledges and agrees that its obligation to make
Advances  pursuant to this paragraph in respect of Letters of Credit is absolute
and  unconditional  and shall not be  affected by any  circumstance  whatsoever,
including  any  amendment,  renewal or  extension of any Letter of Credit or the
occurrence  and  continuance  of a Default or  reduction or  termination  of the
Revolving Credit  Commitments,  and that each such payment shall be made without
any offset,  abatement,  withholding  or reduction  whatsoever.  Promptly  after
receipt thereof,  the Agent shall transfer such funds to such Issuing Bank. Each
Lender  agrees to fund its Ratable  Share of an  outstanding  Advance on (i) the
Business Day on which demand  therefor is made by such  Issuing  Bank,  provided
that  notice of such  demand is given not later than  11:00 A.M.  (New York City
time) on such Business Day, or (ii) the first Business Day next  succeeding such
demand if notice of such demand is given  after such time.  If and to the extent
that any Lender shall not have so made the amount of such  Advance  available to
the Agent,  such  Lender  agrees to pay to the Agent  forthwith  on demand  such
amount together with interest  thereon,  for each day from the date of demand by
any such  Issuing  Bank until the date such amount is paid to the Agent,  at the
Federal  Funds Rate for its  account or the  account of such  Issuing  Bank,  as
applicable. If such Lender shall pay to the Agent such amount for the account of
any such  Issuing Bank on any  Business  Day,  such amount so paid in respect of
principal  shall  constitute an Advance made by such Lender on such Business Day
for purposes of this  Agreement,  and the  outstanding  principal  amount of the
Advance  made by such  Issuing  Bank  shall be  reduced  by such  amount on such
Business Day.

      (d) Letter of Credit  Reports.  Each Issuing Bank shall furnish (A) to the
Agent on the  first  Business  Day of each  month a written  report  summarizing
issuance and  expiration  dates of Letters of Credit issued by such Issuing Bank
during the preceding  month and drawings  during such month under all Letters of
Credit and (B) to the Agent on the first Business Day of each calendar quarter a
written report setting forth the average daily aggregate Available Amount during
the preceding  calendar  quarter of all Letters of Credit issued by such Issuing
Bank.  The Agent  shall  provide  prompt  notice to the  Lenders of the  reports
delivered pursuant to this subsection (d).

      (e)  Failure  to Make  Advances.  The  failure  of any  Lender to make the
Advance  to be made by it on the date  specified  in Section  2.03(c)  shall not
relieve any other Lender of its obligation hereunder to make its Advance on such
date, but no Lender shall be responsible  for the failure of any other Lender to
make the Advance to be made by such other Lender on such date.

      SECTION 2.04.  Fees.  (a) Facility Fee. The Borrowers  agree to pay to the
Agent for the account of each Lender a facility fee on the  aggregate  amount of
such Lender's Revolving Credit Commitment from the Effective Date in the case of
each Initial  Lender and from the  effective  date  specified in the  Assumption
Agreement  or in the  Assignment  and  Acceptance  pursuant to which it became a
Lender in the case of each other Lender until the Termination Date at a rate per
annum equal to the Applicable Percentage in effect from time to time, payable in
arrears quarterly on the last day of each March,  June,  September and December,
commencing September 30, 2006, and on the Termination Date.

      (b) Letter of Credit Commissions. (i) Each Borrower shall pay to the Agent
for the account of each Lender a commission  on such  Lender's  Ratable Share of
the average daily aggregate  Available Amount of all Letters of Credit issued at
the request of such  Borrower  and  outstanding  from time to time at a rate per
annum equal to the Applicable  Margin for  Eurocurrency  Rate Advances in effect
from time to time plus the  Applicable  Utilization  Fee,  if any,  during  such
calendar  quarter,  payable in arrears  quarterly on the last day of each March,
June,  September and December,  commencing  with the quarter ended September 30,
2006, and on the Termination Date;  provided that the Applicable Margin shall be
2% above the  Applicable  Margin in effect  upon the  occurrence  and during the
continuation of an Event of Default if the Borrowers are required to pay default
interest pursuant to Section 2.07(b).

                                       15
<PAGE>

            (ii) Each  Borrower  shall  pay to each  Issuing  Bank,  for its own
      account,  such fronting fees and such other  commissions,  issuance  fees,
      transfer fees and other fees and charges in  connection  with the issuance
      or  administration  of each  Letter of Credit  as such  Borrower  and such
      Issuing Bank shall agree.

      (c) Agent's Fees. The Borrowers shall pay to the Agent for its own account
such fees as may from  time to time be  agreed  between  the  Guarantor  and the
Agent.

      SECTION 2.05.  Optional  Termination or Reduction of the Commitments.  The
Borrowers shall have the right,  upon at least five Business Days' notice to the
Agent,  to terminate in whole or  permanently  reduce ratably in part the Unused
Revolving Credit Commitments or the Unissued Letter of Credit Commitments of the
Lenders,  provided that each partial  reduction shall be in the aggregate amount
of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

      SECTION 2.06. Repayment of Advances and Letter of Credit Drawings. (a) The
Borrowers shall repay to the Agent for the ratable account of the Lenders on the
Termination   Date  the  aggregate   principal   amount  of  the  Advances  then
outstanding.

      (b) The obligations of the applicable  Borrower under any Letter of Credit
Agreement and any other agreement or instrument relating to any Letter of Credit
(subject to Section 2.03(a)) shall be unconditional  and irrevocable,  and shall
be paid strictly in accordance with the terms of this Agreement,  such Letter of
Credit Agreement and such other agreement or instrument under all circumstances,
including,  without limitation, the following circumstances (it being understood
that any such  payment by such  Borrower is without  prejudice  to, and does not
constitute a waiver of, any rights such Borrower  might have or might acquire as
a result of the payment by any Lender of any draft or the  reimbursement by such
Borrower thereof):

            (i) any lack of validity or  enforceability  of this Agreement,  any
      Note,  any Letter of Credit  Agreement,  any Letter of Credit or any other
      agreement or  instrument  relating  thereto (all of the  foregoing  being,
      collectively, the "L/C Related Documents");

            (ii) any change in the time,  manner or place of  payment  of, or in
      any other  term of,  all or any of the  obligations  of such  Borrower  in
      respect of any L/C Related Document or any other amendment or waiver of or
      any consent to departure from all or any of the L/C Related Documents;

            (iii) the  existence of any claim,  set-off,  defense or other right
      that such  Borrower  may have at any time against any  beneficiary  or any
      transferee  of a Letter  of  Credit  (or any  Persons  for  which any such
      beneficiary or any such  transferee may be acting),  any Issuing Bank, any
      Agent,  any Lender or any other  Person,  whether in  connection  with the
      transactions  contemplated  by the L/C Related  Documents or any unrelated
      transaction;

            (iv) any statement or any other document presented under a Letter of
      Credit proving to be forged,  fraudulent,  invalid or  insufficient in any
      respect  or any  statement  therein  being  untrue  or  inaccurate  in any
      respect;

            (v)  payment by any  Issuing  Bank under a Letter of Credit  against
      presentation of a draft or certificate  that does not strictly comply with
      the terms of such Letter of Credit;

            (vi) any exchange,  release or non-perfection of any collateral,  or
      any release or  amendment  or waiver of or consent to  departure  from any
      guarantee,  for all or any of the  obligations of such Borrower in respect
      of the L/C Related Documents; or

            (vii) any other circumstance or happening whatsoever, whether or not
      similar to any of the foregoing,  including, without limitation, any other
      circumstance that might otherwise  constitute a defense available to, or a
      discharge of, such Borrower or a guarantor.

                                       16
<PAGE>

      SECTION 2.07. Interest on Advances.  (a) Scheduled Interest. The Borrowers
shall pay interest on the unpaid  principal amount of each Advance owing to each
Lender from the date of such Advance until such  principal  amount shall be paid
in full, at the following rates per annum:

            (i) Base Rate  Advances.  During such  periods as such  Advance is a
      Base Rate  Advance,  a rate per annum equal at all times to the sum of (x)
      the Base Rate in effect from time to time plus (y) the  Applicable  Margin
      in effect from time to time plus (z) the  Applicable  Utilization  Fee, if
      any, in effect from time to time, payable in arrears quarterly on the last
      day of each March, June, September and December during such periods and on
      the date such Base Rate Advance shall be Converted or paid in full.

            (ii) Eurocurrency Rate Advances. During such periods as such Advance
      is a Eurocurrency Rate Advance, a rate per annum equal at all times during
      each Interest  Period for such Advance to the sum of (x) the  Eurocurrency
      Rate for such  Interest  Period for such Advance  plus (y) the  Applicable
      Margin in effect  from  time to time plus (z) the  Applicable  Utilization
      Fee, if any,  in effect from time to time,  payable in arrears on the last
      day of such Interest Period and, if such Interest Period has a duration of
      more than three  months,  on each day that  occurs  during  such  Interest
      Period every three months from the first day of such  Interest  Period and
      on the date such  Eurocurrency  Rate Advance shall be Converted or paid in
      full.

      (b) Default Interest. Upon the occurrence and during the continuance of an
Event of Default under Section  6.01(a),  the Agent may, and upon the request of
the Required  Lenders  shall,  require the  Borrowers to pay interest  ("Default
Interest")  on (i) the unpaid  principal  amount of each  Advance  owing to each
Lender,  payable in arrears on the dates referred to in clause (a)(i) or (a)(ii)
above, at a rate per annum equal at all times to 2% per annum above the rate per
annum  required to be paid on such Advance  pursuant to clause (a)(i) or (a)(ii)
above  and (ii) to the  fullest  extent  permitted  by law,  the  amount  of any
interest,  fee or other amount payable hereunder that is not paid when due, from
the date such  amount  shall be due  until  such  amount  shall be paid in full,
payable in arrears on the date such amount  shall be paid in full and on demand,
at a rate per annum  equal at all times to 2% per annum above the rate per annum
required  to be paid on Base Rate  Advances  pursuant  to clause  (a)(i)  above;
provided,  however,  that  following  acceleration  of the Advances  pursuant to
Section 6.01,  Default Interest shall accrue and be payable hereunder whether or
not previously required by the Agent.

      SECTION 2.08. Interest Rate Determination.  (a) Each Reference Bank agrees
to furnish to the Agent timely  information for the purpose of determining  each
Eurocurrency  Rate. If any one or more of the Reference  Banks shall not furnish
such timely  information  to the Agent for the purpose of  determining  any such
interest  rate,  the Agent shall  determine  such  interest rate on the basis of
timely information  furnished by the remaining  Reference Banks. The Agent shall
give prompt notice to the applicable  Borrower and the Lenders of the applicable
interest  rate  determined  by the Agent for purposes of Section  2.07(a)(i)  or
(ii), and the rate, if any,  furnished by each Reference Bank for the purpose of
determining the interest rate under Section 2.07(a)(ii).

      (b) If, with  respect to any  Eurocurrency  Rate  Advances,  the  Required
Lenders notify the Agent that (i) they are unable to obtain matching deposits in
the London  inter-bank market at or about 11:00 A.M. (London time) on the second
Business  Day before the making of a  Borrowing  in  sufficient  amounts to fund
their respective Advances as a part of such Borrowing during its Interest Period
or (ii) the Eurocurrency Rate for any Interest Period for such Advances will not
adequately  reflect  the cost to such  Required  Lenders of  making,  funding or
maintaining  their  respective  Eurocurrency  Rate  Advances  for such  Interest
Period,  the Agent shall  forthwith  so notify the  applicable  Borrower and the
Lenders,  whereupon (A) such Borrower will, on the last day of the then existing
Interest Period therefor, (1) if such Eurocurrency Rate Advances are denominated
in Dollars,  either (x) prepay such  Advances or (y) Convert such  Advances into
Base Rate Advances and (2) if such Eurocurrency Rate Advances are denominated in
any  Committed  Currency,  either (x) prepay such  Advances or (y) exchange such
Advances  into an  Equivalent  amount of Dollars and Convert such  Advances into
Base Rate Advances and (B) the  obligation of the Lenders to make, or to Convert
Advances  into,  Eurocurrency  Rate Advances in the affected  currency  shall be
suspended  until the Agent shall notify the  Borrowers  and the Lenders that the
circumstances  causing such  suspension no longer exist;  provided  that, if the
circumstances  set forth in clause  (ii) above are  applicable,  the  applicable
Borrower  may elect,  by notice to the Agent and the Lenders,  to continue  such
Advances in such Committed  Currency for Interest Periods of not longer than one
month,  which Advances shall  thereafter bear interest at a rate per annum equal
to the Applicable Margin plus the Applicable  Utilization Fee, if any, plus, for
each

                                       17
<PAGE>

Lender,  the cost to such Lender  (expressed as a rate per annum) of funding its
Eurocurrency  Rate  Advances by whatever  means it  reasonably  determines to be
appropriate.  Each  Lender  shall  certify  its cost of funds for each  Interest
Period to the Agent and the applicable  Borrower as soon as practicable  (but in
any event not later than ten Business  Days after the first day of such Interest
Period).

      (c) If any  Borrower  shall fail to select the  duration  of any  Interest
Period  in  accordance  with  the  provisions  contained  in the  definition  of
"Interest Period" in Section 1.01 for any Eurocurrency Rate Advances made to it,
the Agent will  forthwith  so notify  such  Borrower  and the  Lenders  and such
Advances  will  automatically,  on the last day of the  then  existing  Interest
Period  therefor,  (i) if such  Eurocurrency  Rate Advances are  denominated  in
Dollars,  Convert  into Base Rate  Advances and (ii) if such  Eurocurrency  Rate
Advances are denominated in a Committed Currency, be exchanged for an Equivalent
amount of Dollars and Convert into Base Rate Advances.

      (d) On the  date  on  which  the  aggregate  unpaid  principal  amount  of
Eurocurrency Rate Advances comprising any Borrowing shall be reduced, by payment
or prepayment or otherwise,  to less than the Borrowing  Minimum,  such Advances
shall automatically Convert into Base Rate Advances.

      (e) Upon the occurrence and during the continuance of any Event of Default
under Section 6.01(a), (i) each Eurocurrency Rate Advance will automatically, on
the  last  day of the  then  existing  Interest  Period  therefor,  (A) if  such
Eurocurrency  Rate Advances are  denominated in Dollars,  be Converted into Base
Rate Advances and (B) if such  Eurocurrency Rate Advances are denominated in any
Committed  Currency,  be exchanged  for an  Equivalent  amount of Dollars and be
Converted  into Base Rate  Advances  and (ii) the  obligation  of the Lenders to
make,  or  to  Convert  Advances  into,  Eurocurrency  Rate  Advances  shall  be
suspended;  provided that the  applicable  Borrower may elect,  by notice to the
Agent and the  Lenders  within one  Business  Day of such Event of  Default,  to
continue  such  Advances in such  Committed  Currency,  whereupon  the Agent may
require that each Interest  Period relating to such  Eurocurrency  Rate Advances
shall bear  interest at the  Overnight  Eurocurrency  Rate for a period of three
Business Days and thereafter, each such Interest Period shall have a duration of
not longer  than one month.  "Overnight  Eurocurrency  Rate"  means the rate per
annum applicable to an overnight period beginning on one Business Day and ending
on the next  Business Day equal to the sum of 1%, the  Applicable  Interest Rate
Margin and the average,  rounded upward to the nearest whole multiple of 1/16 of
1%, if such average is not such a multiple,  of the  respective  rates per annum
quoted by each Reference Bank to the Agent on request as the rate at which it is
offering  overnight  deposits in the relevant currency in amounts  comparable to
such Reference Bank's Eurocurrency Rate Advances.

      (f) If  Telerate  Markets  Page 3750 is  unavailable  and  fewer  than two
Reference  Banks furnish  timely  information to the Agent for  determining  the
Eurocurrency Rate for any Eurocurrency Rate Advances,

            (i) the Agent shall  forthwith  notify the Borrowers and the Lenders
      that the interest rate cannot be  determined  for such  Eurocurrency  Rate
      Advances,

            (ii) with respect to Eurocurrency  Rate Advances,  each such Advance
      will  automatically,  on the last day of the then existing Interest Period
      therefor, (A) if such Eurocurrency Rate Advance is denominated in Dollars,
      Convert into a Base Rate Advance and (B) if such Eurocurrency Rate Advance
      is  denominated  in any Committed  Currency,  be prepaid by the applicable
      Borrower or be automatically exchanged for an Equivalent amount of Dollars
      and be  Converted  into a Base Rate  Advance (or if such Advance is then a
      Base Rate Advance, will continue as a Base Rate Advance), and

            (iii)  the  obligation  of the  Lenders  to make  Eurocurrency  Rate
      Advances or to Convert Advances into  Eurocurrency  Rate Advances shall be
      suspended  until the Agent shall notify the Borrowers and the Lenders that
      the circumstances causing such suspension no longer exist.

      SECTION 2.09.  Optional  Conversion of Advances.  Each Borrower may on any
Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York
City  time)  on the  third  Business  Day  prior  to the  date  of the  proposed
Conversion and subject to the provisions of Sections 2.08 and 2.12,  Convert all
or any portion of the Advances made to such Borrower  denominated  in Dollars of
one Type  comprising the same

                                       18
<PAGE>

Borrowing  into  Advances  denominated  in Dollars of the other Type;  provided,
however,  that any  Conversion  of  Eurocurrency  Rate  Advances  into Base Rate
Advances  shall  be made  only on the last day of an  Interest  Period  for such
Eurocurrency   Rate  Advances,   any  Conversion  of  Base  Rate  Advances  into
Eurocurrency  Rate  Advances  shall be in an amount  not less  than the  minimum
amount  specified in Section  2.02(b) and no  Conversion  of any Advances  shall
result in more separate  Borrowings than permitted under Section  2.02(b).  Each
such notice of a Conversion  shall,  within the  restrictions  specified  above,
specify (i) the date of such Conversion, (ii) the Dollar denominated Advances to
be Converted,  and (iii) if such Conversion is into  Eurocurrency Rate Advances,
the duration of the initial  Interest Period for each such Advance.  Each notice
of Conversion shall be irrevocable and binding on the applicable Borrower.

      SECTION 2.10.  Prepayments of Advances.  (a) Optional.  Each Borrower may,
upon notice at least two Business Days' prior to the date of such prepayment, in
the case of Eurocurrency Rate Advances,  and not later than 11:00 A.M. (New York
City time) on the date of such prepayment, in the case of Base Rate Advances, to
the Agent  stating  the  proposed  date and  aggregate  principal  amount of the
prepayment,  and if such notice is given the Borrower  giving such notice shall,
prepay the outstanding  principal amount of the Advances  comprising part of the
same  Borrowing in whole or ratably in part,  together with accrued  interest to
the date of such prepayment on the principal amount prepaid; provided,  however,
that (x) each partial  prepayment  shall be in an aggregate  principal amount of
not less than the  Borrowing  Minimum or an integral  multiple of the  Borrowing
Multiple  in excess  thereof  and (y) in the event of any such  prepayment  of a
Eurocurrency  Rate Advance,  such  Borrower  shall be obligated to reimburse the
Lenders in respect thereof pursuant to Section 9.04(c).

      (b) Mandatory. (i) If, on any date, the Agent notifies the Borrowers that,
on any interest  payment date, the sum of (A) the aggregate  principal amount of
all Advances  denominated  in Dollars then  outstanding  plus (B) the  aggregate
Available  Amount  of  all  Letters  of  Credit   denominated  in  Dollars  then
outstanding plus (C) the Equivalent in Dollars (determined on the third Business
Day prior to such interest  payment date) of the aggregate  principal  amount of
all Advances  denominated in Committed  Currencies then outstanding plus (D) the
Equivalent  in  Dollars  (determined  on the  third  Business  Day prior to such
interest  payment  date) of the  aggregate  Available  Amount of all  Letters of
Credit denominated in Committed  Currencies then outstanding exceeds 103% of the
aggregate  Revolving  Credit  Commitments  of the  Lenders  on  such  date,  the
Borrowers  shall,  as soon as  practicable  and in any event within two Business
Days after  receipt of such notice,  subject to the proviso to this sentence set
forth below,  prepay the outstanding  principal  amount of any Advances owing by
the Borrowers in an aggregate amount  sufficient to reduce such sum to an amount
not to exceed 100% of the aggregate  Revolving Credit Commitments of the Lenders
on such date together with any interest  accrued to the date of such  prepayment
on the  aggregate  principal  amount of Advances  prepaid;  provided that if the
aggregate principal amount of Base Rate Advances outstanding at the time of such
required  prepayment  is less than the amount of such required  prepayment,  the
portion of such required  prepayment in excess of the aggregate principal amount
of Base  Rate  Advances  then  outstanding  shall  be  deferred  until  the next
succeeding  last day of an  Interest  Period of  outstanding  Eurocurrency  Rate
Advances in an aggregate amount equal to the excess of such required prepayment.
The Agent shall give prompt notice of any prepayment required under this Section
2.10(b) to the Borrowers and the Lenders, and shall provide prompt notice to the
Borrowers  of any such  notice of  required  prepayment  received by it from any
Lender.

            (ii) Each  prepayment made pursuant to this Section 2.10(b) shall be
      made together with any interest  accrued to the date of such prepayment on
      the  principal  amounts  prepaid and, in the case of any  prepayment  of a
      Eurocurrency Rate Advance on a date other than the last day of an Interest
      Period or at its maturity,  any  additional  amounts which the  applicable
      Borrower shall be obligated to reimburse to the Lenders in respect thereof
      pursuant to Section  9.04(c).  The Agent  shall give prompt  notice of any
      prepayment  required  under this Section  2.10(b) to the Borrowers and the
      Lenders.

      SECTION 2.11.  Increased Costs. (a) If, due to either (i) the introduction
of or any change in or in the  interpretation of any law or regulation after the
date hereof,  or (ii) the compliance  with any guideline or request issued after
the date hereof from any central bank or other governmental authority including,
without  limitation,  any agency of the  European  Union or similar  monetary or
multinational authority (whether or not having the force of law), there shall be
any increase in the cost to any Lender of agreeing to make or making, funding or
maintaining  Eurocurrency  Rate  Advances  or agreeing to issue or of issuing or
maintaining  or  participating  in Letters

                                       19
<PAGE>

of Credit  (excluding for purposes of this Section 2.11 any such increased costs
resulting  from (i) Taxes or Other Taxes (as to which Section 2.14 shall govern)
and (ii) changes in the basis of taxation of overall net income or overall gross
income by the United  States or by the foreign  jurisdiction  or state under the
laws of which such Lender is organized or has its  Applicable  Lending Office or
any political subdivision thereof),  then the Borrowers shall from time to time,
upon demand by such Lender (with a copy of such demand to the Agent), pay to the
Agent for the account of such Lender additional amounts sufficient to compensate
such Lender for such increased cost; provided,  however,  that before making any
such demand,  each Lender agrees to use reasonable efforts  (consistent with its
internal policy and legal and regulatory  restrictions) to designate a different
Applicable  Lending  Office if the making of such a designation  would avoid the
need for,  or reduce the amount of,  such  increased  cost and would not, in the
reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
A  certificate  as to the  amount  of  such  increased  cost,  submitted  to the
Borrowers and the Agent by such Lender,  shall be conclusive and binding for all
purposes, absent manifest error.

      (b) If any Lender determines that compliance with any law or regulation or
any guideline or request  taking effect or issued after the date hereof from any
central bank or other governmental authority (whether or not having the force of
law)  affects or would  affect the amount of capital  required or expected to be
maintained by such Lender or any  corporation  controlling  such Lender and that
the amount of such capital is  increased by or based upon the  existence of such
Lender's  commitment  to lend or to issue or  participate  in  Letters of Credit
hereunder and other  commitments of this type,  then, upon demand by such Lender
(with a copy of such demand to the Agent),  the Borrowers shall pay to the Agent
for the account of such  Lender,  from time to time as specified by such Lender,
additional  amounts  sufficient to compensate such Lender or such corporation in
the light of such  circumstances,  to the  extent  that such  Lender  reasonably
determines  such  increase in capital to be allocable  to the  existence of such
Lender's  commitment  to  lend  hereunder.  A  certificate  as to  such  amounts
submitted to the Borrowers and the Agent by such Lender shall be conclusive  and
binding for all purposes, absent manifest error.

      (c)  Failure  or delay on the part of any  Lender to  demand  compensation
pursuant to this Section shall not constitute a waiver of such Lender's right to
demand such  compensation;  provided that the Borrowers shall not be required to
compensate  a  Lender  pursuant  to this  Section  for any  increased  costs  or
reductions  incurred  more than six  months  prior to the date that such  Lender
notifies the Borrowers of the circumstances  giving rise to such increased costs
or reductions  and of such Lender's  intention to claim  compensation  therefor;
provided further that, if the circumstances  giving rise to such increased costs
or reductions  cause such increased costs or reductions to be retroactive,  then
the six-month  period  referred to above shall be extended to include the period
of retroactive effect thereof.

      SECTION  2.12.  Illegality.  Notwithstanding  any other  provision of this
Agreement,  if any Lender shall notify the Agent that the introduction of or any
change in or in the  interpretation  of any law or regulation makes it unlawful,
or any central bank or other governmental authority asserts that it is unlawful,
for any Lender or its  Eurocurrency  Lending  Office to perform its  obligations
hereunder  to make  Eurocurrency  Rate  Advances  in  Dollars  or any  Committed
Currency or to fund or  maintain  Eurocurrency  Rate  Advances in Dollars or any
Committed  Currency  hereunder,  (a) (i) if such  Eurocurrency  Rate  Advance is
denominated  in Dollars,  be Converted into a Base Rate Advance and (ii) if such
Eurocurrency Rate Advance is denominated in any Committed Currency, be exchanged
into an Equivalent  amount of Dollars and be Converted  into a Base Rate Advance
and (b) the obligation of the Lenders to make  Eurocurrency Rate Advances in the
affected  currency or to Convert Advances into  Eurocurrency Rate Advances shall
be suspended until the Agent shall notify the Borrowers and the Lenders that the
circumstances causing such suspension no longer exist;  provided,  however, that
before  making any such demand,  each Lender  agrees to use  reasonable  efforts
(consistent  with its internal policy and legal and regulatory  restrictions) to
designate  a  different  Eurocurrency  Lending  Office  if the  making of such a
designation  would  allow  such  Lender or its  Eurocurrency  Lending  Office to
continue to perform its obligations to make such  Eurocurrency  Rate Advances or
to continue to fund or maintain such  Eurocurrency  Rate Advances and would not,
in the judgment of such Lender, be otherwise disadvantageous to such Lender.

      SECTION 2.13. Payments and Computations. (a) The Borrowers shall make each
payment  hereunder  (except with respect to principal of, interest on, and other
amounts relating to, Advances denominated in a Committed Currency), irrespective
of any right of  counterclaim  or set-off,  not later than 11:00 A.M.  (New York
City time) on the day when due in Dollars to the Agent at the applicable Agent's
Account in same day funds. The Borrowers shall make each payment  hereunder with
respect to principal of,  interest on, and other amounts  relating

                                       20
<PAGE>

to, Advances  denominated in a Committed Currency,  irrespective of any right of
counterclaim  or set-off,  not later than 11:00 A.M. (at the Payment  Office for
such Committed  Currency) on the day when due in such Committed  Currency to the
Agent,  by deposit of such funds to the applicable  Agent's  Account in same day
funds.  The Agent will promptly  thereafter  cause to be distributed  like funds
relating to the payment of  principal,  interest,  fees or  commissions  ratably
(other than amounts  payable  pursuant to Section 2.11,  2.14 or 9.04(c)) to the
Lenders for the account of their respective Applicable Lending Offices, and like
funds  relating to the payment of any other amount payable to any Lender to such
Lender for the  account of its  Applicable  Lending  Office,  in each case to be
applied in accordance with the terms of this Agreement. Upon any Assuming Lender
becoming a Lender  hereunder  as a result of a Commitment  Increase  pursuant to
Section 2.18, and upon the Agent's receipt of such Lender's Assumption Agreement
and recording of the  information  contained  therein in the Register,  from and
after the applicable  Increase Date, the Agent shall make all payments hereunder
and under any Notes  issued in  connection  therewith in respect of the interest
assumed thereby to the Assuming Lender. Upon its acceptance of an Assignment and
Acceptance and recording of the  information  contained  therein in the Register
pursuant to Section 9.07(c), from and after the effective date specified in such
Assignment and Acceptance, the Agent shall make all payments hereunder and under
any Notes in respect of the  interest  assigned  thereby to the Lender  assignee
thereunder,  and the parties to such  Assignment and  Acceptance  shall make all
appropriate  adjustments  in such payments for periods  prior to such  effective
date directly between themselves.

      (b) Each  Borrower  hereby  authorizes  each Lender,  if and to the extent
payment  owed to such  Lender is not made when due  hereunder  or under the Note
held by such  Lender,  to charge  from time to time  against  any or all of such
Borrower's accounts with such Lender any amount so due.

      (c) All  computations  of interest based on the Base Rate shall be made by
the  Agent on the basis of a year of 365 or 366  days,  as the case may be,  all
computations  of interest  based on the  Eurocurrency  Rate or the Federal Funds
Rate and of fees and Letter of Credit  commissions shall be made by the Agent on
the basis of a year of 360 days (or,  in each case of  Advances  denominated  in
Committed  Currencies where market practice  differs,  in accordance with market
practice),  in each case for the actual number of days  (including the first day
but  excluding  the last day)  occurring in the period for which such  interest,
fees or commissions are payable.  Each determination by the Agent of an interest
rate hereunder shall be conclusive and binding for all purposes, absent manifest
error.

      (d) Whenever  any payment  hereunder or under the Notes shall be stated to
be due on a day other than a Business  Day,  such  payment  shall be made on the
next  succeeding  Business Day, and such extension of time shall in such case be
included in the  computation of payment of interest,  fee or commission,  as the
case may be; provided,  however,  that, if such extension would cause payment of
interest on or principal of  Eurocurrency  Rate  Advances to be made in the next
following  calendar  month,  such  payment  shall be made on the next  preceding
Business Day.

      (e)  Unless the Agent  shall  have  received  notice  from the  applicable
Borrower prior to the date on which any payment is due to the Lenders  hereunder
that such Borrower will not make such payment in full, the Agent may assume that
such  Borrower  has made such  payment in full to the Agent on such date and the
Agent may, in reliance upon such  assumption,  cause to be  distributed  to each
Lender on such due date an amount equal to the amount then due such  Lender.  If
and to the extent the applicable Borrower shall not have so made such payment in
full to the Agent, each Lender shall repay to the Agent forthwith on demand such
amount  distributed to such Lender together with interest thereon,  for each day
from the date such  amount is  distributed  to such  Lender  until the date such
Lender  repays  such amount to the Agent,  at (i) the Federal  Funds Rate in the
case of Advances  denominated  in Dollars or (ii) the cost of funds  incurred by
the Agent in  respect  of such  amount in the case of  Advances  denominated  in
Committed Currencies.

      (f) To the extent that the Agent  receives  funds for  application  to the
amounts owing by any Borrower  under or in respect of this Agreement or any Note
in currencies other than the currency or currencies required to enable the Agent
to distribute  funds to the Lenders in accordance with the terms of this Section
2.13, the Agent shall be entitled to convert or exchange such funds into Dollars
or into a Committed  Currency,  to the extent  necessary  to enable the Agent to
distribute  such  funds in  accordance  with the  terms  of this  Section  2.13;
provided that each Borrower and each of the Lenders  hereby agree that the Agent
shall not be liable or  responsible  for any loss,  cost or expense  suffered by
such  Borrower  or such  Lender as a result of any  conversion  or  exchange  of
currencies  affected  pursuant  to this  Section  2.13(f)  or as a result of the
failure of the Agent to effect any such

                                       21
<PAGE>

conversion  or  exchange;  and  provided  further  that the  Borrowers  agree to
indemnify  the  Agent  and  each  Lender,  and hold the  Agent  and each  Lender
harmless,  for any and all losses,  costs and expenses  incurred by the Agent or
any Lender for any  conversion  or  exchange  of  currencies  (or the failure to
convert or exchange any currencies) in accordance with this Section 2.13(f).

      SECTION 2.14.  Taxes. (a) Any and all payments by any Loan Party to or for
the account of any Lender or the Agent hereunder or under the Notes or any other
documents to be delivered  hereunder  shall be made, in accordance  with Section
2.13 or the applicable provisions of such other documents, free and clear of and
without  deduction  for any and all present or future  taxes,  levies,  imposts,
deductions,  charges or withholdings,  and all liabilities with respect thereto,
excluding,  in the case of each  Lender  and the  Agent,  taxes  imposed  on its
overall  net income,  and  franchise  taxes  imposed on it in lieu of net income
taxes, by the jurisdiction  under the laws of which such Lender or the Agent (as
the case may be) is organized or any political  subdivision  thereof and, in the
case of each  Lender,  taxes  imposed on its overall net income,  and  franchise
taxes imposed on it in lieu of net income  taxes,  by the  jurisdiction  of such
Lender's  Applicable  Lending  Office or any political  subdivision  thereof and
excluding  such taxes  imposed by the United  States  that are payable as of the
date  such  Lender  or the  Agent  became a party to this  Agreement  (all  such
non-excluded  taxes,  levies,  imposts,  deductions,  charges,  withholdings and
liabilities  in  respect  of  payments   hereunder  or  under  the  Notes  being
hereinafter referred to as "Taxes").  If any Loan Party shall be required by law
to deduct any Taxes from or in respect of any sum payable hereunder or under any
Note or any other  documents  to be  delivered  hereunder  to any  Lender or the
Agent,  (i) the sum payable shall be increased as may be necessary so that after
making all required deductions  (including  deductions  applicable to additional
sums payable  under this Section 2.14) such Lender or the Agent (as the case may
be)  receives  an amount  equal to the sum it would  have  received  had no such
deductions  been made, (ii) such Loan Party shall make such deductions and (iii)
such Loan Party shall pay the full  amount  deducted  to the  relevant  taxation
authority or other authority in accordance with applicable law.

      (b) In addition,  the  Borrowers  shall pay any present or future stamp or
documentary  taxes or any other  excise or  property  taxes,  charges or similar
levies  that arise from any  payment  made  hereunder  or under the Notes or any
other  documents to be delivered  hereunder or from the  execution,  delivery or
registration of,  performing under, or otherwise with respect to, this Agreement
or the Notes or any  other  documents  to be  delivered  hereunder  (hereinafter
referred to as "Other Taxes").

      (c) The Borrowers  shall  indemnify each Lender and the Agent for and hold
it harmless against the full amount of Taxes or Other Taxes (including,  without
limitation, taxes of any kind imposed or asserted by any jurisdiction on amounts
payable  under this Section 2.14) imposed on or paid by such Lender or the Agent
(as the  case  may be) and any  liability  (including  penalties,  interest  and
expenses) arising therefrom or with respect thereto.  This indemnification shall
be made  within 30 days from the date such  Lender or the Agent (as the case may
be) makes written demand therefor.

      (d) Within 45 days after the date of any payment of Taxes,  the applicable
Loan Party shall  furnish to the Agent,  at its  address  referred to in Section
9.02, the original or a certified copy of a receipt  evidencing  such payment to
the extent such a receipt is issued therefor,  or other written proof of payment
thereof that is reasonably satisfactory to the Agent. In the case of any payment
hereunder or under the Notes or any other documents to be delivered hereunder by
or on behalf of any Loan  Party  (other  than OFP)  through an account or branch
outside the United  States or by or on behalf of any Loan Party (other than OFP)
by a payor that is not a United  States  person,  if such Loan Party  determines
that no Taxes are payable in respect thereof,  such Loan Party shall furnish, or
shall cause such payor to furnish,  to the Agent, at such address, an opinion of
counsel  acceptable to the Agent stating that such payment is exempt from Taxes.
For  purposes of this  subsection  (d) and  subsection  (e),  the terms  "United
States" and "United States person" shall have the meanings  specified in Section
7701 of the Internal Revenue Code.

      (e) Each Lender  organized  under the laws of a  jurisdiction  outside the
United  States,  on or prior to the date of its  execution  and delivery of this
Agreement in the case of each Initial  Lender and on the date of the  Assumption
Agreement or the Assignment and Acceptance pursuant to which it becomes a Lender
in the case of each other Lender, and from time to time thereafter as reasonably
requested  in  writing by OFI and OCI (but only so long as such  Lender  remains
lawfully  able to do so),  shall  provide each of the Agent OFI and OCI with two
original Internal Revenue Service forms W-8BEN or W-8ECI, as appropriate, or any
successor or other form prescribed by

                                       22
<PAGE>

the  Internal  Revenue  Service,  certifying  that such Lender is exempt from or
entitled to a reduced rate of United States  withholding tax on payments made by
OFI and OCI pursuant to this  Agreement or the Notes.  If the form provided by a
Lender at the time such Lender first becomes a party to this Agreement indicates
a United States interest withholding tax rate in excess of zero, withholding tax
at such rate  shall be  considered  excluded  from  Taxes  unless and until such
Lender  provides the  appropriate  forms  certifying that a lesser rate applies,
whereupon  withholding tax at such lesser rate only shall be considered excluded
from Taxes for periods governed by such form; provided, however, that, if at the
date of the  Assignment  and  Acceptance  pursuant  to which a  Lender  assignee
becomes a party to this Agreement,  the Lender assignor was entitled to payments
under subsection (a) in respect of United States withholding tax with respect to
interest paid at such date,  then, to such extent,  the term Taxes shall include
(in  addition  to  withholding  taxes that may be imposed in the future or other
amounts  otherwise  includable in Taxes) United States  withholding tax, if any,
applicable  with  respect to the Lender  assignee  on such date.  If any form or
document  referred  to  in  this  subsection  (e)  requires  the  disclosure  of
information,  other than  information  necessary  to compute the tax payable and
information  required on the date hereof by Internal Revenue Service form W-8BEN
or W-8ECI, that the Lender reasonably  considers to be confidential,  the Lender
shall give notice  thereof to OFI and OCI and shall not be  obligated to include
in such form or document such confidential information.

      (f) For any  period  with  respect to which a Lender has failed to provide
OFI and OCI with the appropriate form,  certificate or other document  described
in Section  2.14(e) (other than if such failure is due to a change in law, or in
the interpretation or application  thereof,  occurring subsequent to the date on
which a form,  certificate  or other  document  originally  was  required  to be
provided,  or if such  form,  certificate  or other  document  otherwise  is not
required  under  subsection  (e) above),  such  Lender  shall not be entitled to
indemnification  under  Section  2.14(a) or (c) with respect to Taxes imposed by
the United States by reason of such failure;  provided,  however,  that should a
Lender  become  subject  to Taxes  because  of its  failure  to  deliver a form,
certificate or other document required hereunder,  the Borrowers shall take such
steps as the  Lender  shall  reasonably  request to assist the Lender to recover
such Taxes.

      (g) In  respect  of  Advances  to OFP,  each  Lender  shall  designate  an
Applicable  Lending Office that is beneficially  entitled to interest under such
Advances and that,  on the date of this  Agreement or (in the case of any Person
that  becomes a Lender  hereunder  by means of an  assignment)  on the date such
Lender  becomes a party hereto is either (i) within the charge to United Kingdom
corporation tax in respect of interest in respect of an advance by a person that
was a bank (for the  purposes  of Section 349 Income and  Corporation  Taxes Act
1988) at the time the advance was made; or (ii) resident in a country with which
the United Kingdom has a double  taxation  agreement  which makes  provision for
full exemption from United Kingdom  taxation on interest payable by OFP pursuant
to this Agreement and does not carry on business in the United Kingdom through a
permanent  establishment  with which the payment is effectively  connected (each
such Person which is so resident being hereinafter in this Section 2.14 referred
to as a "Treaty Lender");  or (iii) a company resident in the United Kingdom, or
a partnership  each member of which is a company  resident in the United Kingdom
for United Kingdom tax purposes; or (iv) a company not so resident in the United
Kingdom  which  carries on a trade in the  United  Kingdom  through a  permanent
establishment and which is required to bring into account interest payable to it
by OFP pursuant to this  Agreement in computing its  chargeable  profits for the
purposes of Section 11(2) of the Income and  Corporation  Taxes Act 1988. If any
Lender does not or ceases to comply with clause (i),  (ii),  (iii) or (iv) above
other than by reason of any change  after the date of this  Agreement  in (or in
the interpretation, administration or application of) any law or double taxation
agreement  or any  published  practice  or  concession  of any  relevant  taxing
authority,  the Borrowers  shall not be required to compensate such Lender under
Section 2.14(a) or 2.14(c) for the amount of Taxes imposed by the United Kingdom
in  consequence.  Any Lender to whom clause (ii) above is relevant and OFP shall
cooperate in promptly completing any procedural formalities necessary for OFP to
obtain  authorization to make interest  payments without deduction for UK income
tax. The Borrowers shall not be required to compensate any Lender to whom clause
(ii) above is relevant under Section 2.14(a) or 2.14(c) for any deduction for UK
income tax from interest  payments if such  deduction is required as a result of
the  failure of such  Lender to comply  with its  obligations  in the  preceding
sentence  (other than a failure  that is  attributable  to the failure by OFP to
comply with its obligations in the preceding sentence).

      (h) Each Treaty Lender irrevocably  appoints the Agent to act as syndicate
manager  under,  and  authorizes  the  Agent to  operate,  and  take any  action
necessary or desirable  under,  the PTR Scheme in connection  with any Borrowing
hereunder.  Each Treaty Lender shall  cooperate with the Agent in completing any

                                       23
<PAGE>

procedural formalities necessary under the PTR Scheme, and shall promptly supply
to the Agent such  information  as the Agent may request in connection  with the
operation of the PTR Scheme.  Each Treaty Lender without  limiting the liability
of any  Borrower  under this  Agreement,  shall,  within five  Business  Days of
demand, indemnify the Agent for any liability or loss incurred by the Agent as a
result  of the  Agent  acting  as  syndicate  manager  under  the PTR  Scheme in
connection with the Treaty Lender's  participation  in any Borrowing  (except to
the extent that the  liability or loss arises  directly  from the Agent's  gross
negligence  or willful  misconduct).  Each  Treaty  Lender  shall,  within  five
Business Days of demand, indemnify each Borrower for any Tax which such Borrower
becomes  liable to pay in respect of any  payments  made to such  Treaty  Lender
arising as a result of any incorrect  information supplied by such Treaty Lender
which results in a provisional  authority  issued by the UK Inland Revenue under
the PTR Scheme being  withdrawn.  Each  Borrower  acknowledges  that it is fully
aware of its contingent  obligations under the PTR Scheme and shall (i) promptly
inform the Agent of all actions  required to be performed by the Agent under the
PTR Scheme,  (ii) promptly supply to the Agent such information as the Agent may
request in  connection  with the  operation of the PTR Scheme;  and (iii) act in
accordance with any provisional notice issued by the UK Inland Revenue under the
PTR Scheme. The Agent agrees to provide,  as soon as reasonably  practicable,  a
copy  of any  provisional  authority  issued  to it  under  the  PTR  Scheme  in
connection with any Borrowing to those Borrowers  specified in such  provisional
authority.  Each of the Borrowers, the Treaty Lenders and the Agent acknowledges
that the Agent: (i) is entitled to rely completely upon information  provided to
it in connection with this clause;  (ii) is not obliged to undertake any inquiry
into the accuracy of such  information  nor into the status of the Treaty Lender
or, as the case may be,  Borrower  providing such  information;  and (iii) shall
have no liability to any person for the accuracy of any  information  it submits
to the UK Inland Revenue in connection with this clause.

      (i) Any Lender claiming any additional  amounts  payable  pursuant to this
Section  2.14 agrees to use  reasonable  efforts  (consistent  with its internal
policy and legal and regulatory  restrictions) to change the jurisdiction of its
Eurocurrency  Lending Office if the making of such a change would avoid the need
for, or reduce the amount of, any such  additional  amounts that may  thereafter
accrue and would not, in the  reasonable  judgment of such Lender,  be otherwise
disadvantageous to such Lender.

      SECTION  2.15.  Sharing of  Payments,  Etc. If any Lender shall obtain any
payment (whether  voluntary,  involuntary,  through the exercise of any right of
set-off,  or  otherwise)  on account of the Advances  owing to it (other than as
payment of an Advance made by an Issuing Bank pursuant to the first  sentence of
Section  2.03(c),  to the extent that the  unreimbursed  amount of such  Advance
exceeds the Issuing  Bank's Ratable Share of the initial amount of such Advance,
or pursuant to Section 2.11,  2.14 or 9.04(c)) in excess of its Ratable Share of
payments on account of the  Advances  obtained by all the  Lenders,  such Lender
shall  forthwith  purchase  from the other  Lenders such  participations  in the
Advances owing to them as shall be necessary to cause such purchasing  Lender to
share the excess payment ratably with each of them; provided,  however,  that if
all or any  portion of such excess  payment is  thereafter  recovered  from such
purchasing  Lender,  such  purchase from each Lender shall be rescinded and such
Lender shall repay to the purchasing  Lender the purchase price to the extent of
such  recovery  together  with an amount equal to such  Lender's  ratable  share
(according  to the  proportion  of (i)  the  amount  of such  Lender's  required
repayment to (ii) the total amount so recovered from the  purchasing  Lender) of
any interest or other amount paid or payable by the purchasing Lender in respect
of the total  amount so  recovered.  Each  Borrower  agrees  that any  Lender so
purchasing a  participation  from another  Lender  pursuant to this Section 2.15
may, to the fullest extent permitted by law,  exercise all its rights of payment
(including the right of set-off) with respect to such  participation as fully as
if such Lender were the direct  creditor of such  Borrower in the amount of such
participation.

      SECTION  2.16.  Evidence  of  Debt.  (a) Each  Lender  shall  maintain  in
accordance  with its usual  practice  an  account  or  accounts  evidencing  the
indebtedness  of each Borrower to such Lender  resulting from each Advance owing
to such  Lender  from time to time,  including  the  amounts  of  principal  and
interest  payable and paid to such Lender from time to time hereunder in respect
of Advances made to such Borrower.  The Borrowers  agree that upon notice by any
Lender to the Borrowers  (with a copy of such notice to the Agent) to the effect
that a Note is  required  or  appropriate  in order for such  Lender to evidence
(whether for purposes of pledge,  enforcement  or otherwise)  the Advances owing
to, or to be made by, such Lender,  the  Borrowers  shall  promptly  execute and
deliver to such Lender a Note payable to the order of such Lender in a principal
amount up to the Revolving Credit Commitment of such Lender.

      (b) The Register maintained by the Agent pursuant to Section 9.07(d) shall
include a control account,  and a subsidiary  account for each Lender,  in which
accounts  (taken  together)  shall be  recorded  (i) the date

                                       24
<PAGE>

and amount of each Borrowing  made  hereunder,  the Type of Advances  comprising
such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii)
the  terms of each  Assumption  Agreement  and each  Assignment  and  Acceptance
delivered to and  accepted by it, (iii) the amount of any  principal or interest
due and payable or to become due and payable  from each  Borrower to each Lender
hereunder  and (iv) the  amount  of any sum  received  by the  Agent  from  each
Borrower hereunder and each Lender's share thereof.

      (c) Entries  made in good faith by the Agent in the  Register  pursuant to
subsection (b) above, and by each Lender in its account or accounts  pursuant to
subsection  (a) above,  shall be prima facie evidence of the amount of principal
and interest due and payable or to become due and payable from each Borrower to,
in the case of the  Register,  each Lender  and, in the case of such  account or
accounts,  such Lender, under this Agreement,  absent manifest error;  provided,
however,  that the failure of the Agent or such Lender to make an entry,  or any
finding that an entry is incorrect,  in the Register or such account or accounts
shall not limit or otherwise  affect the  obligations of any Borrower under this
Agreement.

      SECTION  2.17.  Use of Proceeds.  The  proceeds of the  Advances  shall be
available (and each Borrower agrees that it shall use such proceeds)  solely for
general corporate purposes of the Borrowers and their  Subsidiaries,  including,
without   limitation,   as  commercial  paper  liquidity  support  and  to  fund
acquisitions otherwise not prohibited hereunder.

      SECTION  2.18.  Increase in the Aggregate  Commitments.  (a) The Guarantor
may, at any time but in any event not more than once in any calendar  year prior
to the  Termination  Date,  by notice to the Agent,  request that the  aggregate
amount  of the  Revolving  Credit  Commitments  be  increased  by an  amount  of
$10,000,000 or an integral multiple thereof (each a "Commitment Increase") to be
effective  as of a date  that  is at  least  90  days  prior  to  the  scheduled
Termination  Date then in effect  (the  "Increase  Date")  as  specified  in the
related  notice to the Agent;  provided,  however that (i) in no event shall the
aggregate  amount  of  the  Revolving  Credit  Commitments  at any  time  exceed
$2,650,000,000  and  (ii) on the  date of any  request  by the  Guarantor  for a
Commitment  Increase and on the related Increase Date the applicable  conditions
set forth in Article III shall be satisfied.

      (b) The Agent  shall  promptly  notify  the  Lenders  of a request  by the
Guarantor for a Commitment Increase, which notice shall include (i) the proposed
amount of such requested  Commitment  Increase,  (ii) the proposed Increase Date
and (iii) the date by which Lenders  wishing to  participate  in the  Commitment
Increase must commit to an increase in the amount of their respective  Revolving
Credit  Commitments  (the  "Commitment  Date").  Each  Lender that is willing to
participate in such requested  Commitment Increase (each an "Increasing Lender")
shall, in its sole  discretion,  give written notice to the Agent on or prior to
the  Commitment  Date of the  amount  by which it is  willing  to  increase  its
Revolving  Credit  Commitment.  If the  Lenders  notify  the Agent that they are
willing to increase the amount of their respective  Revolving Credit Commitments
by an  aggregate  amount  that  exceeds the amount of the  requested  Commitment
Increase, the requested Commitment Increase shall be allocated among the Lenders
willing to  participate  therein  in such  amounts  as are  agreed  between  the
Guarantor and the Agent.

      (c) Promptly  following each  Commitment  Date, the Agent shall notify the
Guarantor  as to the  amount,  if any,  by which  the  Lenders  are  willing  to
participate in the requested  Commitment  Increase.  If the aggregate  amount by
which the  Lenders  are  willing  to  participate  in any  requested  Commitment
Increase  on any such  Commitment  Date is less  than the  requested  Commitment
Increase, then the Guarantor may extend offers to one or more Eligible Assignees
to participate in any portion of the requested  Commitment Increase that has not
been committed to by the Lenders as of the applicable Commitment Date; provided,
however,  that the Revolving  Credit  Commitment of each such Eligible  Assignee
shall be in an amount of  $10,000,000  or an integral  multiple of $1,000,000 in
excess thereof.

      (d) On each Increase Date, each Eligible Assignee that accepts an offer to
participate  in a requested  Commitment  Increase  in  accordance  with  Section
2.18(b)  (each such  Eligible  Assignee,  an "Assuming  Lender")  shall become a
Lender party to this Agreement as of such Increase Date and the Revolving Credit
Commitment of each  Increasing  Lender for such  requested  Commitment  Increase
shall be so increased by such amount (or by the amount  allocated to such Lender
pursuant to the last  sentence of Section  2.18(b))  as of such  Increase  Date;
provided, however, that the Agent shall have received on or before such Increase
Date the following, each dated such date:

                                       25
<PAGE>

            (i) (A) certified copies of resolutions of the Board of Directors of
      each Loan Party or the  Executive  Committee of such Board  approving  the
      Commitment  Increase  and (B) an opinion of counsel  for the Loan  Parties
      (which may be in-house counsel), in substantially the form of Exhibits D-1
      and D-2 hereto;

            (ii) an assumption  agreement from each Assuming Lender,  if any, in
      form and  substance  satisfactory  to the Guarantor and the Agent (each an
      "Assumption  Agreement"),  duly  executed by such Eligible  Assignee,  the
      Agent and the Guarantor; and

            (iii)  confirmation  from each Increasing  Lender of the increase in
      the amount of its  Commitment in a writing  satisfactory  to the Guarantor
      and the Agent.

On each Increase  Date,  upon  fulfillment  of the  conditions  set forth in the
immediately  preceding sentence of this Section 2.18(d),  the Agent shall notify
the Lenders (including,  without limitation,  each Assuming Lender) and the Loan
Parties,  on or before 1:00 P.M.  (New York City time),  by  telecopier,  of the
occurrence of the  Commitment  Increase to be effected on such Increase Date and
shall  record in the  Register  the  relevant  information  with respect to each
Increasing Lender and each Assuming Lender on such date.

                                   ARTICLE III

                     CONDITIONS TO EFFECTIVENESS AND LENDING

      SECTION  3.01.  Conditions  Precedent to  Effectiveness  of Section  2.01.
Section 2.01 of this  Agreement  shall  become  effective on and as of the first
date (the  "Effective  Date") on which the following  conditions  precedent have
been satisfied:

            (a) There  shall have  occurred  no Material  Adverse  Change  since
      December 31, 2005.

            (b) There shall exist no action, suit, investigation,  litigation or
      proceeding  affecting the Guarantor or any of its Subsidiaries  pending or
      threatened  before any court,  governmental  agency or arbitrator that (i)
      could be reasonably  likely to have a Material  Adverse  Effect other than
      the  matters   described  on  Schedule   3.01(b)  hereto  (the  "Disclosed
      Litigation")  or  (ii)  purports  to  affect  the  legality,  validity  or
      enforceability  of this Agreement or any Note or the  consummation  of the
      transactions  contemplated  hereby,  and there  shall have been no adverse
      change in the status,  or financial  effect on the Guarantor or any of its
      Subsidiaries,  of the Disclosed Litigation from that described on Schedule
      3.01(b) hereto.

            (c) Nothing shall have come to the  attention of the Lenders  during
      the course of their due  diligence  investigation  to lead them to believe
      that the Information Memorandum was or has become misleading, incorrect or
      incomplete in any material respect; without limiting the generality of the
      foregoing,   the  Lenders  shall  have  been  given  such  access  to  the
      management,  records,  books of account,  contracts and  properties of the
      Guarantor and its Subsidiaries as they shall have requested.

            (d)  All   governmental  and  third  party  consents  and  approvals
      necessary in connection with the  transactions  contemplated  hereby shall
      have been obtained  (without the imposition of any conditions that are not
      acceptable  to the  Lenders)  and shall  remain in  effect,  and no law or
      regulation  shall be applicable in the reasonable  judgment of the Lenders
      that restrains, prevents or imposes materially adverse conditions upon the
      transactions contemplated hereby.

            (e) The  Borrowers  shall have notified each Lender and the Agent in
      writing as to the proposed Effective Date.

            (f) The  Borrowers  shall have paid all accrued fees and expenses of
      the Agent and the  Lenders  (including  the accrued  fees and  expenses of
      counsel to the Agent).

                                       26
<PAGE>

            (g) On the Effective  Date, the following  statements  shall be true
      and the  Agent  shall  have  received  for the  account  of each  Lender a
      certificate  signed by a duly authorized  officer of the Guarantor,  dated
      the Effective Date, stating that:

                  (i) The  representations  and warranties  contained in Section
            4.01 are correct on and as of the Effective Date, and

                  (ii) No event has occurred and is continuing that  constitutes
            a Default.

            (h) The Agent shall have  received on or before the  Effective  Date
      the following,  each dated such day, in form and substance satisfactory to
      the Agent and (except for the Notes) in sufficient copies for each Lender:

                  (i) The  Notes  to the  order  of the  Lenders  to the  extent
            requested by any Lender pursuant to Section 2.16.

                  (ii)  Certified  copies  of the  resolutions  of the  Board of
            Directors of each Loan Party  approving this Agreement and the Notes
            to  which  it is a  party,  and of all  documents  evidencing  other
            necessary corporate action and governmental  approvals, if any, with
            respect to this Agreement and the Notes to which it is a party.

                  (iii) A certificate of the Secretary or an Assistant Secretary
            of each Loan Party  certifying the names and true  signatures of the
            officers of such Loan Party  authorized  to sign this  Agreement and
            the  Notes to  which it is a party  and the  other  documents  to be
            delivered by it hereunder.

                  (iv) A favorable  opinion of Dewey  Ballantine  LLP,  New York
            counsel for the Loan Parties,  and MacFarlanes,  English counsel for
            OFP,  substantially  in the  form of  Exhibits  D-1 and D-2  hereto,
            respectively, and as to such other matters as any Lender through the
            Agent may reasonably request.

                  (v) A favorable  opinion of Shearman & Sterling  LLP,  counsel
            for the Agent, in form and substance satisfactory to the Agent.

            (i) The Borrowers  shall have terminated the commitments and paid in
      full all Debt,  interest,  fees and other amounts  outstanding,  under the
      364-Day  Credit  Agreement  dated as of June 30, 2005 among the Borrowers,
      the  lenders  parties  thereto  and  Citibank,  as agent,  and each of the
      Lenders that is a party to such credit agreement  hereby waives,  upon the
      execution of this  Agreement,  any requirement of prior notice relating to
      the termination of the commitments thereunder.

      SECTION 3.02.  Conditions  Precedent to Each Borrowing,  Each Issuance and
Each  Commitment  Increase.  The  obligation  of each  Lender to make an Advance
(other  than an  Advance  made by any  Issuing  Bank or any Lender  pursuant  to
Section  2.03(c)) on the  occasion of each  Borrowing,  the  obligation  of each
Issuing Bank to issue a Letter of Credit and each  Commitment  Increase shall be
subject to the conditions  precedent that the Effective Date shall have occurred
and on the date of such  Borrowing,  such issuance or such Increase Date (a) the
following  statements  shall be true (and each of the  giving of the  applicable
Notice of Borrowing, Notice of Issuance, request for Commitment Increase and the
acceptance by a Borrower of the proceeds of such  Borrowing  shall  constitute a
representation and warranty by such Borrower that on the date of such Borrowing,
such issuance or such Increase Date such statements are true):

            (i) the  representations  and  warranties  contained in Section 4.01
      (except,  in the case of a Borrowing or issuance,  the representations set
      forth in the last  sentence of  subsection  (e) thereof and in  subsection
      (f)(i)  thereof)  are  correct  on and as of such  date,  before and after
      giving effect to such

                                       27
<PAGE>

      Borrowing,   such  issuance  or  such  Commitment   Increase  and  to  the
      application  of the proceeds  therefrom,  as though made on and as of such
      date, and

            (ii) no event has occurred and is  continuing,  or would result from
      such  Borrowing,  such  issuance or such  Commitment  Increase or from the
      application of the proceeds therefrom, that constitutes a Default;

and (b) the  Agent  shall  have  received  such  other  approvals,  opinions  or
documents as any Lender through the Agent may reasonably request.

      SECTION  3.03.   Determinations   Under  Section  3.01.  For  purposes  of
determining  compliance  with the  conditions  specified in Section  3.01,  each
Lender  shall be deemed to have  consented  to,  approved  or  accepted or to be
satisfied with each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to the Lenders unless an officer
of the Agent  responsible  for the  transactions  contemplated by this Agreement
shall  have  received  notice  from  such  Lender  prior  to the  date  that the
Borrowers,  by notice to the Lenders,  designate as the proposed Effective Date,
specifying its objection thereto. The Agent shall promptly notify the Lenders of
the occurrence of the Effective Date.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

      SECTION  4.01.  Representations  and  Warranties  of  the  Guarantor.  The
Guarantor represents and warrants as follows:

            (a)  Each  Loan  Party  is a  corporation  duly  organized,  validly
      existing and in good standing  under the laws of the  jurisdiction  of its
      organization.

            (b) The  execution,  delivery and  performance by each Loan Party of
      this  Agreement and the Notes to be delivered by it, and the  consummation
      of the transactions  contemplated hereby, are within the such Loan Party's
      corporate  powers,  have been duly  authorized by all necessary  corporate
      action, and do not contravene (i) the such Loan Party's charter or by-laws
      or  other  organizational   documents  or  (ii)  law  or  any  contractual
      restriction binding on or affecting any Loan Party.

            (c) No  authorization  or approval or other action by, and no notice
      to or filing with, any  governmental  authority or regulatory  body or any
      other  third  party  is  required  for the  due  execution,  delivery  and
      performance  by the any Loan  Party of this  Agreement  or the Notes to be
      delivered by it.

            (d) This  Agreement has been,  and each of the Notes to be delivered
      by it when delivered hereunder will have been, duly executed and delivered
      by each Loan Party party thereto. This Agreement is, and each of the Notes
      when delivered  hereunder will be, the legal, valid and binding obligation
      of each Loan Party party  thereto  enforceable  against such Loan Party in
      accordance with their respective terms.

            (e)  The  Consolidated  balance  sheet  of  the  Guarantor  and  its
      Subsidiaries  as at  December  31,  2005,  and  the  related  Consolidated
      statements of income and cash flows of the Guarantor and its  Subsidiaries
      for the fiscal  year then  ended,  accompanied  by an opinion of KPMG LLP,
      independent public accountants,  and the Consolidated balance sheet of the
      Guarantor  and its  Subsidiaries  as at March 31,  2006,  and the  related
      Consolidated  statements of income and cash flows of the Guarantor and its
      Subsidiaries for the three months then ended,  duly certified by the chief
      financial officer of the Guarantor, copies of which have been furnished to
      each Lender, fairly present, subject, in the case of said balance sheet as
      at March 31, 2006,  and said  statements  of income and cash flows for the
      three months then ended, to year-end audit  adjustments,  the Consolidated
      financial condition of the Guarantor and its Subsidiaries as at such dates
      and the  Consolidated  results of the  operations of the Guarantor and its
      Subsidiaries  for the periods ended on

                                       28
<PAGE>

      such  dates,  all  in  accordance  with  generally   accepted   accounting
      principles  consistently applied.  Since December 31, 2005, there has been
      no Material Adverse Change.

            (f) There is no  pending  or,  to the  knowledge  of the  Guarantor,
      threatened  action,   suit,   investigation,   litigation  or  proceeding,
      including,  without limitation,  any Environmental  Action,  affecting the
      Guarantor or any of its Subsidiaries before any court, governmental agency
      or  arbitrator  that (i) could be  reasonably  likely  to have a  Material
      Adverse Effect (other than the Disclosed  Litigation),  and there has been
      no adverse change in the status,  or financial  effect on the Guarantor or
      any of its Subsidiaries,  of the Disclosed  Litigation from that described
      on  Schedule  3.01(b)  hereto or (ii)  purports  to affect  the  legality,
      validity  or   enforceability  of  this  Agreement  or  any  Note  or  the
      consummation of the transactions contemplated hereby.

            (g) No Loan Party is engaged in the business of extending credit for
      the purpose of purchasing or carrying  margin stock (within the meaning of
      Regulation  U issued  by the Board of  Governors  of the  Federal  Reserve
      System),  and no proceeds of any Advance will be used to purchase or carry
      any  margin  stock or to  extend  credit  to  others  for the  purpose  of
      purchasing or carrying any margin stock.

            (h)  No  Loan  Party  is  an  "investment  company",  or  a  company
      "controlled"  by an  "investment  company",  within  the  meaning  of  the
      Investment Company Act of 1940, as amended.

            (i)  All  factual  information  (taken  as a  whole)  heretofore  or
      contemporaneously  furnished  by or on behalf of any Loan Party in writing
      to any Lender (including, without limitation, all information contained in
      this  Agreement)  for purposes of or in connection  with this Agreement or
      any  transaction  contemplated  herein  is,  and all  other  such  factual
      information (taken as a whole) hereafter furnished by or on behalf of such
      Loan  Party in writing to any Lender  will be,  true and  accurate  in all
      material  respects  on the date as of which such  information  is dated or
      certified  and does not or will not omit to state  any fact  necessary  to
      make such  information  (taken as a whole) not  misleading in any material
      respect  at such  time in  light of the  circumstances  under  which  such
      information was provided.

                                    ARTICLE V

                           COVENANTS OF THE GUARANTOR

      SECTION 5.01. Affirmative  Covenants.  So long as any Advance shall remain
unpaid or any Lender shall have any Commitment hereunder, the Guarantor will:

            (a)  Compliance  with  Laws,  Etc.  Comply,  and  cause  each of its
      Subsidiaries to comply with all applicable  laws,  rules,  regulations and
      orders, such compliance to include,  without  limitation,  compliance with
      ERISA and  Environmental  Laws  except,  in each case,  to the extent that
      failure to comply  would not  reasonably  be  expected  to have a Material
      Adverse Effect.

            (b) Payment of Taxes, Etc. Pay and discharge,  and cause each of its
      Subsidiaries   to  pay  and  discharge,   before  the  same  shall  become
      delinquent,  (i) all taxes, assessments and governmental charges or levies
      imposed upon it or upon its property and (ii) all lawful  claims that,  if
      unpaid, might by law become a Lien upon its property;  provided,  however,
      that neither the Guarantor nor any of its  Subsidiaries  shall be required
      to pay or  discharge  any such tax,  assessment,  charge or claim  that is
      being  contested in good faith and by proper  proceedings  and as to which
      appropriate reserves are being maintained.

            (c)  Maintenance  of  Insurance.  Maintain,  and  cause  each of its
      Subsidiaries  to  maintain,   insurance  with  responsible  and  reputable
      insurance  companies or  associations  in such  amounts and

                                       29
<PAGE>

      covering such risks as is usually carried by companies  engaged in similar
      businesses  and owning  similar  properties  in the same general  areas in
      which the Guarantor or such Subsidiary operates.

            (d) Preservation of Corporate Existence, Etc. Preserve and maintain,
      and cause each of its Subsidiaries to preserve and maintain, its corporate
      existence,  rights  (charter  and  statutory)  and  franchises;  provided,
      however, that the Guarantor and its Subsidiaries may consummate any merger
      or consolidation permitted under Section 5.02(b) and provided further that
      neither the  Guarantor  nor any of its  Subsidiaries  shall be required to
      preserve any right or franchise, or the existence of any Subsidiary of the
      Guarantor  that  is not a  Borrower,  if the  Board  of  Directors  of the
      Guarantor or the Borrower that is the corporate  parent of such Subsidiary
      shall determine that the  preservation  thereof is no longer  desirable in
      the conduct of the business of the Guarantor or such Borrower, as the case
      may be, and that the loss thereof is not  disadvantageous  in any material
      respect to the Guarantor, such Borrower or the Lenders.

            (e) Visitation Rights. At any reasonable time and from time to time,
      permit the Agent or any of the  Lenders  or any agents or  representatives
      thereof,  to examine and make copies of and abstracts from the records and
      books of account of, and visit the properties of, the Guarantor and any of
      its Subsidiaries, and to discuss the affairs, finances and accounts of the
      Guarantor  and any of its  Subsidiaries  with  any of  their  officers  or
      directors and with their independent certified public accountants.

            (f) Keeping of Books.  Keep, and cause each of its  Subsidiaries  to
      keep,  proper  books of record  and  account,  in which  full and  correct
      entries  shall be made of all  financial  transactions  and the assets and
      business of the  Guarantor and each such  Subsidiary  in  accordance  with
      generally accepted accounting principles in effect from time to time.

            (g) Maintenance of Properties, Etc. Maintain and preserve, and cause
      each of its  Subsidiaries to maintain and preserve,  all of its properties
      that are used or useful in the  conduct of its  business  in good  working
      order and condition, ordinary wear and tear excepted.

            (h)  Transactions  with Affiliates.  Conduct,  and cause each of its
      Subsidiaries to conduct,  all transactions  otherwise permitted under this
      Agreement  with  any of  their  Affiliates  on  terms  that  are  fair and
      reasonable and no less favorable to the Guarantor or such  Subsidiary than
      it would obtain in a comparable arm's-length transaction with a Person not
      an Affiliate.

            (i) Reporting Requirements. Furnish to the Lenders:

                  (i) as soon as available and in any event within 50 days after
            the end of each of the first  three  quarters of each fiscal year of
            the Guarantor,  the Consolidated  balance sheet of the Guarantor and
            its  Subsidiaries  as of the end of such  quarter  and  Consolidated
            statements  of  income  and  cash  flows  of the  Guarantor  and its
            Subsidiaries  for the period  commencing  at the end of the previous
            fiscal year and ending with the end of such quarter,  duly certified
            (subject  to  year-end  audit  adjustments)  by the chief  financial
            officer of the Guarantor as having been prepared in accordance  with
            generally  accepted  accounting  principles and  certificates of the
            chief  financial  officer of the Guarantor as to compliance with the
            terms of this  Agreement and setting forth in reasonable  detail the
            calculations  necessary to demonstrate compliance with Section 5.03,
            provided  that in the  event of any  change  in  generally  accepted
            accounting  principles  used in the  preparation  of such  financial
            statements,  the Guarantor shall also provide,  if necessary for the
            determination  of  compliance  with  Section  5.03,  a statement  of
            reconciliation conforming such financial statements to GAAP;

                  (ii) as soon as  available  and in any  event  within  95 days
            after the end of each  fiscal year of the  Guarantor,  a copy of the
            annual  audit  report  for  such  year  for  the  Guarantor  and its
            Subsidiaries,  containing  the  Consolidated  balance  sheet  of the
            Guarantor and its Subsidiaries as of the end of such fiscal year and
            Consolidated  statements  of income and cash flows of the  Guarantor
            and its  Subsidiaries for such fiscal year, in each case accompanied
            by an  opinion  acceptable  to the

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            Required Lenders by KPMG LLP or other independent public accountants
            acceptable  to the Required  Lenders and  certificates  of the chief
            financial  officer of the Guarantor as to compliance  with the terms
            of this  Agreement  and  setting  forth  in  reasonable  detail  the
            calculations  necessary to demonstrate compliance with Section 5.03,
            provided  that in the  event of any  change  in  generally  accepted
            accounting  principles  used in the  preparation  of such  financial
            statements,  the Guarantor shall also provide,  if necessary for the
            determination  of  compliance  with  Section  5.03,  a statement  of
            reconciliation conforming such financial statements to GAAP;

                  (iii) as soon as  possible  and in any event  within five days
            after any senior  officer  of the  Guarantor  or a Borrower  becomes
            aware or should have become aware of the  occurrence of any Default,
            the  occurrence  of  each  Default  continuing  on the  date of such
            statement,  a  statement  of  the  chief  financial  officer  of the
            Guarantor  setting forth details of such Default and the action that
            the Guarantor has taken and proposes to take with respect thereto;

                  (iv) promptly after the sending or filing  thereof,  copies of
            all reports that the Guarantor sends to any of its  securityholders,
            and  copies of all  reports  and  registration  statements  that the
            Guarantor or any  Subsidiary  files with the Securities and Exchange
            Commission or any national securities exchange;

                  (v) promptly  after the  commencement  thereof,  notice of all
            actions and  proceedings  before any court,  governmental  agency or
            arbitrator affecting the Guarantor or any of its Subsidiaries of the
            type described in Section 4.01(f); and

                  (vi) such other information respecting the Guarantor or any of
            its  Subsidiaries  as any Lender  through the Agent may from time to
            time reasonably request.

            Reports and  financial  statements  required to be  delivered by the
      Guarantor  pursuant to paragraphs  (i), (ii), (iv) and (v) of this Section
      5.01(i)  shall be deemed to have  been  delivered  on the date on which it
      posts such reports,  or reports containing such financial  statements,  on
      its website on the Internet at  www.omnicomgroup.com or when such reports,
      or reports  containing  such financial  statements are posted on the SEC's
      website at  www.sec.gov;  provided that it shall deliver  notice that such
      reports and financial  statements are so available and shall deliver paper
      copies of the reports and financial  statements  referred to in paragraphs
      (i), (ii), (iv) and (v) of this Section 5.01(i) to the Agent or any Lender
      who requests it to deliver such paper copies until written notice to cease
      delivering paper copies is given by the Agent or such Lender.

      SECTION  5.02.  Negative  Covenants.  So long as any Advance  shall remain
unpaid or any Lender shall have any  Commitment  hereunder,  the Guarantor  will
not:

            (a)  Liens,  Etc.  Create or suffer to exist,  or permit  any of its
      Subsidiaries to create or suffer to exist,  any Lien on or with respect to
      any of its properties, whether now owned or hereafter acquired, or assign,
      or permit any of its Subsidiaries to assign,  any right to receive income,
      other than:

                  (i) Permitted Liens,

                  (ii)  purchase  money  Liens upon or in any real  property  or
            equipment acquired or held by the Guarantor or any Subsidiary in the
            ordinary  course of  business to secure the  purchase  price of such
            property  or  equipment  or to secure Debt  incurred  solely for the
            purpose of financing the  acquisition of such property or equipment,
            or Liens  existing on such  property or equipment at the time of its
            acquisition  (other than any such Liens created in  contemplation of
            such  acquisition  that were not incurred to finance the acquisition
            of such property) or extensions,  renewals or replacements of any of
            the foregoing for the same or a lesser  amount,  provided,  however,
            that no such Lien  shall  extend to or cover any  properties  of any
            character  other than the real property or equipment  being acquired
            and fixed improvements  thereon or accessions  thereto,  and no such

                                       31
<PAGE>

            extension,  renewal  or  replacement  shall  extend  to or cover any
            properties  not  theretofore  subject  to the Lien  being  extended,
            renewed or replaced,

                  (iii) the Liens  existing on the Effective  Date and described
            on Schedule 5.02(a) hereto,

                  (iv) Liens on property  of a Person  existing at the time such
            Person is merged  into or  consolidated  with the  Guarantor  or any
            Subsidiary   of  the  Guarantor  or  becomes  a  Subsidiary  of  the
            Guarantor;   provided   that  such   Liens   were  not   created  in
            contemplation  of such merger,  consolidation  or acquisition and do
            not  extend to any  assets  other than those of the Person so merged
            into or  consolidated  with  the  Guarantor  or such  Subsidiary  or
            acquired by the Guarantor or such Subsidiary,

                  (v) Liens securing Debt permitted by Section 5.02(d)(vii),

                  (vi) Liens granted by  Subsidiaries  of the  Guarantor  (other
            than the Borrowers) to secure Debt permitted by Section 5.02(d)(iv),
            and

                  (vii) other Liens securing  Debt,  provided that the aggregate
            principal  amount of such  secured  Debt shall not exceed 15% of the
            Consolidated  net worth of the Guarantor and its Subsidiaries at any
            time.

            (b) Mergers,  Etc.  Merge or  consolidate  with or into,  or convey,
      transfer,  lease or otherwise dispose of (whether in one transaction or in
      a series of transactions)  all or substantially all of its assets (whether
      now owned or  hereafter  acquired)  to, any  Person,  or permit any of the
      Borrowers to do so.

            (c)  Accounting  Changes.  Make  or  permit,  or  permit  any of its
      Subsidiaries  to make or permit,  any  change in  accounting  policies  or
      reporting practices, except as required or permitted by generally accepted
      accounting principles.

            (d) Subsidiary  Debt.  Permit any of its  Subsidiaries  to create or
      suffer to exist, any Debt other than:

                  (i) Debt  existing  on the  Effective  Date and  described  on
            Schedule  5.02(d)  hereto  (the  "Existing  Debt"),   and  any  Debt
            extending the maturity of, or refunding or refinancing,  in whole or
            in part,  the Existing Debt,  provided that the principal  amount of
            such Existing Debt shall not be increased above the principal amount
            thereof outstanding  immediately prior to such extension,  refunding
            or  refinancing  plus any  capitalized  fees  incurred in connection
            therewith, and the direct and contingent obligors therefor shall not
            be changed  (other than to release  any  contingent  obligor),  as a
            result  of  or in  connection  with  such  extension,  refunding  or
            refinancing,

                  (ii)  accrued  expenses  and trade  payables  incurred  in the
            ordinary course of business,  and obligations under trade letters of
            credit incurred in the ordinary course of business,  which are to be
            repaid in full not more than one year  after the date on which  such
            Debt is originally incurred to finance the purchase of goods by such
            Subsidiary,

                  (iii)  obligations  under  letters  of credit or surety  bonds
            incurred  in  the   ordinary   course  of  business  in  support  of
            obligations   incurred   in   connection   with   leases,   worker's
            compensation,  unemployment  insurance  and  other  social  security
            legislation,

                  (iv)  Debt  owed  to  the  Guarantor  or  to  a  wholly  owned
            Subsidiary of the Guarantor,

                  (v) Debt of the Borrowers,

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<PAGE>

                  (vi) other Debt of Subsidiaries of the Guarantor which are not
            organized under the laws of the United States of America, a State of
            the  United  States of  America  or the  District  of  Columbia  and
            substantially  all of whose  assets  and  business  are  located  or
            conducted outside the United States of America,

                  (vii)  Debt of a Person  existing  at the time such  Person is
            merged into or consolidated  with the Guarantor or any Subsidiary of
            the  Guarantor or becomes a Subsidiary  of the  Guarantor;  provided
            that such Debt was not  created  in  contemplation  of such  merger,
            consolidation  or acquisition,  provided  further that the aggregate
            principal  amount of the Debt  referred to in this clause (iv) shall
            not exceed $50,000,000 at any time outstanding,

                  (viii)  (x)  Debt  consisting  of  any  guaranty  made  by any
            Subsidiary  of the  Guarantor  in respect of Debt of any Loan Party,
            provided that such Subsidiary  shall have entered into a guaranty of
            the Debt of the Guarantor under this Agreement in form and substance
            reasonably  satisfactory  to  the  Required  Lenders  and  (y)  Debt
            constituting  guaranties  of the Debt of the  Guarantor  under  this
            Agreement, and

                  (ix)  indorsement  of  negotiable  instruments  for deposit or
            collection  or  similar  transactions  in  the  ordinary  course  of
            business.

            (e)  Change in  Nature  of  Business.  Make,  or  permit  any of its
      Subsidiaries to make, any material change in the nature of its business as
      carried on at the date hereof and other reasonably  related  businesses or
      businesses reasonably incidental thereto.

            (f)  Payment  Restrictions  Affecting   Subsidiaries.   Directly  or
      indirectly,  enter  into  or  suffer  to  exist,  or  permit  any  of  its
      Subsidiaries  to  enter  into  or  suffer  to  exist,   any  agreement  or
      arrangement  limiting  the ability or any of its  Subsidiaries  to (i) pay
      dividends  or make any other  distributions  on its  capital  stock or any
      other interest or  participation  in its profits owned by the Guarantor or
      any of its  Subsidiaries,  or pay any Debt owed to the Guarantor or any of
      its  Subsidiaries,  (ii) make loans or advances to the  Guarantor or (iii)
      transfer any of its properties or assets to the Guarantor, except for such
      agreements or  arrangements  existing under or by reason of (x) applicable
      law,  (y)  this  Agreement  and  (z)  customary   provisions   restricting
      subletting or assignment of any lease governing a leasehold  interest of a
      Subsidiary of the Guarantor.

      SECTION  5.03.  Financial  Covenants.  So long as any Advance shall remain
unpaid or any Lender shall have any Commitment hereunder, the Guarantor will:

            (a)  Leverage  Ratio.  Maintain  a ratio  of  Consolidated  Debt for
      Borrowed  Money of the  Guarantor  and its  Subsidiaries  to  Consolidated
      EBITDA of the  Guarantor and its  Subsidiaries  for the four quarters most
      recently ended of not greater than 3.0 to 1.

            (b) Interest Coverage Ratio. Maintain a ratio of Consolidated EBITDA
      of the Guarantor and its  Subsidiaries for the four quarters most recently
      ended to interest payable on, and amortization of debt discount in respect
      of, all Debt during such period by the Guarantor and its  Subsidiaries  of
      not less than 5.0 to 1.

                                   ARTICLE VI

                                EVENTS OF DEFAULT

      SECTION 6.01.  Events of Default.  If any of the following events ("Events
of Default") shall occur and be continuing:

                                       33
<PAGE>

            (a) Any Borrower shall fail to pay any principal of any Advance when
      the same  becomes due and payable;  or any Borrower  shall fail to pay any
      interest on any Advance or make any other payment of fees or other amounts
      payable under this  Agreement or any Note within three Business Days after
      the same becomes due and payable; or

            (b) Any  representation  or warranty made by the Guarantor herein or
      by any  Loan  Party  (or any of its  officers)  in  connection  with  this
      Agreement shall prove to have been incorrect in any material  respect when
      made; or

            (c) (i) The  Guarantor  shall fail to  perform or observe  any term,
      covenant or agreement contained in Section 5.01(d),  (e), (h) or (i), 5.02
      or 5.03, or (ii) any Loan Party shall fail to perform or observe any other
      term,  covenant or agreement contained in this Agreement on its part to be
      performed or observed if such failure shall remain  unremedied for 30 days
      after written notice thereof shall have been given to the Guarantor by the
      Agent or any Lender; or

            (d) The Guarantor or any of its  Subsidiaries  shall fail to pay any
      principal of or premium or interest on any Debt that is  outstanding  in a
      principal or notional  amount of at least  $100,000,000  in the  aggregate
      (but  excluding  Debt  outstanding  hereunder)  of the  Guarantor  or such
      Subsidiary  (as the case may be),  when the same  becomes  due and payable
      (whether by scheduled maturity, required prepayment,  acceleration, demand
      or otherwise),  and such failure shall continue after the applicable grace
      period, if any, specified in the agreement or instrument  relating to such
      Debt;  or any other event shall occur or  condition  shall exist under any
      agreement or instrument relating to any such Debt and shall continue after
      the  applicable  grace  period,  if any,  specified  in such  agreement or
      instrument,  if the effect of such event or condition is to accelerate, or
      to permit the acceleration of, the maturity of such Debt; or any such Debt
      shall be  declared  to be due and  payable,  or  required to be prepaid or
      redeemed  (other  than by a regularly  scheduled  required  prepayment  or
      redemption),  purchased  or  defeased,  or an  offer  to  prepay,  redeem,
      purchase or defease  such Debt shall be required to be made,  in each case
      prior to the stated maturity thereof; or

            (e) The Guarantor or any of its Subsidiaries shall generally not pay
      its  debts as such  debts  become  due,  or shall  admit  in  writing  its
      inability to pay its debts generally,  or shall make a general  assignment
      for the benefit of creditors;  or any proceeding shall be instituted by or
      against the Guarantor or any of its Subsidiaries  seeking to adjudicate it
      a  bankrupt   or   insolvent,   or  seeking   liquidation,   winding   up,
      reorganization,    arrangement,   adjustment,   protection,   relief,   or
      composition  of it or its debts  under  any law  relating  to  bankruptcy,
      insolvency or reorganization or relief of debtors, or seeking the entry of
      an order for relief or the appointment of a receiver,  trustee,  custodian
      or  other  similar  official  for it or for  any  substantial  part of its
      property  and, in the case of any such  proceeding  instituted  against it
      (but  not  instituted  by  it),  either  such   proceeding   shall  remain
      undismissed  or  unstayed  for a period of 60 days,  or any of the actions
      sought in such proceeding (including,  without limitation, the entry of an
      order for relief  against,  or the  appointment  of a  receiver,  trustee,
      custodian or other similar official for, it or for any substantial part of
      its property)  shall occur;  or the  Guarantor or any of its  Subsidiaries
      shall take any corporate  action to authorize any of the actions set forth
      above in this subsection (e); or

            (f)  Judgments  or  orders  for the  payment  of money in  excess of
      $100,000,000 in the aggregate  shall be rendered  against the Guarantor or
      any of its Subsidiaries and either (i) enforcement  proceedings shall have
      been  commenced by any creditor  upon such judgment or order or (ii) there
      shall  be any  period  of 60  consecutive  days  during  which  a stay  of
      enforcement  of such judgment or order,  by reason of a pending  appeal or
      otherwise,  shall  not be in  effect;  provided,  however,  that  any such
      judgment  or order  shall not be an Event of Default  under  this  Section
      6.01(f) if and for so long as (i) the amount of such  judgment or order is
      covered by a valid and binding  policy of insurance  between the defendant
      and the insurer  covering  payment  thereof and (ii) such  insurer,  which
      shall be rated at least "A" by A.M.  Best  Company,  has been notified of,
      and has not  disputed  the claim made for  payment  of, the amount of such
      judgment or order; or

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<PAGE>

            (g) (i) Any Person or two or more  Persons  acting in concert  shall
      have acquired  beneficial  ownership  (within the meaning of Rule 13d-3 of
      the Securities and Exchange  Commission under the Securities  Exchange Act
      of 1934),  directly or  indirectly,  of Voting Stock of the  Guarantor (or
      other securities  convertible into such Voting Stock)  representing 30% or
      more of the combined voting power of all Voting Stock of the Guarantor; or
      (ii) during any period of up to 12 consecutive  months,  commencing  after
      the  date of this  Agreement,  individuals  who at the  beginning  of such
      12-month period were directors of the Guarantor shall cease for any reason
      to  constitute a majority of the board of directors of the  Guarantor;  or
      (iii) the  Guarantor  shall  cease  for any  reason  to own,  directly  or
      indirectly, 100% of the Voting Stock of each of the Borrowers; or

            (h) Any material  provision of the Guaranty  shall cease to be valid
      and binding on or  enforceable  against the  Guarantor,  or the  Guarantor
      shall so state in writing; or

            (i) The  Guarantor or any of its ERISA  Affiliates  shall incur,  or
      shall be reasonably likely to incur liability in excess of $100,000,000 in
      the  aggregate  as a  result  of one or  more  of the  following:  (i) the
      occurrence of any ERISA Event; (ii) the partial or complete  withdrawal of
      the Guarantor or any of its ERISA Affiliates from a Multiemployer Plan; or
      (iii) the reorganization or termination of a Multiemployer Plan;

then, and in any such event, the Agent (i) shall at the request, or may with the
consent,  of the  Required  Lenders,  by notice to the  Borrowers,  declare  the
obligation  of each Lender to make  Advances  (other than Advances by an Issuing
Bank or a Lender pursuant to Section  2.03(c)) and of the Issuing Banks to issue
Letters  of  Credit  to  be  terminated,  whereupon  the  same  shall  forthwith
terminate,  and (ii)  shall at the  request,  or may  with the  consent,  of the
Required Lenders, by notice to the Borrowers, declare the Advances, all interest
thereon and all other amounts  payable under this  Agreement to be forthwith due
and payable,  whereupon  the  Advances,  all such  interest and all such amounts
shall become and be  forthwith  due and payable,  without  presentment,  demand,
protest or further notice of any kind, all of which are hereby  expressly waived
by each Borrower;  provided,  however,  that in the event of an actual or deemed
entry of an order for relief  with  respect to any Loan Party  under the Federal
Bankruptcy  Code, (A) the obligation of each Lender to make Advances (other than
Advances by an Issuing Bank or a Lender pursuant to Section  2.03(c)) and of the
Issuing Banks to issue Letters of Credit shall  automatically  be terminated and
(B) the Advances,  all such  interest and all such amounts  shall  automatically
become  and be due and  payable,  without  presentment,  demand,  protest or any
notice of any kind, all of which are hereby expressly waived by the Borrowers.

      SECTION 6.02. Actions in Respect of Letters of Credit upon Default. If any
Event of Default shall have occurred and be  continuing,  the Agent may with the
consent,  or shall at the request,  of the  Required  Lenders,  irrespective  of
whether it is taking any of the actions  described in Section 6.01 or otherwise,
make demand upon the Borrowers to, and forthwith  upon such demand the Borrowers
will,  (a) pay to the Agent for the  benefit of the Lenders in same day funds at
the  Agent's  office  designated  in such  demand,  for  deposit in the L/C Cash
Deposit  Account,  an  amount  equal to the  aggregate  Available  Amount of all
Letters  of Credit  then  outstanding  or (b) make such  other  arrangements  in
respect  of the  outstanding  Letters  of Credit as shall be  acceptable  to the
Required Lenders. If at any time the Agent determines that any funds held in the
L/C Cash  Deposit  Account  are  subject to any right or  interest of any Person
other than the Agent and the  Lenders or that the total  amount of such funds is
less than the aggregate Available Amount of all Letters of Credit, the Borrowers
will,  forthwith upon demand by the Agent, pay to the Agent, as additional funds
to be deposited and held in the L/C Cash Deposit Account, an amount equal to the
excess of (a) such  aggregate  Available  Amount  over (b) the  total  amount of
funds, if any, then held in the L/C Cash Deposit Account that are free and clear
of any such right and interest. Upon the drawing of any Letter of Credit, to the
extent funds are on deposit in the L/C Cash Deposit Account, such funds shall be
applied to reimburse  the Issuing  Banks to the extent  permitted by  applicable
law, and if so applied,  then such reimbursement  shall be deemed a repayment of
the  corresponding  Advance in respect of such Letter of Credit.  After all such
Letters  of Credit  shall have  expired  or been fully  drawn upon and all other
obligations of the Borrowers  hereunder and under the Notes shall have been paid
in full, the balance, if any, in such L/C Cash Deposit Account shall be promptly
returned to the Borrowers.

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<PAGE>

                                   ARTICLE VII

                                    GUARANTY

      SECTION 7.01. Guaranty.  The Guarantor hereby absolutely,  unconditionally
and irrevocably  guarantees the punctual  payment when due, whether at scheduled
maturity or on any date of a required  prepayment or by acceleration,  demand or
otherwise, of all obligations of each other Loan Party now or hereafter existing
under or in  respect of the this  Agreement  and the Notes  (including,  without
limitation, any extensions, modifications, substitutions, amendments or renewals
of any  or  all of the  foregoing  obligations),  whether  direct  or  indirect,
absolute or contingent,  and whether for principal,  interest,  premiums,  fees,
indemnities,  contract  causes of action,  costs,  expenses or  otherwise  (such
obligations being the "Guaranteed  Obligations"),  and agrees to pay any and all
expenses  (including,  without limitation,  fees and expenses of outside counsel
and the allocated costs and expenses of in-house  counsel) incurred by the Agent
or any Lender in enforcing any rights under this Agreement. Without limiting the
generality  of the  foregoing,  the  Guarantor's  liability  shall extend to all
amounts that constitute part of the Guaranteed  Obligations and would be owed by
any other  Loan  Party to the Agent or any  Lender  under or in  respect of this
Agreement  and the Notes but for the fact  that  they are  unenforceable  or not
allowable  due to the  existence  of a  bankruptcy,  reorganization  or  similar
proceeding involving such other Loan Party.

      SECTION  7.02.  Guaranty  Absolute.  The  Guarantor  guarantees  that  the
Guaranteed  Obligations  will be paid strictly in  accordance  with the terms of
this Agreement and the Notes,  regardless of any law, regulation or order now or
hereafter  in  effect in any  jurisdiction  affecting  any of such  terms or the
rights of the Agent or any Lender  with  respect  thereto.  This  Guaranty is an
absolute and unconditional  guaranty of payment when due, and not of collection,
by the Guarantor of the Guaranteed Obligations. The obligations of the Guarantor
under  or in  respect  of  this  Guaranty  are  independent  of  the  Guaranteed
Obligations or any other obligations of any other Loan Party under or in respect
of this Agreement and the Notes, and a separate action or actions may be brought
and prosecuted  against the Guarantor to enforce this Guaranty,  irrespective of
whether any action is brought  against any  Borrower or whether any  Borrower is
joined in any such action or actions.  The liability of the Guarantor under this
Guaranty shall be irrevocable,  absolute and unconditional  irrespective of, and
the  Guarantor  hereby  irrevocably  waives  any  defenses  it may  now  have or
hereafter acquire in any way relating to, any or all of the following:

            (a) any lack of validity or  enforceability of any provision of this
      Agreement or any Note or any agreement or instrument relating thereto;

            (b) any change in the time, manner or place of payment of, or in any
      other  term of,  all or any of the  Guaranteed  Obligations  or any  other
      obligations  of any Borrower  under or in respect of this Agreement or the
      Notes,  or any other  amendment  or waiver of or any consent to  departure
      from this  Agreement  or the Notes,  including,  without  limitation,  any
      increase in the  Guaranteed  Obligations  resulting  from the extension of
      additional credit to any Borrower or any of its Subsidiaries or otherwise;

            (c)  any  taking,   exchange,   release  or  non-perfection  of  any
      collateral,  or any taking,  release or amendment or waiver of, or consent
      to departure  from, any other  guaranty,  for all or any of the Guaranteed
      Obligations;

            (d) any manner of application of collateral, or proceeds thereof, to
      all or any of the Guaranteed  Obligations,  or any manner of sale or other
      disposition of any collateral for all or any of the Guaranteed Obligations
      or any other  obligations  of any Loan Party under this  Agreement  or the
      Notes or any other assets of any Borrower or any of its Subsidiaries;

            (e)  any  change,  restructuring  or  termination  of the  corporate
      structure or existence of any Borrower or any of its Subsidiaries;

            (f) any  failure  of the  Agent or any  Lender  to  disclose  to the
      Guarantor any information  relating to the business,  condition (financial
      or  otherwise),  operations,  performance,  properties or prospects of any
      Borrower now or hereafter known to the Agent or such Lender (the Guarantor
      waiving any duty on the part of the Agent and the Lenders to disclose such
      information);

                                       36
<PAGE>

            (g) the failure of any other  Person to execute or deliver any other
      guaranty or  agreement  or the release or  reduction  of  liability of the
      Guarantor  or other  guarantor  or surety with  respect to the  Guaranteed
      Obligations; or

            (h) any  other  circumstance  (including,  without  limitation,  any
      statute  of   limitations)   or  any  existence  of  or  reliance  on  any
      representation by the Agent or any Lender that might otherwise  constitute
      a defense  available  to, or a  discharge  of, any Loan Party or any other
      guarantor or surety.

This Guaranty shall  continue to be effective or be reinstated,  as the case may
be, if at any time any payment of any of the Guaranteed Obligations is rescinded
or must  otherwise  be returned  by the Agent or any Lender or any other  Person
upon the insolvency,  bankruptcy or reorganization of any Borrower or otherwise,
all as though such payment had not been made.

      SECTION  7.03.  Waivers  and  Acknowledgments.  (a) The  Guarantor  hereby
unconditionally  and  irrevocably  waives  promptness,   diligence,   notice  of
acceptance,  presentment,  demand  for  performance,  notice of  nonperformance,
default, acceleration,  protest or dishonor and any other notice with respect to
any of the Guaranteed Obligations and this Guaranty and any requirement that the
Agent or any Lender protect,  secure, perfect or insure any Lien or any property
subject  thereto or exhaust any right or take any action  against any Loan Party
or any other Person or any collateral.

            (b) The Guarantor hereby  unconditionally and irrevocably waives any
      right to revoke  this  Guaranty  and  acknowledges  that this  Guaranty is
      continuing in nature and applies to all  Guaranteed  Obligations,  whether
      existing now or in the future.

            (c) The Guarantor hereby  unconditionally and irrevocably waives (i)
      any  defense  arising  by  reason of any claim or  defense  based  upon an
      election  of  remedies  by the  Agent  or any  Lender  that in any  manner
      impairs, reduces, releases or otherwise adversely affects the subrogation,
      reimbursement,  exoneration, contribution or indemnification rights of the
      Guarantor or other rights of the  Guarantor to proceed  against any of the
      other  Loan  Parties,  any  other  guarantor  or any  other  Person or any
      collateral  and  (ii)  any  defense  based  on any  right  of  set-off  or
      counterclaim  against or in respect of the  obligations  of the  Guarantor
      hereunder.

            (d) The Guarantor hereby  unconditionally and irrevocably waives any
      duty on the part of the Agent or any Lender to disclose  to the  Guarantor
      any matter, fact or thing relating to the business,  condition  (financial
      or  otherwise),  operations,  performance,  properties or prospects of any
      other Loan Party or any of its  Subsidiaries now or hereafter known by the
      Agent or such Lender.

            (e) The  Guarantor  acknowledges  that it will  receive  substantial
      direct and indirect benefits from the financing arrangements  contemplated
      by this  Agreement and that the waivers set forth in Section 7.02 and this
      Section 7.03 are knowingly made in contemplation of such benefits.

      SECTION  7.04.  Subrogation.  The  Guarantor  hereby  unconditionally  and
irrevocably  agrees not to exercise any rights that it may now have or hereafter
acquire against any Borrower or any other insider  guarantor that arise from the
existence,  payment,  performance or enforcement of the Guarantor's  obligations
under or in respect of this Guaranty,  including,  without limitation, any right
of subrogation, reimbursement,  exoneration, contribution or indemnification and
any right to  participate  in any  claim or  remedy  of the Agent or any  Lender
against any Borrower or any other insider  guarantor or any collateral,  whether
or not such claim,  remedy or right arises in equity or under contract,  statute
or common law, including,  without limitation, the right to take or receive from
any Borrower or any other insider guarantor,  directly or indirectly, in cash or
other  property  or by set-off or in any other  manner,  payment or  security on
account of such claim,  remedy or right,  unless and until all of the Guaranteed
Obligations  and all other amounts  payable under this Guaranty  shall have been
paid in full in cash and the Commitments  shall have expired or been terminated.
If any amount shall be paid to the  Guarantor  in  violation of the  immediately
preceding sentence at any time prior to the later of the payment in full in cash
of the Guaranteed  Obligations and all other amounts payable under this Guaranty
and the  Termination  Date,  such amount shall be received and held in trust for
the benefit of Agent and the Lenders,  shall be segregated  from other  property
and

                                       37
<PAGE>

funds of the Guarantor and shall  forthwith be paid or delivered to the Agent in
the same form as so received  (with any necessary  endorsement or assignment) to
be credited  and applied to the  Guaranteed  Obligations  and all other  amounts
payable under this Guaranty,  whether  matured or unmatured,  in accordance with
the terms of this  Agreement,  or to be held as  collateral  for any  Guaranteed
Obligations or other amounts payable under this Guaranty  thereafter arising. If
(i) the  Guarantor  shall make  payment to the Agent or any Lender of all or any
part of the Guaranteed  Obligations,  (ii) all of the Guaranteed Obligations and
all other amounts  payable  under this Guaranty  shall have been paid in full in
cash and (iii) the  Termination  Date  shall  have  occurred,  the Agent and the
Lenders will, at the Guarantor's request and expense, execute and deliver to the
Guarantor appropriate documents,  without recourse and without representation or
warranty,  necessary to evidence the transfer by subrogation to the Guarantor of
an interest in the  Guaranteed  Obligations  resulting from such payment made by
the Guarantor pursuant to this Guaranty.

      SECTION 7.05. Subordination. The Guarantor hereby subordinates any and all
debts,  liabilities  and other  obligations  owed to the Guarantor by each other
Loan Party (the "Subordinated Obligations") to the Guaranteed Obligations to the
extent and in the manner hereinafter set forth in this Section 7.05:

            (a) Prior Payment of Guaranteed Obligations. In any proceeding under
      any Bankruptcy Law relating to any other Loan Party,  the Guarantor agrees
      that the Agent and the Lenders  shall be  entitled  to receive  payment in
      full in cash of all  Guaranteed  Obligations  (including  all interest and
      expenses  accruing  after  the  commencement  of a  proceeding  under  any
      Bankruptcy  Law,  whether or not  constituting  an  allowed  claim in such
      proceeding  ("Post  Petition  Interest"))  before the  Guarantor  receives
      payment of any Subordinated Obligations.

            (b) Turn-Over.  After the  occurrence and during the  continuance of
      any Event of Default under Section  6.01(e),  the Guarantor  shall, if the
      Agent so requests, collect, enforce and receive payments on account of the
      Subordinated  Obligations  as trustee  for the Agent and the  Lenders  and
      deliver  such  payments  to  the  Agent  on  account  of  the   Guaranteed
      Obligations  (including  all Post  Petition  Interest),  together with any
      necessary  endorsements  or other  instruments  of  transfer,  but without
      reducing or affecting in any manner the liability of the  Guarantor  under
      the other provisions of this Guaranty.

            (c)  Agent  Authorization.  After  the  occurrence  and  during  the
      continuance  of any Event of Default under Section  6.01(e),  the Agent is
      authorized  and  empowered  (but without any  obligation to so do), in its
      discretion,  (i) in the name of the Guarantor, to collect and enforce, and
      to submit claims in respect of, Subordinated  Obligations and to apply any
      amounts received thereon to the Guaranteed  Obligations (including any and
      all Post  Petition  Interest),  and (ii) to require the  Guarantor  (A) to
      collect and  enforce,  and to submit  claims in respect  of,  Subordinated
      Obligations and (B) to pay any amounts received on such obligations to the
      Agent for application to the Guaranteed Obligations (including any and all
      Post Petition Interest).

      SECTION  7.06.  Continuing  Guaranty;  Assignments.  This  Guaranty  is  a
continuing  guaranty  and shall (a) remain in full  force and  effect  until the
later of the payment in full in cash of the Guaranteed Obligations and all other
amounts  payable under this Guaranty and the  Termination  Date,  (b) be binding
upon the  Guarantor,  its successors and assigns and (c) inure to the benefit of
and  be  enforceable  by  the  Agent  and  the  Lenders  and  their  successors,
transferees  and assigns.  Without  limiting the generality of clause (c) of the
immediately preceding sentence,  any Lender may assign or otherwise transfer all
or any portion of its rights and  obligations  under this Agreement  (including,
without limitation, all or any portion of its Commitments, the Advances owing to
it and the Note or Notes held by it) to any other Person,  and such other Person
shall  thereupon  become vested with all the benefits in respect thereof granted
to such Lender herein or otherwise,  in each case as and to the extent  provided
in Section  9.07.  The  Guarantor  shall not have the right to assign its rights
hereunder or any interest  herein  without the prior written  consent of each of
the Lenders.

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<PAGE>

                                  ARTICLE VIII

                                    THE AGENT

      SECTION 8.01.  Authorization and Action. Each Lender (in its capacities as
a Lender and Issuing Bank, as  applicable)  hereby  appoints and  authorizes the
Agent to take such action as agent on its behalf and to exercise such powers and
discretion  under  this  Agreement  as are  delegated  to the Agent by the terms
hereof,  together with such powers and discretion as are  reasonably  incidental
thereto.  As to  any  matters  not  expressly  provided  for by  this  Agreement
(including,  without  limitation,  enforcement or collection of the Notes),  the
Agent shall not be required to exercise any  discretion or take any action,  but
shall be required to act or to refrain from acting (and shall be fully protected
in so acting or refraining  from acting) upon the  instructions  of the Required
Lenders, and such instructions shall be binding upon all Lenders and all holders
of Notes;  provided,  however,  that the Agent shall not be required to take any
action that exposes the Agent to personal  liability or that is contrary to this
Agreement or  applicable  law.  The Agent  agrees to give to each Lender  prompt
notice of each  notice  given to it by any Loan Party  pursuant  to the terms of
this Agreement.

      SECTION  8.02.  Agent's  Reliance,  Etc.  Neither the Agent nor any of its
directors, officers, agents or employees shall be liable for any action taken or
omitted to be taken by it or them under or in  connection  with this  Agreement,
except  for its or their own gross  negligence  or willful  misconduct.  Without
limitation of the  generality  of the  foregoing,  the Agent:  (i) may treat the
Lender that made any Advance as the holder of the Debt resulting therefrom until
the Agent  receives  and  accepts an  Assumption  Agreement  entered  into by an
Assuming  Lender as provided in Section  2.18 or an  Assignment  and  Acceptance
entered into by such Lender, as assignor, and an Eligible Assignee, as assignee,
as provided in Section  9.07;  (ii) may consult  with legal  counsel  (including
counsel for the Loan Parties),  independent public accountants and other experts
selected  by it and shall not be liable  for any  action  taken or omitted to be
taken  in good  faith  by it in  accordance  with the  advice  of such  counsel,
accountants or experts;  (iii) makes no warranty or representation to any Lender
and shall not be  responsible  to any Lender for any  statements,  warranties or
representations  (whether  written or oral) made in or in  connection  with this
Agreement;  (iv)  shall not have any duty to  ascertain  or to inquire as to the
performance,  observance  or  satisfaction  of any of the  terms,  covenants  or
conditions  of this  Agreement on the part of any Loan Party or the existence at
any time of any  Default or to inspect  the  property  (including  the books and
records) of any Loan Party;  (v) shall not be  responsible to any Lender for the
due execution, legality, validity, enforceability,  genuineness,  sufficiency or
value of, or the perfection or priority of any lien or security interest created
or purported to be created under or in connection  with,  this  Agreement or any
other instrument or document  furnished pursuant hereto; and (vi) shall incur no
liability  under or in  respect of this  Agreement  by acting  upon any  notice,
consent,  certificate or other instrument or writing (which may be by telecopier
or telegram) believed by it to be genuine and signed or sent by the proper party
or parties.

      SECTION 8.03. Citibank and Affiliates. With respect to its Commitment, the
Advances  made by it and any Note  issued to it,  Citibank  shall  have the same
rights and powers under this  Agreement as any other Lender and may exercise the
same as though it were not the Agent;  and the term "Lender" or "Lenders" shall,
unless  otherwise  expressly  indicated,  include  Citibank  in  its  individual
capacity.  Citibank and its Affiliates may accept  deposits from, lend money to,
act as trustee under indentures of, accept investment  banking  engagements from
and generally  engage in any kind of business with,  the  Guarantor,  any of its
Subsidiaries  and any Person who may do business  with or own  securities of the
Guarantor  or any such  Subsidiary,  all as if  Citibank  were not the Agent and
without  any duty to account  therefor to the  Lenders.  The Agent shall have no
duty to  disclose  any  information  obtained  or  received  by it or any of its
Affiliates  relating to the Guarantor or any of its  Subsidiaries  to the extent
such  information  was obtained or received in any capacity other than as Agent.
In the  event  that  Citibank  or any of its  Affiliates  shall be or  become an
indenture trustee under the Trust Indenture Act of 1939 (as amended,  the "Trust
Indenture  Act") in  respect  of any  securities  issued  or  guaranteed  by the
Guarantor or any of its Subsidiaries,  the parties hereto  acknowledge and agree
that any payment or property  received in  satisfaction  of or in respect of any
obligation of the Guarantor or any such Subsidiary  hereunder by or on behalf of
Citibank in its  capacity as the Agent for the benefit of any Lender  under this
Agreement or any Note (other than  Citibank or an  Affiliate  of  Citibank)  and
which is applied in accordance  with this Agreement shall be deemed to be exempt
from the  requirements  of Section 311 of the Trust  Indenture  Act  pursuant to
Section 311(b)(3) of the Trust Indenture Act.

      SECTION 8.04.  Lender Credit Decision.  Each Lender  acknowledges  that it
has,  independently  and without reliance upon the Agent or any other Lender and
based on the  financial  statements  referred to in Section  4.01 and such other
documents  and  information  as it has deemed  appropriate,  made its own credit
analysis  and  decision  to  enter  into  this   Agreement.   Each  Lender  also
acknowledges that it will,  independently and without reliance upon the Agent or
any other Lender and based on such  documents and  information  as it shall deem

                                       39
<PAGE>

appropriate at the time,  continue to make its own credit decisions in taking or
not taking action under this Agreement.

      SECTION  8.05.  Indemnification.  (a)  Each  Lender  severally  agrees  to
indemnify  the Agent (to the extent not promptly  reimbursed  by the  Borrowers)
from  and  against  such  Lender's  Ratable  Share  of any and all  liabilities,
obligations,  losses,  damages,  penalties,  actions,  judgments,  suits, costs,
expenses or disbursements  of any kind or nature  whatsoever that may be imposed
on, incurred by, or asserted against the Agent in any way relating to or arising
out of this  Agreement  or any action  taken or omitted by the Agent  under this
Agreement (collectively, the "Indemnified Costs"), provided that no Lender shall
be liable for any portion of the  Indemnified  Costs  resulting from the Agent's
gross  negligence or willful  misconduct.  Without  limitation of the foregoing,
each Lender agrees to reimburse  the Agent  promptly upon demand for its Ratable
Share of any out-of-pocket expenses (including reasonable counsel fees) incurred
by  the  Agent  in  connection  with  the  preparation,   execution,   delivery,
administration,   modification,   amendment  or  enforcement   (whether  through
negotiations,  legal proceedings or otherwise) of, or legal advice in respect of
rights or responsibilities  under, this Agreement,  to the extent that the Agent
is not  reimbursed  for  such  expenses  by the  Borrowers.  In the  case of any
investigation,  litigation or proceeding  giving rise to any Indemnified  Costs,
this  Section  8.05  applies  whether  any  such  investigation,  litigation  or
proceeding is brought by the Agent, any Lender or a third party.

      (b) Each Lender  severally  agrees to indemnify  the Issuing Banks (to the
extent not promptly  reimbursed by the Borrowers) from and against such Lender's
Ratable  Share  of  any  and  all  liabilities,  obligations,  losses,  damages,
penalties,  actions,  judgments,  suits, costs, expenses or disbursements of any
kind or nature  whatsoever  that may be imposed  on,  incurred  by, or  asserted
against  any such  Issuing  Bank in any way  relating  to or arising out of this
Agreement or any action  taken or omitted by such  Issuing Bank  hereunder or in
connection herewith;  provided,  however, that no Lender shall be liable for any
portion of such liabilities,  obligations,  losses, damages, penalties, actions,
judgments,  suits, costs, expenses or disbursements  resulting from such Issuing
Bank's  gross  negligence  or  willful  misconduct.  Without  limitation  of the
foregoing,  each Lender  agrees to reimburse any such Issuing Bank promptly upon
demand  for its  Ratable  Share of any costs and  expenses  (including,  without
limitation,  reasonable  fees and expenses of counsel)  payable by the Borrowers
under  Section  9.04(b),  to the extent that such  Issuing  Bank is not promptly
reimbursed for such costs and expenses by the Borrower.

      (c) The failure of any Lender to  reimburse  the Agent or any Issuing Bank
promptly upon demand for its Ratable Share of any amount  required to be paid by
the Lenders to the Agent as provided  herein  shall not relieve any other Lender
of its  obligation  hereunder to reimburse the Agent or any Issuing Bank for its
Ratable Share of such amount, but no Lender shall be responsible for the failure
of any other  Lender to  reimburse  the Agent or any Issuing Bank for such other
Lender's Ratable Share of such amount.  Without prejudice to the survival of any
other agreement of any Lender  hereunder,  the agreement and obligations of each
Lender  contained  in this  Section  8.05 shall  survive  the payment in full of
principal, interest and all other amounts payable hereunder and under the Notes.
Each of the Agent and each  Issuing  Bank agrees to return to the Lenders  their
respective  Ratable  Shares of any amounts paid under this Section 8.05 that are
subsequently  reimbursed by the Borrowers,  together with interest to the extent
recovered from the Borrowers.

      SECTION 8.06.  Successor Agent. The Agent may resign at any time by giving
written  notice  thereof to the Lenders and the  Borrowers and may be removed at
any  time  with  or  without  cause  by the  Required  Lenders.  Upon  any  such
resignation or removal,  the Required  Lenders shall have the right to appoint a
successor Agent from among the Lenders with the consent,  so long as no Event of
Default has occurred and is continuing, of the Guarantor, which consent will not
be  unreasonably  withheld or delayed.  If no successor Agent shall have been so
appointed by the Required  Lenders,  and shall have accepted  such  appointment,
within 30 days after the retiring Agent's giving of notice of resignation or the
Required Lenders' removal of the retiring Agent, then the retiring Agent may, on
behalf of the Lenders,  appoint a successor Agent,  which shall be a Lender that
is a commercial bank organized under the laws of the United States of America or
of any State  thereof  and having a  combined  capital  and  surplus of at least
$500,000,000.  Upon the acceptance of any  appointment  as Agent  hereunder by a
successor  Agent,  such successor  Agent shall  thereupon  succeed to and become
vested with all the rights,  powers,  discretion,  privileges  and duties of the
retiring  Agent,  and the retiring Agent shall be discharged from its duties and
obligations  under this  Agreement.  After any retiring  Agent's  resignation or
removal  hereunder as Agent,  the provisions of this Article VIII shall inure to
its  benefit as to any  actions  taken or omitted to be taken by it while it was
Agent under this Agreement.

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<PAGE>

      SECTION 8.07.  Sub-Agent.  The Sub-Agent  has been  designated  under this
Agreement to carry out duties of the Agent.  The  Sub-Agent  shall be subject to
each of the obligations in this Agreement to be performed by the Sub-Agent,  and
each of the  Borrowers  and the  Lenders  agrees  that  the  Sub-Agent  shall be
entitled  to  exercise  each of the rights and shall be  entitled to each of the
benefits of the Agent under this  Agreement as relate to the  performance of its
obligations hereunder.

      SECTION 8.08. Other Agents.  Each Lender hereby  acknowledges that none of
the syndication  agent, any documentation  agent nor any other Lender designated
as any  "Agent" on the  signature  pages  hereof  (other than the Agent) has any
liability hereunder other than in its capacity as a Lender.

                                   ARTICLE IX

                                  MISCELLANEOUS

      SECTION 9.01. Amendments,  Etc. No amendment or waiver of any provision of
this  Agreement  or the Notes,  nor consent to any  departure  by any Loan Party
therefrom,  shall in any event be effective  unless the same shall be in writing
and signed by the  Required  Lenders  and (except for waivers or consents by any
Lender)  each of the Loan  Parties,  and then such  waiver or  consent  shall be
effective only in the specific  instance and for the specific  purpose for which
given; provided,  however, that no amendment, waiver or consent shall, unless in
writing and signed by all the Lenders, do any of the following: (a) waive any of
the conditions  specified in Section 3.01, (b) other than as provided in Section
2.18,  increase the Commitments of the Lenders,  (c) reduce the principal of, or
interest on, the Advances or any fees or other amounts  payable  hereunder,  (d)
postpone  any date fixed for any payment of  principal  of, or interest  on, the
Advances  or any  fees or  other  amounts  payable  hereunder,  (e)  change  the
percentage  of the  Revolving  Credit  Commitments  or of the  aggregate  unpaid
principal  amount of the  Advances,  or the  number of  Lenders,  that  shall be
required for the Lenders or any of them to take any action hereunder,  (f) amend
the definition of "Committed  Currencies" to add any  additional  currency,  (g)
reduce or limit the  obligations of the Guarantor  under Section 7.01 or release
the Guarantor or otherwise limit the  Guarantor's  liability with respect to the
obligations  owing to the Agent and the Lenders  under  Article VII or (h) amend
this Section 9.01; and provided further that (x) no amendment, waiver or consent
shall,  unless in writing  and signed by the Agent in  addition  to the  Lenders
required  above to take such  action,  affect  the rights or duties of the Agent
under this Agreement or any Note and (y) no amendment,  waiver or consent shall,
unless in writing  and signed by the  Issuing  Banks in  addition to the Lenders
required above to take such action,  adversely  affect the rights or obligations
of the Issuing Banks in their capacities as such under this Agreement.

      SECTION  9.02.  Notices,  Etc.  (a) All notices  and other  communications
provided for hereunder shall be either (x) in writing  (including  telecopier or
telegraphic communication) and mailed,  telecopied,  telegraphed or delivered or
(y) as and to the  extent  set  forth in  Section  9.02(b)  and (c),  if to Loan
Parties,  at the address of the Guarantor at One East Weaver Street,  Greenwich,
Connecticut  06831,  Attention:  Eric Huttner;  if to any Initial Lender, at its
Domestic Lending Office specified  opposite its name on Schedule I hereto; if to
any other Lender,  at its Domestic  Lending  Office  specified in the Assumption
Agreement or the Assignment and Acceptance pursuant to which it became a Lender;
and if to the  Agent,  at its  address at Two Penns Way,  New  Castle,  Delaware
19720, Attention: Bank Loan Syndications Department; or, as to any Loan Party or
the Agent,  at such  other  address  as shall be  designated  by such party in a
written  notice to the other parties and, as to each other party,  at such other
address  as  shall  be  designated  by such  party in a  written  notice  to the
Borrowers  and the Agent,  provided  that  materials  required  to be  delivered
pursuant to Sections  5.01(i)(i),  (ii),  (iv) and (v) shall be delivered to the
Agent as  specified  in Section  9.02(b).  All such  notices and  communications
shall,  when mailed,  telecopied or telegraphed,  be effective when deposited in
the mails,  telecopied  or delivered  to the  telegraph  company,  respectively,
except that notices and  communications to the Agent pursuant to Article II, III
or VIII  shall  not be  effective  until  received  by the  Agent.  Delivery  by
telecopier  of an  executed  counterpart  of  any  amendment  or  waiver  of any
provision of this Agreement or the Notes or of any Exhibit hereto to be executed
and delivered  hereunder  shall be effective as delivery of a manually  executed
counterpart thereof.

      (b) So long as Citibank or any of its  Affiliates is the Agent,  materials
required to be delivered pursuant to Sections 5.01(i)(i), (ii), (iv) and (v) may
be delivered to the Agent in an electronic  medium in a format acceptable to the
Agent and the Lenders by e-mail at oploanswebadmin@citigroup.com.  The Guarantor
agrees  that the  Agent may make such  materials,  as well as any other  written
information, documents, instruments and other

                                       41
<PAGE>

material  relating  to  the  Guarantor,  any of its  Subsidiaries  or any  other
materials  or  matters  relating  to this  Agreement,  the  Notes  or any of the
transactions contemplated hereby, but not including any notices under Article II
(collectively,  the  "Communications")  available to the Lenders by posting such
notices  on  Intralinks  or  a  substantially  similar  electronic  system  (the
"Platform").  The Guarantor  acknowledges  that (i) the distribution of material
through  an  electronic  medium is not  necessarily  secure  and that  there are
confidentiality  and other risks  associated  with such  distribution,  (ii) the
Platform is provided "as is" and "as  available" and (iii) neither the Agent nor
any of its Affiliates  warrants the accuracy,  adequacy or  completeness  of the
Communications or the Platform and each expressly disclaims liability for errors
or omissions in the  Communications  or the  Platform.  No warranty of any kind,
express, implied or statutory,  including,  without limitation,  any warranty of
merchantability,  fitness for a particular  purpose,  non-infringement  of third
party rights or freedom from viruses or other code defects, is made by the Agent
or any of its Affiliates in connection with the Platform.

      (c)  Each  Lender  agrees  that  notice  to it (as  provided  in the  next
sentence) (a "Notice")  specifying that any  Communications  have been posted to
the Platform shall constitute effective delivery of such information,  documents
or other materials to such Lender for purposes of this Agreement;  provided that
if requested by any Lender the Agent shall deliver a copy of the  Communications
to such  Lender by email or  telecopier.  Each  Lender  agrees (i) to notify the
Agent in writing of such Lender's  e-mail  address to which a Notice may be sent
by electronic transmission (including by electronic  communication) on or before
the date such Lender  becomes a party to this  Agreement  (and from time to time
thereafter  to ensure that the Agent has on record an effective  e-mail  address
for such Lender) and (ii) that any Notice may be sent to such e-mail address.

      SECTION 9.03. No Waiver; Remedies. No failure on the part of any Lender or
the Agent to exercise, and no delay in exercising,  any right hereunder or under
any Note  shall  operate  as a waiver  thereof;  nor shall any single or partial
exercise of any such right preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law.

      SECTION 9.04. Costs and Expenses. (a) The Borrowers agree to pay on demand
all  costs  and  expenses  of the  Agent in  connection  with  the  preparation,
execution,  delivery,   administration,   modification  and  amendment  of  this
Agreement,  the  Notes  and  the  other  documents  to be  delivered  hereunder,
including,  without limitation,  (A) all due diligence,  syndication  (including
printing,   distribution   and   bank   meetings),   transportation,   computer,
duplication,  appraisal,  consultant,  and audit expenses and (B) the reasonable
fees and expenses of counsel for the Agent with respect thereto and with respect
to  advising  the  Agent  as to  its  rights  and  responsibilities  under  this
Agreement.  The Borrowers  further agree to pay on demand all costs and expenses
of the Agent and the Lenders, if any (including, without limitation,  reasonable
fees and  expenses of outside  counsel and the  allocated  costs and expenses of
in-house  counsel),   in  connection  with  the  enforcement   (whether  through
negotiations,  legal proceedings or otherwise) of this Agreement,  the Notes and
the other documents to be delivered  hereunder,  including,  without limitation,
reasonable  fees and  expenses  of  counsel  for the  Agent  and each  Lender in
connection with the enforcement of rights under this Section 9.04(a).

      (b) The Borrowers  agree to indemnify and hold harmless the Agent and each
Lender and each of their  Affiliates and their officers,  directors,  employees,
agents and advisors (each, an "Indemnified  Party") from and against any and all
claims,   damages,   losses,   liabilities  and  expenses  (including,   without
limitation,  reasonable fees and expenses of counsel) incurred by or asserted or
awarded  against  any  Indemnified  Party,  in each  case  arising  out of or in
connection with or by reason of (including,  without  limitation,  in connection
with any investigation,  litigation or proceeding or preparation of a defense in
connection  therewith) (i) the Notes,  this Agreement,  any of the  transactions
contemplated  herein  or the  actual  or  proposed  use of the  proceeds  of the
Advances or (ii) the actual or alleged  presence of  hazardous  materials on any
property of the Guarantor or any of its Subsidiaries or any Environmental Action
relating in any way to the Guarantor or any of its  Subsidiaries,  except to the
extent  such  claim,  damage,  loss,  liability  or expense is found in a final,
non-appealable  judgment by a court of competent  jurisdiction  to have resulted
from such  Indemnified  Party's gross negligence or willful  misconduct.  In the
case of an investigation,  litigation or other proceeding to which the indemnity
in this Section 9.04(b)  applies,  such indemnity shall be effective  whether or
not such  investigation,  litigation or proceeding is brought by any Loan Party,
its directors,  equityholders or creditors or an Indemnified  Party or any other
Person,  whether or not any  Indemnified  Party is otherwise a party thereto and
whether or not the transactions  contemplated  hereby are consummated.  The Loan
Parties also agree not to assert any claim for special, indirect,  consequential
or punitive damages against the Agent, any Lender,  any of their Affiliates,  or
any of their respective directors, officers, employees, attorneys and

                                       42
<PAGE>

agents, on any theory of liability,  arising out of or otherwise relating to the
Notes, this Agreement, any of the transactions contemplated herein or the actual
or proposed use of the proceeds of the Advances.

      (c) If any payment of principal  of, or  Conversion  of, any  Eurocurrency
Rate Advance is made by any Borrower to or for the account of a Lender (i) other
than on the last day of the Interest  Period for such Advance,  as a result of a
payment or Conversion  pursuant to Section 2.08,  2.10 or 2.12,  acceleration of
the maturity of the Notes  pursuant to Section 6.01 or for any other reason,  or
by an Eligible  Assignee to a Lender  other than on the last day of the Interest
Period for such Advance upon an assignment of rights and obligations  under this
Agreement  pursuant  to  Section  9.07 as a result of a demand by the  Guarantor
pursuant  to  Section  9.07(a)  or (ii) as a result of a payment  or  Conversion
pursuant to Section 2.08, 2.10 or 2.12, the Borrower of such Advance shall, upon
demand by such  Lender  (with a copy of such  demand to the  Agent),  pay to the
Agent for the  account of such Lender any amounts  required to  compensate  such
Lender for any additional losses, costs or expenses that it may reasonably incur
as a result of such payment or Conversion,  including,  without limitation,  any
loss (including loss of anticipated profits), cost or expense incurred by reason
of the  liquidation or  reemployment  of deposits or other funds acquired by any
Lender to fund or maintain such Advance. If the amount of the Committed Currency
purchased by any Lender in the case of a  Conversion  or exchange of Advances in
the case of Section  2.08 or 2.12  exceeds  the sum  required  to  satisfy  such
Lender's  liability in respect of such Advances,  such Lender agrees to remit to
the applicable Borrower such excess.

      (d)  Without  prejudice  to the  survival  of any other  agreement  of the
Borrowers  hereunder,  the agreements and obligations of the Borrowers contained
in Sections 2.11,  2.14 and 9.04 shall survive the payment in full of principal,
interest and all other amounts payable hereunder and under the Notes.

      SECTION 9.05. Right of Set-off.  Upon either (a) the occurrence and during
the  continuance of any Event of Default under Section 6.01(a) or 6.01(e) or (b)
(i) the occurrence and during the  continuance of any other Event of Default and
(ii) the making of the  request or the  granting  of the  consent  specified  by
Section  6.01 to  authorize  the Agent to declare the  Advances  due and payable
pursuant  to the  provisions  of  Section  6.01,  each  Lender  and  each of its
Affiliates  is  hereby  authorized  at any time and  from  time to time,  to the
fullest  extent  permitted  by law,  to set off and apply  any and all  deposits
(general or special, time or demand,  provisional or final) at any time held and
other  indebtedness at any time owing by such Lender or such Affiliate to or for
the  credit  or the  account  of any  Loan  Party  against  any  and  all of the
obligations  of such Loan Party now or hereafter  existing  under this Agreement
and any Advance held by such Lender,  whether or not such Lender shall have made
any demand under this  Agreement or such Advance and although  such  obligations
may be unmatured.  Each Lender  agrees  promptly to notify the  applicable  Loan
Party after any such set-off and application,  provided that the failure to give
such notice shall not affect the validity of such set-off and  application.  The
rights of each Lender and its  Affiliates  under this Section are in addition to
other  rights and  remedies  (including,  without  limitation,  other  rights of
set-off) that such Lender and its Affiliates may have.

      SECTION 9.06. Binding Effect. This Agreement shall become effective (other
than Section 2.01,  which shall only become  effective upon  satisfaction of the
conditions precedent set forth in Section 3.01) when it shall have been executed
by each Loan Party and the Agent and when the Agent shall have been  notified by
each  Initial  Lender that such Initial  Lender has  executed it and  thereafter
shall be binding  upon and inure to the benefit of the Loan  Parties,  the Agent
and each Lender and their respective successors and assigns and each Indemnified
Party,  except  that no Loan  Party  shall  have the right to assign  its rights
hereunder or any interest  herein  without the prior written  consent of each of
the Lenders.

      SECTION 9.07. Assignments and Participations.  (a) Each Lender may and, if
demanded by the Guarantor (following a demand by such Lender pursuant to Section
2.11 or 2.14) upon at least five  Business  Days'  notice to such Lender and the
Agent,  will  assign to one or more  Persons  all or a portion of its rights and
obligations  under  this  Agreement  (including,  without  limitation,  all or a
portion  of its  Revolving  Credit  Commitment,  its  Unissued  Letter of Credit
Commitment,  the Advances owing to it, its  participations  in Letters of Credit
and the Note or  Notes  held by it);  provided,  however,  that  (i)  each  such
assignment shall be of a constant,  and not a varying,  percentage of all rights
and obligations  under this Agreement,  (ii) except in the case of an assignment
to a Person  that,  immediately  prior to such  assignment,  was a Lender  or an
assignment of all of a Lender's rights and obligations under this Agreement, the
amount  of  the  Revolving  Credit  Commitment  or  Unissued  Letter  of  Credit
Commitment  of the  assigning  Lender  being  assigned  pursuant  to  each  such
assignment  (determined as of the date of the

                                       43
<PAGE>

Assignment and Acceptance with respect to such assignment)  shall in no event be
less than  $10,000,000  or an integral  multiple of $1,000,000 in excess thereof
unless the Guarantor and the Agent otherwise  agree,  (iii) each such assignment
shall be to an Eligible Assignee,  (iv) each such assignment made as a result of
a demand by the Guarantor  pursuant to this Section 9.07(a) shall be arranged by
the  Guarantor  after  consultation  with  the  Agent  and  shall be  either  an
assignment of all of the rights and  obligations  of the assigning  Lender under
this Agreement or an assignment of a portion of such rights and obligations made
concurrently  with  another  such  assignment  or other  such  assignments  that
together cover all of the rights and  obligations of the assigning  Lender under
this Agreement,  (v) no Lender shall be obligated to make any such assignment as
a result of a demand by the Guarantor  pursuant to this Section  9.07(a)  unless
and until such Lender shall have  received one or more  payments from either the
Borrowers or one or more  Eligible  Assignees  in an  aggregate  amount at least
equal to the aggregate  outstanding  principal  amount of the Advances  owing to
such Lender,  together with accrued  interest  thereon to the date of payment of
such  principal  amount and all other amounts  payable to such Lender under this
Agreement and (vi) the parties to each such assignment shall execute and deliver
to the Agent,  for its acceptance  and recording in the Register,  an Assignment
and  Acceptance,  together  with  any  Note  subject  to such  assignment  and a
processing and  recordation  fee of $3,500,  payable by the parties to each such
assignment,  provided,  however,  that in the case of each  assignment made as a
result of a demand by the Guarantor,  such  recordation  fee shall be payable by
the Guarantor  except that no such  recordation fee shall be payable in the case
of an assignment  made at the request of the  Guarantor to an Eligible  Assignee
that is an  existing  Lender.  Upon such  execution,  delivery,  acceptance  and
recording,  from and after the effective date  specified in each  Assignment and
Acceptance,  (x) the  assignee  thereunder  shall be a party  hereto and, to the
extent that rights and  obligations  hereunder have been assigned to it pursuant
to such Assignment and  Acceptance,  have the rights and obligations of a Lender
hereunder  and (y) the Lender  assignor  thereunder  shall,  to the extent  that
rights and  obligations  hereunder  have been  assigned  by it  pursuant to such
Assignment  and  Acceptance,  relinquish its rights (other than its rights under
Section  2.11,  2.14 and 9.04 to the extent any claim  thereunder  relates to an
event arising prior such assignment) and be released from its obligations (other
than its  obligations  under  Section  8.05 to the extent  any claim  thereunder
relates to an event arising prior to such assignment) under this Agreement (and,
in the  case of an  Assignment  and  Acceptance  covering  all or the  remaining
portion of an assigning  Lender's rights and  obligations  under this Agreement,
such Lender shall cease to be a party hereto).

      (b) By executing and delivering an Assignment and  Acceptance,  the Lender
assignor  thereunder and the assignee  thereunder confirm to and agree with each
other and the other  parties  hereto as  follows:  (i) other than as provided in
such Assignment and Acceptance, such assigning Lender makes no representation or
warranty  and  assumes  no  responsibility   with  respect  to  any  statements,
warranties or  representations  made in or in connection  with this Agreement or
the execution, legality, validity, enforceability,  genuineness,  sufficiency or
value of, or the perfection or priority of any lien or security interest created
or purported to be created under or in connection  with,  this  Agreement or any
other  instrument or document  furnished  pursuant  hereto;  (ii) such assigning
Lender makes no representation  or warranty and assumes no  responsibility  with
respect  to the  financial  condition  of any Loan Party or the  performance  or
observance by any Loan Party of any of its  obligations  under this Agreement or
any other instrument or document furnished pursuant hereto;  (iii) such assignee
confirms that it has received a copy of this Agreement,  together with copies of
the financial  statements  referred to in Section 4.01 and such other  documents
and information as it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Acceptance;  (iv) such assignee will,
independently  and without reliance upon the Agent, such assigning Lender or any
other  Lender  and based on such  documents  and  information  as it shall  deem
appropriate at the time,  continue to make its own credit decisions in taking or
not taking action under this Agreement; (v) such assignee confirms that it is an
Eligible Assignee;  (vi) such assignee appoints and authorizes the Agent to take
such  action as agent on its behalf and to exercise  such powers and  discretion
under this Agreement as are delegated to the Agent by the terms hereof, together
with such powers and discretion as are reasonably  incidental thereto; and (vii)
such assignee  agrees that it will perform in accordance with their terms all of
the obligations that by the terms of this Agreement are required to be performed
by it as a Lender.

      (c) Upon its  receipt  of an  Assignment  and  Acceptance  executed  by an
assigning Lender and an assignee  representing that it is an Eligible  Assignee,
together with any Note or Notes subject to such assignment,  the Agent shall, if
such  Assignment and Acceptance has been completed and is in  substantially  the
form of Exhibit C hereto, (i) accept such Assignment and Acceptance, (ii) record
the information  contained  therein in the Register and (iii) give prompt notice
thereof to the Borrowers.

                                       44
<PAGE>

      (d) The Agent shall maintain at its address  referred to in Section 9.02 a
copy of each Assumption  Agreement and each Assignment and Acceptance  delivered
to and  accepted  by it and a  register  for the  recordation  of the  names and
addresses  of the Lenders and the  Commitment  of, and  principal  amount of the
Advances owing to, each Lender from time to time (the  "Register").  The entries
in the  Register  shall be  conclusive  and  binding  for all  purposes,  absent
manifest  error,  and each Loan Party,  the Agent and the Lenders may treat each
Person  whose name is recorded in the  Register  as a Lender  hereunder  for all
purposes of this  Agreement.  The Register  shall be available for inspection by
any Loan Party or any Lender at any  reasonable  time and from time to time upon
reasonable prior notice.

      (e) Each  Lender  may sell  participations  to one or more  banks or other
entities  (other than the Guarantor or any of its  Affiliates) in or to all or a
portion of its rights and obligations under this Agreement  (including,  without
limitation, all or a portion of its Commitment, the Advances owing to it and any
Note or Notes held by it); provided, however, that (i) such Lender's obligations
under this  Agreement  (including,  without  limitation,  its  Commitment to the
Borrowers  hereunder)  shall  remain  unchanged,  (ii) such Lender  shall remain
solely  responsible  to the other  parties  hereto for the  performance  of such
obligations,  (iii) such Lender shall remain the holder of any such Note for all
purposes of this Agreement,  (iv) the Borrowers, the Agent and the other Lenders
shall  continue to deal solely and directly with such Lender in connection  with
such Lender's rights and obligations under this Agreement and (v) no participant
under any such  participation  shall have any right to approve any  amendment or
waiver of any  provision of this  Agreement  or any Note,  or any consent to any
departure by any Loan Party therefrom, except to the extent that such amendment,
waiver or consent would reduce the principal of, or interest on, the Advances or
any fees or other amounts payable hereunder,  in each case to the extent subject
to such  participation,  or postpone any date fixed for any payment of principal
of, or interest on, the Advances or any fees or other amounts payable hereunder,
in each case to the extent subject to such participation, or reduce or limit the
obligations  of the Guarantor  under Section 7.01 or release the Guarantor  from
its obligations under Article VII.

      (f) Any Lender may, in connection with any assignment or  participation or
proposed assignment or participation  pursuant to this Section 9.07, disclose to
the assignee or participant or proposed assignee or participant, any information
relating  to the  Guarantor  furnished  to such  Lender  by or on  behalf of the
Guarantor;  provided  that,  prior  to any  such  disclosure,  the  assignee  or
participant  or proposed  assignee or  participant  shall agree to preserve  the
confidentiality  of any  Confidential  Information  relating  to  the  Guarantor
received by it from such Lender.

      (g) Notwithstanding  any other provision set forth in this Agreement,  any
Lender may at any time  create a security  interest in all or any portion of its
rights under this Agreement (including,  without limitation,  the Advances owing
to it and any Note or Notes held by it) in favor of any Federal  Reserve Bank in
accordance  with  Regulation A of the Board of Governors of the Federal  Reserve
System.

      SECTION  9.08.  Confidentiality.  Neither  the Agent nor any Lender  shall
disclose any Confidential Information to any other Person without the consent of
the  Guarantor,  other than (a) to the Agent's or such Lender's  Affiliates  and
their officers,  directors,  employees, agents and advisors and, as contemplated
by Section 9.07(f), to actual or prospective  assignees and participants,  or to
any direct,  indirect,  actual or prospective  counterparty (and its advisor) to
any swap,  derivative or securitization  transaction  relating to the Borrowers'
obligations hereunder, and then only on a confidential basis, (b) as required by
any law, rule or regulation or judicial process, (c) as requested or required by
any state,  federal or foreign authority or examiner regulating banks or banking
and (d) in connection  with the exercise of any remedies  hereunder or any suit,
action or proceeding  relating to this  Agreement or the  enforcement  of rights
hereunder.

      SECTION  9.09.  Governing  Law.  This  Agreement  and the  Notes  shall be
governed by, and  construed  in  accordance  with,  the laws of the State of New
York.

      SECTION 9.10. Execution in Counterparts. This Agreement may be executed in
any  number  of  counterparts  and  by  different  parties  hereto  in  separate
counterparts,  each of which when so executed  shall be deemed to be an original
and all of which taken  together shall  constitute  one and the same  agreement.
Delivery of an executed  counterpart  of a signature  page to this  Agreement by
telecopier shall be effective as delivery of a manually executed  counterpart of
this Agreement.

                                       45
<PAGE>

      SECTION 9.11.  Judgment.  (a) If for the purposes of obtaining judgment in
any court it is necessary to convert a sum due hereunder in Dollars into another
currency,  the  parties  hereto  agree,  to the  fullest  extent  that  they may
effectively  do so,  that the rate of  exchange  used  shall be that at which in
accordance with normal banking  procedures the Agent could purchase Dollars with
such  other  currency  at  Citibank's  principal  office in London at 11:00 A.M.
(London  time) on the Business  Day  preceding  that on which final  judgment is
given.

      (b) If for the purposes of obtaining judgment in any court it is necessary
to convert a sum due hereunder in a Committed Currency into Dollars, the parties
agree to the fullest  extent that they may  effectively  do so, that the rate of
exchange  used  shall  be  that at  which  in  accordance  with  normal  banking
procedures  the Agent could  purchase  such  Committed  Currency with Dollars at
Citibank's  principal  office  in  London  at 11:00  A.M.  (London  time) on the
Business Day preceding that on which final judgment is given.

      (c) The  obligation  of the Borrowers in respect of any sum due from it in
any  currency  (the  "Primary  Currency")  to any Lender or the Agent  hereunder
shall, notwithstanding any judgment in any other currency, be discharged only to
the extent  that on the  Business  Day  following  receipt by such Lender or the
Agent  (as the case  may be),  of any sum  adjudged  to be so due in such  other
currency,  such Lender or the Agent (as the case may be) may in accordance  with
normal banking  procedures  purchase the applicable  Primary  Currency with such
other currency; if the amount of the applicable Primary Currency so purchased is
less than  such sum due to such  Lender or the Agent (as the case may be) in the
applicable Primary Currency,  the Borrowers agree, as a separate  obligation and
notwithstanding any such judgment, to indemnify such Lender or the Agent (as the
case may be)  against  such loss,  and if the amount of the  applicable  Primary
Currency so  purchased  exceeds  such sum due to any Lender or the Agent (as the
case may be) in the applicable  Primary  Currency,  such Lender or the Agent (as
the case may be) agrees to remit to the applicable Borrower such excess.

      SECTION  9.12.  Jurisdiction,  Etc. (a) Each of the parties  hereto hereby
irrevocably and  unconditionally  submits,  for itself and its property,  to the
nonexclusive  jurisdiction  of any New York State court or federal  court of the
United States of America  sitting in New York City, and any appellate court from
any  thereof,  in any action or  proceeding  arising  out of or relating to this
Agreement or the Notes, or for  recognition or enforcement of any judgment,  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 New York State court or, to the extent  permitted by law,
in such federal court.  The Loan Parties hereby agree that service of process in
any such action or proceeding brought in the any such New York State court or in
such  federal  court may be made upon the  Guarantor  at its offices at One East
Weaver Street, Greenwich,  Connecticut 06831 Attention:  General Counsel and the
Loan Parties hereby  irrevocably  appoint the Guarantor its authorized  agent to
accept such service of process,  and agrees that the failure of the Guarantor to
give any notice of any such  service  shall not impair or affect the validity of
such  service or of any  judgment  rendered  in any action or  proceeding  based
thereon.  Each Loan Party hereby further irrevocably  consents to the service of
process in any action or proceeding in such courts by the mailing thereof by any
parties hereto by registered or certified mail,  postage  prepaid,  to such Loan
Party at its address  specified  pursuant to Section  9.02.  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.  Nothing in this Agreement shall affect any
right  that any  party may  otherwise  have to bring  any  action or  proceeding
relating to this Agreement or the Notes in the courts of any jurisdiction.

      (b) Each of the parties hereto irrevocably and unconditionally  waives, to
the fullest  extent it may legally and  effectively do so, any objection that 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 Notes in any New
York State or federal  court.  Each of the  parties  hereto  hereby  irrevocably
waives,  to the fullest extent  permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

      SECTION  9.13.  Substitution  of  Currency.  If a change in any  Committed
Currency  occurs  pursuant to any  applicable  law,  rule or  regulation  of any
governmental,  monetary or multi-national  authority, this Agreement (including,
without limitation, the definitions of Eurocurrency Rate) will be amended to the
extent  determined by the Agent (acting  reasonably and in consultation with the
Guarantor)  to be  necessary  to reflect the change in  currency  and to put the
Lenders and the Borrowers in the same  position,  so far as possible,  that they
would have been in if no change in such Committed Currency had occurred.

                                       46
<PAGE>

      SECTION 9.14. No Liability of the Issuing Banks.  The Borrowers assume all
risks of the acts or omissions of any beneficiary or transferee of any Letter of
Credit with respect to its use of such Letter of Credit. Neither an Issuing Bank
nor any of its officers or directors shall be liable or responsible for: (a) the
use that may be made of any  Letter of Credit  or any acts or  omissions  of any
beneficiary or transferee in connection therewith; (b) the validity, sufficiency
or  genuineness  of  documents,  or of any  endorsement  thereon,  even  if such
documents  should  prove  to be in any or all  respects  invalid,  insufficient,
fraudulent or forged;  (c) payment by such Issuing Bank against  presentation of
documents  that do not comply  with the terms of a Letter of  Credit,  including
failure of any  documents  to bear any  reference  or adequate  reference to the
Letter of Credit; or (d) any other circumstances whatsoever in making or failing
to make payment under any Letter of Credit,  except that the applicable Borrower
shall have a claim  against  such Issuing  Bank,  and such Issuing Bank shall be
liable to such  Borrower,  to the extent of any direct,  but not  consequential,
damages  suffered by such Borrower  that were caused by (i) such Issuing  Bank's
willful  misconduct  or  gross  negligence  in  determining   whether  documents
presented  under any Letter of Credit  comply  with the terms of such  Letter of
Credit or (ii) such Issuing Bank's grossly  negligent or willful failure to make
lawful payment under a Letter of Credit after the  presentation to it of a draft
and certificates  strictly complying with the terms and conditions of the Letter
of Credit.  In furtherance and not in limitation of the foregoing,  such Issuing
Bank may accept  documents  that  appear on their  face to be in order,  without
responsibility   for  further   investigation,   regardless  of  any  notice  or
information to the contrary.

      SECTION 9.15.  Patriot Act. Each Lender hereby  notifies the Guarantor and
each the  Borrower  that  pursuant  to the  requirements  of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act"), it
is  required  to obtain,  verify and record  information  that  identifies  each
borrower,  guarantor or grantor (the "Loan Parties"), which information includes
the name and  address of each Loan Party and other  information  that will allow
such Lender to identify such Loan Party in accordance with the Act.

      SECTION 9.16.  Waiver of Jury Trial.  Each of the Loan Parties,  the Agent
and the  Lenders  hereby  irrevocably  waives  all right to trial by jury in any
action,   proceeding  or  counterclaim  (whether  based  on  contract,  tort  or
otherwise)  arising  out of or relating  to this  Agreement  or the Notes or the
actions  of  the  Agent  or  any  Lender  in  the  negotiation,  administration,
performance or enforcement thereof.

                                       47
<PAGE>

      IN WITNESS  WHEREOF,  the parties  hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized,  as of the date
first above written.

                                    OMNICOM FINANCE INC., as Borrower

                                    By: /s/ Dennis E. Hewitt
                                        --------------------
                                    Name:  Dennis E. Hewitt
                                    Title: Treasurer

                                    OMNICOM CAPITAL INC., as Borrower

                                    By: /s/ Dennis E. Hewitt
                                        --------------------
                                    Name:  Dennis E. Hewitt
                                    Title: President and Chief Executive Officer

                                    OMNICOM FINANCE PLC, as Borrower

                                    By: /s/ Dennis E. Hewitt
                                        --------------------
                                    Name:  Dennis E. Hewitt
                                    Title: Director

                                    OMNICOM GROUP INC., as Guarantor

                                    By: /s/ Dennis E. Hewitt
                                        --------------------
                                    Name:  Dennis E. Hewitt
                                    Title: Treasurer

                                    CITIBANK, N.A., as Agent

                                    By: /s/ Anish M. Shah
                                        -----------------
                                    Name:  Anish M. Shah
                                    Title: Vice President

<PAGE>

                              Initial Issuing Banks
                              ---------------------

Letter of Credit Commitment
---------------------------

$100,000,000                                           CITIBANK, N.A.
                                                       By: /s/ Anish M. Shah
                                                           ---------------------
                                                       Name:  Anish M. Shah
                                                       Title: Vice President

$100,000,000  Total of the Letter of Credit Commitments

Revolving Credit Commitment
---------------------------

                                 Initial Lenders
                                 ---------------

Commitment
----------

$235,000,000                                           CITIBANK, N.A.

                                                       By: /s/ Anish M. Shah
                                                           ---------------------
                                                       Name:  Anish M. Shah
                                                       Title: Vice President

$235,000,000                                           JPMORGAN CHASE BANK, N.A.
                                                       By: /s/ James L. Stone
                                                           ---------------------
                                                       Name:  James L. Stone
                                                       Title: Managing Director

$215,000,000                                           ABN AMRO BANK N.V.

                                                       By: /s/ Frances O'R Logan
                                                           ---------------------
                                                       Name:  Frances O'R Logan
                                                       Title: Managing Director

                                                       By: /s/ David Carrington
                                                           --------------------
                                                       Name:  David Carrington
                                                       Title: Director

$215,000,000                                           HSBC BANK USA, N.A.

                                                       By: /s/ Robert Elms
                                                           ---------------------
                                                       Name:  Robert Elms
                                                       Title: Director

$200,000,000                                           BANK OF AMERICA, N.A.

                                                       By: /s/ Thomas J. Kane
                                                           ---------------------
                                                       Name:  Thomas J. Kane
                                                       Title: SVP

<PAGE>

$150,000,000                                  SOCIETE GENERALE

                                              By: /s/ Elaine Khalil
                                                  ------------------------------
                                              Name:  Elaine Khalil
                                              Title: Director

$100,000,000                                  BANCO BILBAO VIZCAYA ARGENTARIA SA

                                              By: /s/ Maria T. Vizan
                                                  ------------------------------
                                              Name:  Maria T. Vizan
                                              Title: Vice President
                                                     Global Corporate Banking

                                              By: /s/ Juan Urquiola
                                                  ------------------------------
                                              Name:  Juan Urquiola
                                              Title: Head of Corporate Banking

$100,000,000                                  SUMITOMO MITSUI BANKING
                                              CORPORATION, NEW YORK

                                              By: /s/ Leo E. Pagarigan
                                                  ------------------------------
                                              Name:  Leo E. Pagarigan
                                              Title: Joint General Manager

$100,000,000                                  WACHOVIA BANK, N.A.

                                              By: /s/ G. Scott Suddreth
                                                  ------------------------------
                                              Name:  G. Scott Suddreth
                                              Title: Vice President

$75,000,000                                   WELLS FARGO BANK, NATIONAL
                                              ASSOCIATION

                                              By: /s/ Jordan R. Fragiacomo
                                                  ------------------------------
                                              Name:  Jordan R. Fragiacomo
                                              Title: Vice President

$70,000,000                                   FORTIS CAPITAL CORP.

                                              By: /s/ Timothy Streb
                                                  ------------------------------
                                              Name:  Timothy Streb
                                              Title: Managing Director

                                              By: /s/ Daniel M. Jaffe
                                                  ------------------------------
                                              Name:  Daniel M. Jaffe
                                              Title: Vice President

<PAGE>

$60,000,000                                   BNP PARIBAS

                                              By: /s/ Richard Pace
                                                  ------------------------------
                                              Name:  Richard Pace
                                              Title: Managing Director

                                              By: /s/ Angela B. Arnold
                                                  ------------------------------
                                              Name:  Angela B. Arnold
                                              Title: Director

$50,000,000                                   THE BANK OF TOKYO-MITSUBISHI UFJ,
                                              LTD., NY BRANCH

                                              By: /s/ Lillian Kim
                                                  ------------------------------
                                              Name:  Lillian Kim
                                              Title: Authorized Signatory

$50,000,000                                   DANSKE BANK A/S

                                              By: /s/ Claus Sorup Rasmussen
                                                  ------------------------------
                                              Name:  Claus Sorup Rasmussen
                                              Title: Senior Relationship Manager

                                              By: /s/ Ole Hatting
                                                  ------------------------------
                                              Name:  Ole Hatting
                                              Title: Chief Legal Counsel

$50,000,000                                   MIZUHO CORPORATE BANK, LTD.

                                              By: /s/ Raymond Ventura
                                                  ------------------------------
                                              Name:  Raymond Ventura
                                              Title: Deputy General Manager

$50,000,000                                   THE NORTHERN TRUST COMPANY

                                              By: /s/ Ashish Bhagwat
                                                  ------------------------------
                                              Name:  Ashish Bhagwat
                                              Title: Vice President

$50,000,000                                   PNC BANK, NATIONAL ASSOCIATION

                                              By: /s/ Timothy J. Hornickle
                                                  ------------------------------
                                              Name:  Timothy J. Hornickle
                                              Title: Vice President

$50,000,000                                   UNION BANK OF CALIFORNIA, N.A.

                                              By: /s/ Christine Davis
                                                  ------------------------------
                                              Name:  Christine Davis
                                              Title: Vice President

<PAGE>

$50,000,000                                 U.S. BANK NATIONAL ASSOCIATION

                                            By: /s/ Robert A. Flosbach
                                                --------------------------------
                                            Name:  Robert A. Flosbach
                                            Title: Senior Vice President

$40,000,000                                 THE BANK OF NOVA SCOTIA

                                            By: /s/ Todd S. Meller
                                                --------------------------------
                                            Name:  Todd S. Meller
                                            Title: Managing Director

                                            SCOTIABANK EUROPE PLC

                                            By: /s/ Randy Szuch
                                                --------------------------------
                                            Name:  Randy Szuch
                                            Title: Managing Director

$35,000,000                                 UBS LOAN FINANCE LLC

                                            By: /s/ Richard L. Tavrow
                                                --------------------------------
                                            Name:  Richard L. Tavrow
                                            Title: Director
                                                   Banking Products Services, US

                                            By: /s/ Irja R. Otsa
                                                --------------------------------
                                            Name:  Irja R. Otsa
                                            Title: Associate Director
                                                   Banking Products Services, US

$30,000,000                                 SANPAOLO IMI S.p.A.

                                            By: /s/ Cathy R. Lesse
                                                --------------------------------
                                            Name:  Cathy R. Lesse
                                            Title: Vice President

                                            By: /s/ Robert Wurster
                                                --------------------------------
                                            Name:  Robert Wurster
                                            Title: Senior Vice President

$25,000,000                                 COMERICA BANK

                                            By: /s/ Sarah R. West
                                                --------------------------------
                                            Name:  Sarah R. West
                                            Title: Assistant Vice President

$25,000,000                                 ING CAPITAL LLC

                                            By: /s/ Willem Pijpers
                                                --------------------------------
                                            Name:  Willem Pijpers
                                            Title: Managing Director

<PAGE>

$25,000,000                                KEYBANK NATIONAL ASSOCIATION

                                           By: /s/ Donald F. Carmichael, Jr.
                                               ---------------------------------
                                           Name:  Donald F. Carmichael, Jr.
                                           Title: Vice President

$25,000,000                                NORDEA BANK FINLAND Plc.

                                           By: /s/ Henrik M. Steffensen
                                               ---------------------------------
                                           Name:  Henrik M. Steffensen
                                           Title: Senior Vice President

                                           By: /s/ Gerald E. Chelius
                                               ---------------------------------
                                           Name:  Gerald E. Chelius
                                           Title: SVP Credit

$25,000,000                                STANDARD CHARTERED BANK

                                           By: /s/ Alan Babcock
                                               ---------------------------------
                                           Name:  Alan Babcock
                                           Title: Senior Vice President

                                           By: /s/ Andrew Ng
                                               ---------------------------------
                                           Name:  Andrew Ng
                                           Title: Vice President

$25,000,000                                UNICREDITO ITALIANO S.p.A. - NEW YORK
                                           BRANCH

                                           By: /s/ Luciano Cenedese
                                               ---------------------------------
                                           Name:  Luciano Cenedese
                                           Title: First Vice President

                                           By: /s/ Saiyed A. Abbas
                                               ---------------------------------
                                           Name:  Saiyed A. Abbas
                                           Title: Vice President

$25,000,000                                WESTPAC BANKING CORPORATION

                                           By: /s/ Bradley Scammell
                                               ---------------------------------
                                           Name:  Bradley Scammell
                                           Title: Vice President

$15,000,000                                FIFTH THIRD BANK

                                           By: /s/ Brooke Balcom
                                               ---------------------------------
                                           Name:  Brooke Balcom
                                           Title: Assistant Vice President

$2,400,000,000 Total of the Commitments

<PAGE>

                                                                      SCHEDULE I
                                                                   OMNICOM GROUP
                                 AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT
                                                      APPLICABLE LENDING OFFICES

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
        Name of Initial Lender                 Domestic Lending Office                Eurodollar Lending Office
----------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                                     <C>
ABN AMRO Bank N.V.                      540 W. Madison                          540 W. Madison
                                        Suite 2621                              Suite 2621
                                        Chicago, IL  60620                      Chicago, IL  60620
                                        Attn:  Stefanie Newell                  Attn:  Stefanie Newell
                                        T:  312 992-5113                        T:  312 992-5113
                                        F:  312 992-5111                        F:  312 992-5111
----------------------------------------------------------------------------------------------------------------------
Banco Bilbao Vizcaya Argentaria SA      1345 Avenue of the Americas             1345 Avenue of the Americas
                                        45th Floor                              45th Floor
                                        New York, NY  10105                     New York, NY  10105
                                        Attn:  Hector Villegas                  Attn:  Hector Villegas
                                        T:  212 728-1513                        T:  212 728-1513
                                        F:  212 333-2904                        F:  212 333-2904
----------------------------------------------------------------------------------------------------------------------
Bank of America, N.A.                   1850 Gateway Blvd., 5th Floor           1850 Gateway Blvd., 5th Floor
                                        Concord, CA                             Concord, CA
                                        Attn:  Vilma Tang                       Attn:  Vilma Tang
                                        T:  925 675-7336                        T:  925 675-7336
                                        F:  888 969-9285                        F:  888 969-9285
----------------------------------------------------------------------------------------------------------------------
The Bank of Nova Scotia                 720 King St., 2nd Floor                 720 King St., 2nd Floor
                                        Toronto, ON M5V2T3                      Toronto, ON M5V2T3
                                        Attn:  Tamara Mohan                     Attn:  Tamara Mohan
                                        T:  212 225-5705                        T:  212 225-5705
                                        F:  212 225-5709                        F:  212 225-5709
                                        Tamara_mohan@scotiacapital.com          Tamara_mohan@scotiacapital.com
----------------------------------------------------------------------------------------------------------------------
The Bank of Tokyo-Mitsubishi UFJ,       1251 Avenue of the Americas, 12th       1251 Avenue of the Americas, 12th
Ltd., NY Branch                         Floor                                   Floor
                                        New York, NY  10020                     New York, NY  10020
                                        Attn:  Rolando Uy                       Attn:  Rolando Uy
                                        T:  201 413-8570                        T:  201 413-8570
                                        F:  201 521-2304                        F:  201 521-2304
----------------------------------------------------------------------------------------------------------------------
BNP Paribas                             919 Third Avenue                        919 Third Avenue
                                        New York, NY  10022                     New York, NY  10022
                                        Attn:  James Broaders                   Attn:  James Broaders
                                        T:  212 471-6630                        T:  212 471-6630
                                        F:  212 471-6603                        F:  212 471-6603
----------------------------------------------------------------------------------------------------------------------
Comerica Bank                           U.S. Banking/ East                      U.S. Banking/ East
                                        500 Woodward Avenue, 9th Floor          500 Woodward Avenue, 9th Floor
                                        MC3279                                  MC3279
                                        Detroit, MI 48275                       Detroit, MI 48275
                                        Attn: Venus Moses                       Attn: Venus Moses
                                        T: 313 222-3319                         T: 313 222-3319
                                        F: 313 222-3613                         F: 313 222-3613
----------------------------------------------------------------------------------------------------------------------
Citibank, N.A.                          Two Penns Way                           Two Penns Way
                                        New Castle, DE  19720                   New Castle, DE  19720
                                        Attn:  Timothy Smith                    Attn:  Timothy Smith
                                        T:  302 894-6059                        T:  302 894-6059
                                        F:  212 994-0961                        F:  212 994-0961
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
----------------------------------------------------------------------------------------------------------------------
<S>                                                   <C>                                     <C>
Danske Bank A/S                         Holmens Kanal 2-12                      Holmens Kanal 2-12
                                        1092 Copenhagen K                       1092 Copenhagen K
                                        Denmark                                 Denmark
                                        Attn:  First Vice President Niels       Attn:  First Vice President Niels
                                        Bang-Hansen                             Bang-Hansen
                                        T:  45 33 44 29 16                      T:  45 33 44 29 16
                                        F;  45 33 44 21 45                      F;  45 33 44 21 45
----------------------------------------------------------------------------------------------------------------------
Fifth Third Bank                        5050 Kingsley Drive                     5050 Kingsley Drive
                                        Cincinnati, OH 45227                    Cincinnati, OH 45227
                                        Attn:  Pam Strack                       Attn:  Pam Strack
                                        T:  513 358-0624                        T:  513 358-0624
                                        F:  513 358-0221                        F:  513 358-0221
                                        Pam.strack@53.com                       Pam.strack@53.com
----------------------------------------------------------------------------------------------------------------------
Fortis Capital Corp.                    Two Embarcadero Center                  Two Embarcadero Center
                                        Suite 1330                              Suite 1330
                                        San Francisco, CA 94111                 San Francisco, CA 94111
                                        Attn: Gladysa Valverde                  Attn: Gladysa Valverde
                                        T:  201 631-8190                        T:  201 631-8190
                                        F:  201 631-8181                        F:  201 631-8181
                                        Gladysa.valverde@                       Gladysa.valverde@
                                        Fortiscapitalusa.com                    Fortiscapitalusa.com
----------------------------------------------------------------------------------------------------------------------
HSBC Bank USA, N.A.                     One HSBC Center, 26th Floor             One HSBC Center, 26th Floor
                                        Buffalo, NY 14203                       Buffalo, NY 14203
                                        Attn:  Donna L. Riley                   Attn:  Donna L. Riley
                                        T:  716 841-4178                        T:  716 841-4178
                                        F:  716 841-0269                        F:  716 841-0269
                                        Donna.l.riley@us.hsbc.com               Donna.l.riley@us.hsbc.com
----------------------------------------------------------------------------------------------------------------------
ING Capital LLC                         1325 Avenue of the Americas,            1325 Avenue of the Americas,
                                        10th Floor                              10th Floor
                                        New York, NY 10019                      New York, NY 10019
                                        Attn: Ermelinda Young                   Attn: Ermelinda Young
                                        T: 646 424-8240                         T: 646 424-8240
                                        F: 646 424-8251                         F: 646 424-8251
                                        Ermelinda.young@americas.ing.com        Ermelinda.young@americas.ing.com
----------------------------------------------------------------------------------------------------------------------
JPMorgan Chase Bank, N.A.               1111 Fannin, 10th Floor                 1111 Fannin, 10th Floor
                                        Houston, Texas 77002                    Houston, Texas 77002
                                        Attn: Shadia Aminu                      Attn: Shadia Aminu
                                        T: 713-750-7933                         T: 713-750-7933
                                        F: 713-750-2358                         F: 713-750-2358
                                        shadia.o.aminu@jpmorgan.com             shadia.o.aminu@jpmorgan.com
----------------------------------------------------------------------------------------------------------------------
KeyBank National Association            127 Public Square                       127 Public Square
                                        Cleveland, OH  44114                    Cleveland, OH  44114
                                        Attn: Matt Schorgl                      Attn: Matt Schorgl
                                        T: 216 689-5459                         T: 216 689-5459
                                        F: 216 689-5184                         F: 216 689-5184
                                        Matthew_schorgl@keybank.com             Matthew_schorgl@keybank.com
----------------------------------------------------------------------------------------------------------------------
Mizuho Corporate Bank, Ltd.             Harborside Financial Center             Harborside Financial Center
                                        1800 Plaza Ten                          1800 Plaza Ten
                                        Jersey City, NJ  07311-4098             Jersey City, NJ  07311-4098
                                        Attn:  Sophia White-Lammond             Attn:  Sophia White-Lammond
                                        T:  201 626-9134                        T:  201 626-9134
                                        F:  201 626-9950                        F:  201 626-9950
----------------------------------------------------------------------------------------------------------------------
Nordea Bank Finland Plc.                437 Madison Avenue, 21st floor          437 Madison Avenue, 21st floor
                                        New York, NY 10022                      New York, NY 10022
                                        Attn:  Sonia Earle                      Attn:  Sonia Earle
                                        T: 212-318-9596                         T: 212-318-9596
                                        F: 212-750-9118                         F: 212-750-9118
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
----------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                                     <C>
The Northern Trust Company              50 South LaSalle Street                 50 South LaSalle Street
                                        Chicago, IL  60675                      Chicago, IL  60675
                                        Attn:  Sharon Jackson                   Attn:  Sharon Jackson
                                        T:  312 630-1609                        T:  312 630-1609
                                        F:  312 444-3502                        F:  312 444-3502
----------------------------------------------------------------------------------------------------------------------
PNC Bank, National Association          500 First Avenue                        500 First Avenue
                                        Pittsburgh, PA  15219                   Pittsburgh, PA  15219
                                        Attn:  April Atwater                    Attn:  April Atwater
                                        T:  412 766-6214                        T:  412 766-6214
                                        F:  412 766-4586                        F:  412 766-4586
----------------------------------------------------------------------------------------------------------------------
SANPAOLO IMI S.p.A.                     245 Park Avenue, 35th Floor             245 Park Avenue, 35th Floor
                                        New York, NY  10167                     New York, NY  10167
                                        Attn:  Federica Bietta                  Attn:  Federica Bietta
                                        T:  212 692-3168                        T:  212 692-3168
                                        F:  212 692-3178                        F:  212 692-3178
                                        Federica.bietta@sanpaoloimi.com         Federica.bietta@sanpaoloimi.com
----------------------------------------------------------------------------------------------------------------------
Societe Generale                        1221 Avenue of the Americas             1221 Avenue of the Americas
                                        New York, NY 10020                      New York, NY 10020
                                        Attn:  Colleen Campbell                 Attn:  Colleen Campbell
                                        T:  212 278-7248                        T:  212 278-7248
                                        F:  212 278-6240                        F:  212 278-6240
                                        Colleen.campbell@sgcib.com              Colleen.campbell@sgcib.com
----------------------------------------------------------------------------------------------------------------------
Standard Chartered Bank                 One Madison Avenue                      One Madison Avenue
                                        New York, NY 10010                      New York, NY 10010
                                        Attn: Vicky Falkine                     Attn: Vicky Falkine
                                        T: 212 667-0203                         T: 212 667-0203
                                        F: 212 667-0287                         F: 212 667-0287
----------------------------------------------------------------------------------------------------------------------
Sumitomo Mitsui Banking Corporation,    277 Park Avenue                         277 Park Avenue
New York                                New York, NY  10172                     New York, NY  10172
                                        Attn:  David W. Kee                     Attn:  David W. Kee
                                        T:  212 224-4074                        T:  212 224-4074
                                        F:  212 224-4384                        F:  212 224-4384
                                        David_w_kee@smbcgroup.com               David_w_kee@smbcgroup.com
----------------------------------------------------------------------------------------------------------------------
UBS Loan Finance LLC                    677 Washington Blvd.                    677 Washington Blvd.
                                        Stamford, CT  06901                     Stamford, CT  06901
                                        Attn:  Marie Haddad                     Attn:  Marie Haddad
                                        T:  203 719-5609                        T:  203 719-5609
                                        F:  203 719-3888                        F:  203 719-3888
                                        Marie.haddad@ubs.com                    Marie.haddad@ubs.com
----------------------------------------------------------------------------------------------------------------------
UniCredito Italiano S.p.A.- New York    430 Park Avenue, 9th Floor              430 Park Avenue, 9th Floor
Branch                                  New York, NY 10022                      New York, NY 10022
                                        Attn: Daniel Tausek                     Attn: Daniel Tausek
                                        T: 212 546-9614                         T: 212 546-9614
                                        F: 212 546-9675                         F: 212 546-9675
                                        Daniel.tausek@unicredit.it              Daniel.tausek@unicredit.it
----------------------------------------------------------------------------------------------------------------------
Union Bank of California, N.A.          1980 Saturn Street                      1980 Saturn Street
                                        Monterey Park, CA  91755                Monterey Park, CA  91755
                                        Attn:  Shirley Davis                    Attn:  Shirley Davis
                                        T:  323 720-2870                        T:  323 720-2870
                                        F:  323 724-6198                        F:  323 724-6198
----------------------------------------------------------------------------------------------------------------------
U.S. Bank National Association          777 East Wisconsin Avenue               777 East Wisconsin Avenue
                                        Mail Code MK-WI-TGCB                    Mail Code MK-WI-TGCB
                                        Milwaukee, WI  53202                    Milwaukee, WI  53202
                                        Attn:  John Franceschi                  Attn:  John Franceschi
                                        T:  414 765-5656                        T:  414 765-5656
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
----------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                                     <C>
Wachovia Bank, N.A.                     201 South College Street, CP-17         201 South College Street, CP-17
                                        Charlotte, NC  28288                    Charlotte, NC  28288
                                        Attn:  Sharon Gibson                    Attn:  Sharon Gibson
                                        T:  704 715-7608                        T:  704 715-7608
                                        F:  704 374-2802                        F:  704 374-2802
----------------------------------------------------------------------------------------------------------------------
Wells Fargo Bank, National Association  70 E. 55th Street, 11th Floor           70 E. 55th Street, 11th Floor
                                        New York, NY 10022                      New York, NY 10022
                                        Attn: Jordan Fragiacomo                 Attn: Jordan Fragiacomo
                                        T: 212 836-4034                         T: 212 836-4034
                                        F: 212 593-5241                         F: 212 593-5241
                                        Jordan.r.fragiacomo@wellsfargo.com      Jordan.r.fragiacomo@wellsfargo.com
----------------------------------------------------------------------------------------------------------------------
Westpac Banking Corporation             575 Fifth Avenue, 39th Floor            575 Fifth Avenue, 39th Floor
                                        New York, NY 10017                      New York, NY 10017
                                        Attn: Bradley Scammell                  Attn: Bradley Scammell
                                        T: 212-551-1915                         T: 212-551-1915
                                        F: 212-551-2762                         F: 212-551-2762
                                        bscammell@westpac.com.au                bscammell@westpac.com.au
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                Schedule 2.01(b)

                           Existing Letters of Credit

                                      None.

<PAGE>

                                SCHEDULE 3.01(b)

                              DISCLOSED LITIGATION

      Beginning  on June 13, 2002,  several  putative  class  actions were filed
against Omnicom Group Inc. ("OGI") and certain of OGI's senior executives in the
United States District Court for the Southern  District of New York. The actions
have  since  been  consolidated  under the  caption  In re  Omnicom  Group  Inc.
Securities  Litigation,  No.  02-CV4483  (RCC), on behalf of a proposed class of
purchasers  of OGI's common stock  between  February 20, 2001 and June 11, 2002.
The  consolidated  complaint  alleges,  among other  things,  that OGI's  public
filings and other  public  statements  during that  period  contained  false and
misleading  statements or omitted to state material  information relating to (1)
OGI's  calculation of the organic growth component of  period-to-period  revenue
growth,  (2) OGI's valuation of and accounting for certain internet  investments
made by OGI's Communicade Group ("Communicade"), which OGI contributed to Seneca
Investments  LLC ("Seneca") in 2001, and (3) the existence and amount of certain
contingent future obligations in respect of acquisitions. The complaint seeks an
unspecified  amount of  compensatory  damages  plus costs and  attorneys'  fees.
Defendants  moved to dismiss  the  complaint  and on March 28,  2005,  the court
dismissed  portions (1) and (3) of the  complaint  detailed  above.  The court's
decision  denying  the  defendants'  motion  to  dismiss  the  remainder  of the
complaint  did not  address  the  ultimate  merits  of the  case,  but  only the
sufficiency of the pleading.  Defendants  have answered the complaint,  and fact
discovery is ongoing. Plaintiffs have moved to have the proposed class certified
and the defendants have opposed that motion, which is now fully briefed.

      In addition,  on June 28, 2002, a derivative action was filed on behalf of
OGI in New York  state  court.  On  February  18,  2005,  a  second  shareholder
derivative action,  again purportedly brought on behalf of OGI, was filed in New
York state court. The derivative  actions have been consolidated  before one New
York  State  Justice  and the  plaintiffs  have  filed an  amended  consolidated
complaint. The consolidated derivative complaint questions the business judgment
of certain  current and former  directors  of OGI, by  challenging,  among other
things,  the valuation of and  accounting for the internet  investments  made by
Communicade  and  the   contribution  of  those   investments  to  Seneca.   The
consolidated  complaint  alleges that the defendants  breached  their  fiduciary
duties of good faith. The lawsuit seeks from the directors the amount of profits
received from selling OGI stock and other unspecified damages to be paid to OGI,
as well as costs and attorneys' fees. On September 1, 2005, the defendants moved
to dismiss the derivative  complaint.  The motion has now been fully briefed and
was argued before the court on January 12, 2006.  The court has not yet ruled on
the motion.

      The defendants in both cases believe that the allegations against them are
baseless and intend to vigorously oppose the lawsuits.  Currently, OGI is unable
to  determine  the  outcome  of these  cases and the  effect on OGI's  financial
position  or  results of  operations.  The  outcome  of any of these  matters is
inherently  uncertain and may be affected by future events.  Accordingly,  there
can be no assurance as to the ultimate effect of these matters.

<PAGE>

                          SCHEDULES 5.02(a) AND 5.02(d)

                        EXISTING LIENS AND EXISTING DEBT

                                                  Amount Due

Subsidiary Borrower             Lender(s)        Each Lender        Total Debt
-------------------             ---------        -----------        ----------
DAS Fleishman-Hillard       Pitney Bowes           22,715
                            Avaya                  2,662
                            SBC                    841                26,218
DAS Gavin Anderson          NEC                    2,055              2,055
DAS TPN                     GMAC                   10,633             10,633
Cardinia Real Estate        Osprey House           16,700,497         16,700,497
                                                   ----------         ----------

                                                   16,739,403         16,739,403
                                                   ==========         ==========

      Omnicom  Group Inc. has three zero coupon  convertible  bonds  outstanding
maturing in 2031, 2032 and 2033. The principal  amounts  outstanding for each of
these bonds are $847,031,000,  $892,273,000 and $600,000,000,  respectively.  In
addition,  Omnicom Group Inc. has a 5.90%  USD-denominated note with a principal
amount outstanding of $1,000,000,000 which matures in 2016.

<PAGE>

                                                             EXHIBIT A - FORM OF
                                                                 PROMISSORY NOTE

U.S.$_______________                               Dated:  _______________, 200_

      FOR VALUE RECEIVED,  the  undersigned,  [OMNICOM  FINANCE INC., a Delaware
corporation][OMNICOM  CAPITAL INC., a Connecticut  corporation][OMNICOM  FINANCE
PLC,  a  corporation  organized  under  the laws of  England  and  Wales],  (the
"Borrower"),  HEREBY  PROMISES TO PAY to the order of  _________________________
(the  "Lender")  for  the  account  of  its  Applicable  Lending  Office  on the
Termination Date (each as defined in the Credit Agreement referred to below) the
principal  sum of  U.S.$[amount  of the Lender's  Commitment  in figures] or, if
less, the aggregate  principal  amount of the Advances made by the Lender to the
Borrower  pursuant to the Amended and Restated Five Year Credit  Agreement dated
as of June 23,  2006 among the  Borrowers  referred  to therein  (including  the
undersigned),  the Lender and certain other lenders parties  thereto,  Citigroup
Global Markets Inc. and J.P. Morgan  Securities Inc., as lead arrangers and book
managers,  ABN AMRO Bank N.V., as syndication agent,  JPMorgan Chase Bank, N.A.,
HSBC Bank USA, N.A., Bank of America,  N.A. and Banco Bilbao Vizcaya  Argentaria
SA, as documentation agents, and Citibank, N.A. as Agent for the Lender and such
other lenders (as amended or modified from time to time, the "Credit Agreement";
the terms defined therein being used herein as therein  defined)  outstanding on
the Termination Date.

      The Borrower  promises to pay interest on the unpaid  principal  amount of
each Advance from the date of such Advance until such  principal  amount is paid
in full,  at such  interest  rates,  and at such times,  as are specified in the
Credit Agreement.

      Both  principal and interest in respect of each Advance (i) in Dollars are
payable  in lawful  money of the  United  States of  America to the Agent at its
account  maintained at 388 Greenwich  Street,  New York, New York 10013, in same
day funds and (ii) in any Committed Currency are payable in such currency at the
applicable Payment Office in same day funds. Each Advance owing to the Lender by
the Borrower pursuant to the Credit Agreement,  and all payments made on account
of principal thereof, shall be recorded by the Lender and, prior to any transfer
hereof,  endorsed on the grid attached  hereto which is part of this  Promissory
Note.

      This  Promissory  Note shall be governed by, and  construed in  accordance
with, the laws of the State of New York.

      This  Promissory  Note is one of the Notes referred to in, and is entitled
to the  benefits of, the Credit  Agreement.  The Credit  Agreement,  among other
things,  (i)  provides  for the making of Advances by the Lender to the Borrower
from time to time in an aggregate amount not to exceed at any time  outstanding,
subject to Section  2.10(b) of the Credit  Agreement,  103% of the Dollar amount
first above mentioned, the indebtedness of the Borrower resulting from each such
Advance being  evidenced by this Promissory  Note, (ii) contains  provisions for
determining  the  Dollar   Equivalent  of  Advances   denominated  in  Committed
Currencies and (iii) contains provisions for acceleration of the maturity hereof
upon the happening of certain stated events and also for  prepayments on account
of principal  hereof prior to the maturity  hereof upon the terms and conditions
therein specified.

                                      A-1
<PAGE>

                                                          [OMNICOM FINANCE INC.]
                                                          [OMNICOM CAPITAL INC.]
                                                           [OMNICOM FINANCE PLC]

                                                          By____________________
                                                             Title:

                                      A-2
<PAGE>

                       ADVANCES AND PAYMENTS OF PRINCIPAL

<TABLE>
<CAPTION>
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                                                            Amount of
           Date                    Amount of             Principal Paid           Unpaid Principal             Notation
                                    Advance                or Prepaid                 Balance                   Made By
<S>         <C>                       <C>                     <C>                       <C>                        <C>
--------------------------------------------------------------------------------------------------------------------------------

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</TABLE>

                                      A-3
<PAGE>

                                                   EXHIBIT B - FORM OF NOTICE OF
                                                                       BORROWING

Citibank, N.A., as Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below
  Two Penns Way
  New Castle, Delaware 19720
                                     [Date]

      Attention: Bank Loan Syndications Department

Ladies and Gentlemen:

      The undersigned,  [Omnicom  Finance  Inc.][Omnicom  Capital  Inc.][Omnicom
Finance  plc],  (the  "Borrower"),  refers to the Amended and Restated Five Year
Credit Agreement, dated as of June 23, 2006 (as amended or modified from time to
time,  the "Credit  Agreement",  the terms defined  therein being used herein as
therein  defined),  among the  Borrowers  referred  to  therein  (including  the
undersigned), certain Lenders parties thereto, Citigroup Global Markets Inc. and
J.P. Morgan Securities Inc., as lead arrangers and book managers,  ABN AMRO Bank
N.V., as syndication agent, JPMorgan Chase Bank, N.A., HSBC Bank USA, N.A., Bank
of America,  N.A.  and Banco  Bilbao  Vizcaya  Argentaria  SA, as  documentation
agents,  and Citibank,  N.A.,  as Agent for said  Lenders,  and hereby gives you
notice,  irrevocably,  pursuant to Section 2.02 of the Credit Agreement that the
undersigned hereby requests a Borrowing under the Credit Agreement,  and in that
connection  sets forth below the  information  relating to such  Borrowing  (the
"Proposed Borrowing") as required by Section 2.02(a) of the Credit Agreement:

      (i)   The Business Day of the Proposed Borrowing is _______________, 200_.

      (ii)  The Type of Advances comprising the Proposed Borrowing is [Base Rate
            Advances] [Eurocurrency Rate Advances].

      (iii) The    aggregate    amount   of   the    Proposed    Borrowing    is
            $_______________][for  a  Borrowing  in a Committed  Currency,  list
            currency and amount of Borrowing].

      [(iv) The initial Interest Period for each  Eurocurrency Rate Advance made
            as part of the  Proposed  Borrowing is _____  month[s].  [If nine or
            twelve months is selected, specify alternate Interest Period of one,
            two, three or six months.]

      The undersigned hereby certifies that the following statements are true on
the date hereof, and will be true on the date of the Proposed Borrowing:

      (A)   the representations and warranties  contained in Section 4.01 of the
            Credit Agreement (except the  representations  set forth in the last
            sentence  of  subsection  (e)  thereof  and  in  subsection   (f)(i)
            thereof))  are  correct,  before  and  after  giving  effect  to the
            Proposed Borrowing and to the application of the proceeds therefrom,
            as though made on and as of such date; and

                                      B-1
<PAGE>

      (B)   no event has occurred and is  continuing,  or would result from such
            Proposed   Borrowing  or  from  the   application  of  the  proceeds
            therefrom, that constitutes a Default.

                                                               Very truly yours,

                                                          [OMNICOM FINANCE INC.]
                                                          [OMNICOM CAPITAL INC.]
                                                           [OMNICOM FINANCE PLC]

                                                          By____________________
                                                            Title:

                                      B-2
<PAGE>

                                                             EXHIBIT C - FORM OF
                                                       ASSIGNMENT AND ACCEPTANCE

      Reference is made to the Amended and Restated  Five Year Credit  Agreement
dated as of June 23, 2006 (as amended or modified from time to time, the "Credit
Agreement") among Omnicom Finance Inc., Omnicom Capital Inc. and Omnicom Finance
plc (the  "Borrowers"),  Omnicom Group Inc. (the  "Guarantor"),  the Lenders (as
defined in the Credit Agreement),  Citigroup Global Markets Inc. and J.P. Morgan
Securities  Inc., as lead  arrangers and book  managers,  ABN AMRO Bank N.V., as
syndication  agent,  JPMorgan Chase Bank,  N.A.,  HSBC Bank USA,  N.A.,  Bank of
America,  N.A. and Banco Bilbao Vizcaya Argentaria SA, as documentation  agents,
and Citibank, N.A., as agent for the Lenders (the "Agent"). Terms defined in the
Credit Agreement are used herein with the same meaning.

      The "Assignor"  and the "Assignee"  referred to on Schedule I hereto agree
as follows:

      1. The Assignor hereby sells and assigns to the Assignee, and the Assignee
hereby  purchases  and  assumes  from the  Assignor,  an  interest in and to the
Assignor's  rights and  obligations  under [the Credit  Agreement as of the date
hereof]  [the  Letter  of  Credit  Facility]  equal to the  percentage  interest
specified on Schedule 1 hereto of [all outstanding  rights and obligations under
the Credit Agreement  together with  participations in Letters of Credit held by
the  Assignor on the date hereof]  [such  Assignor's  Unissued  Letter of Credit
Commitment].  After giving effect to such sale and  assignment,  the  Assignee's
[Revolving Credit  Commitment and the amount of the Advances],  Letter of Credit
Commitment] owing to the Assignee will be as set forth on Schedule 1 hereto.

      2. The  Assignor  (i)  represents  and  warrants  that it is the legal and
beneficial  owner of the interest  being  assigned by it hereunder and that such
interest is free and clear of any adverse claim  created by the  Assignor;  (ii)
makes no representation  or warranty and assumes no responsibility  with respect
to any statements,  warranties or representations  made in or in connection with
the Credit  Agreement  or the  execution,  legality,  validity,  enforceability,
genuineness,  sufficiency or value of, or the perfection or priority of any lien
or security  interest  created or purported to be created under or in connection
with,  the  Credit  Agreement  or any other  instrument  or  document  furnished
pursuant  thereto;  (iii) makes no  representation  or  warranty  and assumes no
responsibility  with respect to the financial condition of any Loan Party or the
performance or observance by any Loan Party of any of its obligations  under the
Credit Agreement or any other instrument or document furnished pursuant thereto;
and (iv)  attaches the Note[,  if any,] held by the Assignor  [and requests that
the  Agent  exchange  such  Note for a new  Note  payable  to the  order of [the
Assignee in an amount equal to the Revolving  Credit  Commitment  assumed by the
Assignee pursuant hereto or new Notes payable to the order of the Assignee in an
amount equal to the Revolving Credit Commitment assumed by the Assignee pursuant
hereto and] the Assignor in an amount equal to the Revolving  Credit  Commitment
retained  by  the  Assignor  under  the  Credit  Agreement[,  respectively,]  as
specified on Schedule 1 hereto].

      3. The  Assignee  (i)  confirms  that it has received a copy of the Credit
Agreement,  together  with  copies of the  financial  statements  referred to in
Section 4.01 thereof and such other  documents and  information as it has deemed
appropriate  to make its own credit  analysis  and  decision  to enter into this
Assignment and Acceptance;  (ii) agrees that it will,  independently and without
reliance  upon the Agent,  the  Assignor  or any other  Lender and based on such
documents and information as it shall deem appropriate at the time,  continue to
make its own credit  decisions  in taking or not taking  action under the Credit
Agreement;  (iii)  confirms that it is an Eligible  Assignee;  (iv) appoints and
authorizes  the Agent to take such action as agent on its behalf and to exercise
such powers and  discretion  under the Credit  Agreement as are delegated to the
Agent by the terms  thereof,  together  with such powers and  discretion  as are
reasonably  incidental  thereto;  (v) agrees that it will perform in  accordance
with  their  terms  all of the  obligations  that  by the  terms  of the  Credit
Agreement are required to be performed by it as a Lender;  and (vi) attaches any
U.S.  Internal  Revenue  Service or U.K.  Inland  Revenue forms  required  under
Section 2.14 of the Credit Agreement.

                                      C-1
<PAGE>

      4. Following the execution of this Assignment and  Acceptance,  it will be
delivered to the Agent for acceptance and recording by the Agent.  The effective
date for this Assignment and Acceptance (the "Effective Date") shall be the date
of  acceptance  hereof by the Agent,  unless  otherwise  specified on Schedule 1
hereto.

      5. Upon such  acceptance  and recording by the Agent,  as of the Effective
Date,  (i) the  Assignee  shall be a party to the Credit  Agreement  and, to the
extent  provided  in  this  Assignment  and  Acceptance,  have  the  rights  and
obligations of a Lender  thereunder and (ii) the Assignor  shall,  to the extent
provided  in this  Assignment  and  Acceptance,  relinquish  its  rights  and be
released from its obligations under the Credit Agreement.

      6. Upon such  acceptance  and  recording by the Agent,  from and after the
Effective Date, the Agent shall make all payments under the Credit Agreement and
the  Notes in  respect  of the  interest  assigned  hereby  (including,  without
limitation,  all  payments  of  principal,  interest,  fees and Letter of Credit
commissions  with respect  thereto) to the  Assignee.  The Assignor and Assignee
shall make all  appropriate  adjustments in payments under the Credit  Agreement
and  the  Notes  for  periods  prior  to the  Effective  Date  directly  between
themselves.

      7. This  Assignment and Acceptance  shall be governed by, and construed in
accordance with, the laws of the State of New York.

      8.  This  Assignment  and  Acceptance  may be  executed  in any  number of
counterparts and by different parties hereto in separate  counterparts,  each of
which when so executed  shall be deemed to be an original and all of which taken
together shall  constitute one and the same  agreement.  Delivery of an executed
counterpart of Schedule 1 to this Assignment and Acceptance by telecopier  shall
be effective as delivery of a manually  executed  counterpart of this Assignment
and Acceptance.

      IN WITNESS  WHEREOF,  the Assignor and the Assignee have caused Schedule 1
to this  Assignment and  Acceptance to be executed by their  officers  thereunto
duly authorized as of the date specified thereon.

                                      C-2
<PAGE>

                                   Schedule 1
                                       to
                            Assignment and Acceptance

Percentage interest assigned:                                            ______%

Assignee's Revolving Credit Commitment:                                 $______

Aggregate outstanding principal amount of Advances assigned:            $______

Principal amount of Note payable to Assignee:                           $______

Principal amount of Note payable to Assignor:                           $______

[Assignee's Letter of Credit Commitment:                                $______]

Effective Date*: _______________, 200_

----------
*     This date should be no earlier than five  Business Days after the delivery
      of this Assignment and Acceptance to the Agent.

                                      C-3
<PAGE>

                                                 [NAME OF ASSIGNOR], as Assignor

                                                 By_____________________________
                                                    Title:

                                                 Dated: _______________, 200_

                                                 [NAME OF ASSIGNEE], as Assignee

                                                 By_____________________________
                                                    Title:

                                                 Dated: _______________, 200_

                                                 Domestic Lending Office:
                                                        [Address]

                                                 Eurocurrency Lending Office:
                                                        [Address]

                                      C-4
<PAGE>

Accepted [and Approved]** this
__________ day of _______________, 200_

CITIBANK, N.A., as Agent

By_____________________________________
  Title:

[Approved this __________ day
of _______________, 200_

OMNICOM GROUP INC.

By_____________________________________ ]*
  Title:
----------

**    Required  if the  Assignee  is an  Eligible  Assignee  solely by reason of
      clause (iii) of the definition of "Eligible Assignee".

*     Required  if the  Assignee  is an  Eligible  Assignee  solely by reason of
      clause (iii) of the definition of "Eligible Assignee".

                                      C-5
<PAGE>

                                                           EXHIBIT D-1 - FORM OF
                                                     OPINION OF NEW YORK COUNSEL
                                                            FOR THE LOAN PARTIES

                                               June 23, 2006

To each of the Lenders parties
  to the Amended and Restated Five
  Year Credit Agreement referred to below

       Omnicom Finance Inc., Omnicom Capital Inc. and Omnicom Finance plc
       ------------------------------------------------------------------

Ladies and Gentlemen:

      This opinion is furnished  to you pursuant to Section  3.01(h)(iv)  of the
Amended and Restated Five Year Credit Agreement,  dated as of June 23, 2006 (the
"Credit Agreement"),  by and among Omnicom Finance Inc. ("OFI"), Omnicom Capital
Inc.  ("OCI"),  and Omnicom Finance plc ("OFP",  and,  collectively with OFI and
OCI,  the  "Borrowers"),  Omnicom  Group  Inc.  (the  "Guarantor"),  the  banks,
financial institutions and other institutional lenders and initial issuing banks
listed on the signature  pages thereof,  Citigroup  Global Markets Inc. and J.P.
Morgan Securities Inc., as joint lead arrangers and book managers, ABN AMRO Bank
N.V., as syndication agent, JPMorgan Chase Bank, N.A., HSBC Bank USA, N.A., Bank
of America,  N.A.  and Banco  Bilbao  Vizcaya  Argentaria  SA, as  documentation
agents,  and  Citibank,  N.A.,  as  administrative  agent (the  "Agent") for the
Lenders. Capitalized terms used herein without definition are used as defined in
the Credit Agreement.

      We have acted as New York counsel for the Loan Parties in connection  with
the preparation, execution and delivery of the Credit Agreement.

      In  connection  with this opinion,  we have  examined  originals or copies
(including conformed copies) of the following documents:

      (1) The Credit Agreement.

      (2) The documents furnished by the Loan Parties pursuant to Article III of
the  Credit  Agreement   (together  with  the  Credit  Agreement,   the  "Credit
Documents").

      (3) The  Certificate  of  Incorporation  and all  amendments  thereto (the
"Charter")  of each of OFI, OCI and the  Guarantor  (collectively,  the "US Loan
Parties"), as certified as of a recent date by a public official of the state of
its incorporation.

      (4) The by-laws and all amendments thereto (the "By-laws") of each US Loan
Party, as certified to us by each US Loan Party.

      (5) A certificate of the Secretary of State of Delaware, dated __________,
2006, attesting to the continued corporate existence and good standing of OFI in
that State as of the date thereof.

      (6) A  certificate  of  the  Secretary  of  State  of  Connecticut,  dated
__________,  2006,  attesting  to the  continued  corporate  existence  and good
standing of OCI in that State as of the date thereof.

                                     D-1-1
<PAGE>

      (7) A certificate of the Secretary of State of New York, dated __________,
2006,  attesting to the continued  corporate  existence and good standing of the
Guarantor in that State as of the date thereof.

      In addition, we have examined originals or copies,  certified or otherwise
identified  to  our  satisfaction,   of  such  records,  instruments  and  other
documents,  and have made such other investigations,  as we have deemed relevant
and necessary as a basis for the opinions hereinafter set forth.

      For the purposes hereof, we have assumed, with your permission and without
independent verification of any kind: (a) that the signatures of persons signing
all documents in connection with which this opinion is rendered are genuine; (b)
the legal capacity of all natural persons;  (c) that all documents  submitted to
us as originals or duplicate originals are authentic; and (d) that all documents
submitted  to us as copies,  whether  certified  or not,  conform  to  authentic
original  documents.  As to questions of fact relevant to this opinion,  we have
assumed,  without  independent  investigation  or  verification of any kind, the
accuracy of the representations and warranties of the Loan Parties in the Credit
Agreement and have relied upon  certificates and oral or written  statements and
other information of public officials,  and officers and  representatives of the
Loan Parties.  For purposes of the opinion set forth in the paragraph numbered 1
below,  we have  relied  solely  upon copies of good  standing  certificates  as
certified by public officials as of the dates and in the jurisdictions listed on
Annex I hereto.

      In rendering the opinions  expressed  below,  we have  assumed,  with your
permission and without any  independent  investigation  or  verification  of any
kind,  that: (i) OFP has been duly organized and is validly existing and in good
standing  under  the  laws  of its  jurisdiction  of  incorporation  and is duly
qualified in each other jurisdiction in which the conduct of its business or the
ownership of its property makes such qualification necessary;  (ii) OFP has full
power and  authority  to execute,  deliver and perform the Credit  Documents  to
which it is a party; (iii) the execution, delivery and performance of the Credit
Documents by OFP have been duly authorized by all requisite  corporate action on
the part of OFP; (iv) the Credit Documents have been duly executed and delivered
by OFP; and (v) the execution,  delivery and performance of the Credit Documents
by OFP do not and will not violate the Charter,  By-laws or other organizational
documents of OFP. We have further assumed,  with your permission and without any
independent investigation or verification of any kind, that the Credit Agreement
constitutes  the valid and  legally  binding  obligation  of each  Person  party
thereto  (other than the US Loan  Parties  and OFP),  enforceable  against  such
Person in  accordance  with its terms.  Furthermore,  in giving the opinions set
forth in paragraphs numbered 4, 5 and 6 below, we express no opinion as to state
securities or blue sky laws.

      Based upon the foregoing, and subject to the limitations set forth herein,
we are of the opinion that:

      1.  Each US Loan  Party  (i) is a  validly  existing  corporation  in good
standing under the laws of the jurisdiction of its incorporation listed on Annex
I hereto and (ii) has the corporate  power and authority to own its property and
assets and to transact the business in which it is engaged.

      2. Each US Loan Party has the  corporate  power to  execute,  deliver  and
perform the terms and  provisions  of the Credit  Agreement  and the Notes to be
delivered by it and has taken all  necessary  corporate  action to authorize the
execution,  delivery and performance of the Credit Agreement and the Notes to be
delivered by it. Each US Loan Party has duly  executed and  delivered the Credit
Agreement and the Notes delivered by it on the date hereof.

      3.  The  Credit  Agreement   constitutes  the  legal,  valid  and  binding
obligation of each Loan Party enforceable  against such Loan Party in accordance
with  its  terms.  Each  Note to be  delivered  by a Loan  Party,  assuming  due
execution and delivery  thereof by such Loan Party,  will  constitute the legal,
valid and binding  obligation of such Loan Party  enforceable  against such Loan
Party in accordance with its terms.

                                     D-1-2
<PAGE>

      4. Neither the execution and delivery, nor the performance, by any US Loan
Party of the Credit Agreement or the Notes to be delivered by it, nor compliance
by such US Loan Party with the terms and provisions thereof, (i) will contravene
any  provision  of any law,  statute,  rule or  regulation  (including,  without
limitation,  Regulation  X of the  Board of  Governors  of the  Federal  Reserve
System) of the United  States of America or the State of New York  applicable to
such US Loan Party or (ii) will violate any  provision of the Charter or By-Laws
of such US Loan Party.

      5. Neither the execution and delivery, nor the performance,  by OFP of the
Credit  Agreement and the Notes to be delivered by it, nor compliance by it with
the terms and  provisions  thereof,  will  contravene  any provision of any law,
statute, rule or regulation (including, without limitation,  Regulation X of the
Board of  Governors  of the  Federal  Reserve  System) of the  United  States of
America or the State of New York applicable to OFP.

      6. No order, consent, approval,  license,  authorization or validation of,
or filing,  recording or registration with (except as have been obtained or made
on or prior to the date  hereof),  or exemption by, any  governmental  or public
body or  authority  of the United  States of America,  or the State of New York,
applicable  to any Loan  Party is  required  to  authorize,  or is  required  in
connection  with, (i) the execution,  delivery and performance by any Loan Party
of the  Credit  Agreement  and the  Notes  to be  delivered  by it or  (ii)  the
enforceability  of the Credit  Agreement  and the Notes to be delivered by it in
accordance with their terms against such Loan Party.

      7. The choice of New York law as the governing law of the Credit Agreement
and the Notes is,  under  the laws of the State of New York,  a valid  choice of
law.

      8. The consent by each Loan Party in Section 9.12 of the Credit  Agreement
to the  jurisdiction  of  courts  sitting  in the  State  of New York is a valid
consent to the jurisdiction of such courts.

              Our opinions are subject to the qualifications that:

      A. The  enforceability of the Credit Agreement and the Notes is subject to
and  may  be  limited  by  bankruptcy,  insolvency,  reorganization,  fraudulent
conveyance,  moratorium,  or other  similar laws  relating to or  affecting  the
rights of  creditors  generally  (including  such as may deny  giving  effect to
waivers of debtors'  or  guarantors'  rights),  and the  application  of general
principles of equity (regardless of whether considered in a proceeding in equity
or at law), including,  without limitation,  (i) the possible  unavailability of
specific  performance,  injunctive relief or any other equitable remedy and (ii)
concepts  of   materiality,   reasonableness,   good  faith  and  fair  dealing.
Accordingly,  no opinion is given herein as to (i) the availability of the right
to accelerate  any obligation  and certain  remedies  provided for in the Credit
Agreement in the event of a nonmaterial  default,  or (ii) the enforceability of
any  provision of the Credit  Agreement  relating to  cumulation  of remedies or
waiving the remedy of specific performance, or the waiver of debtors' rights.

      B. We  express  no opinion  as to the  enforceability  of any  contractual
provision  in  the  Credit  Agreement  as to  waiver  of any  procedural  right,
including,  without limitation, (i) the first sentence of Section 9.12(a) of the
Credit  Agreement  insofar  as  such  sentence  relates  to the  subject  matter
jurisdiction  of a federal court of the United States of America  sitting in New
York City to adjudicate any controversy  related to any of the Credit Documents,
and (ii) the waiver of  inconvenient  forum set forth in Section  9.12(b) of the
Credit  Agreement  with respect to  proceedings in a federal court of the United
States of America sitting in New York City.

      C. We  express  no opinion  as to the  enforceability  of any  contractual
provision  in the  Credit  Documents  relating  to  indemnification,  including,
without  limitation,  with respect to the  enforceability of Section 9.04 of the
Credit  Agreement,  to the extent  that these may be limited  (i) in the case of
litigation  against  any Loan  Party  which is decided  adversely  to the person
claiming  indemnification or in a case involving a claim of indemnification  for
attorneys' fees, (ii) by laws rendering unenforceable  indemnification  contrary
to federal or state securities laws and the public policy  underlying such laws,
or (iii) by laws  limiting  the  enforceability  of  provisions  exculpating  or
exempting a party, or requiring

                                     D-1-3
<PAGE>

indemnification of a party, for liability for its own action or inaction, to the
extent the action or inaction involves gross negligence,  recklessness,  willful
misconduct or unlawful conduct.

      D. Furthermore, no opinion is given herein as to:

      (i) Section 7.02 of the Credit Agreement, to the extent that it relates to
action contemplated by Section 7.02(b) of the Credit Agreement taken without the
Guarantor's  consent,  which  may not be  enforceable  to the  extent  that  the
Guaranteed Obligations are materially altered; or

      (ii) the  enforceability  of the  provisions of Section 9.11 of the Credit
Agreement  (A) to the extent  that a judgment  not in (1) Dollars is obtained in
respect of the Credit  Agreement in a jurisdiction  other than the United States
of America or (2)  Committed  Currencies  is  obtained  in respect of the Credit
Agreement in a jurisdiction  other than a member-state of the European Union and
the respective Loan Party pays such judgment or (B) insofar as those  provisions
contemplate an  alternative  or additional  cause of action for a claim that may
have merged with claims covered by an earlier judgment; or

      (iii) Section 7.02(h) of the Credit Agreement, to the extent it relates to
any waiver of an applicable statute of limitations; or

      (iv) the  enforceability  of the right of setoff  provided  for in Section
9.05 of the Credit  Agreement  (A) in respect  of an  interest  under the Credit
Agreement  purchased by a Lender  pursuant to Section 2.15 or 9.07 of the Credit
Agreement,  to the extent the relevant  purchase  does not give rise to a direct
obligation of any Borrower to such Lender,  or (B) insofar as that right relates
to setoff of unmatured  obligations under the Credit Agreement or of obligations
owed to any Loan Party by an  Affiliate  of a Lender or by an  Affiliate  of the
Agent; or

      (v) the  enforceability of Section 2.06 or 9.14 of the Credit Agreement to
the extent  that it  constitutes  a general  disclaimer  of the  obligations  or
liabilities of an Issuing Bank.

      We are  members of the Bar of the State of New York and express no opinion
as to the laws of any jurisdiction  other than those of the laws of the State of
New York, the General  Corporation  Law of the State of Delaware and the federal
laws of the  United  States of  America.  Our  opinions  set forth in  paragraph
numbers 1, 2 and 4(ii)  above,  as they apply to OCI, are based on our review of
the Connecticut Business Corporation Act as reported by 33 Conn. Gen. Stat. Ann.
ss. 33-600 et seq.  (West 1997,  2004 supp.) to be in effect on the date of this
opinion letter.

                                     D-1-4
<PAGE>

      This  opinion is rendered  solely to you by us as New York counsel for the
Loan Parties in  connection  with the  transactions  contemplated  by the Credit
Agreement and the Notes. Each Lender (and its successors and permitted  assigns)
may rely upon this opinion in connection with those  transactions.  This opinion
may not be  relied  upon  in any  other  manner  or for any  other  purpose,  or
furnished or relied upon by any other person, without our prior written consent.
The  information  set  forth  herein  is as of the date of this  letter,  and we
disclaim  any  undertaking  to advise you of  changes  which  thereafter  may be
brought to our attention.

                                                               Very truly yours,

                                     D-1-5
<PAGE>

                                                                         ANNEX I

                                                          Type and Date of
                Name and Jurisdiction                Certificate in Jurisdiction
                  of Incorporation                        of Incorporation
                ---------------------                ---------------------------

Omnicom Finance Inc. (Delaware)              Good Standing - __________, 2006
Omnicom Capital Inc. (Connecticut)           Legal Existence - __________, 2006
Omnicom Group Inc. (New York)                Subsisting - __________, 2006

                                     D-1-6
<PAGE>

                                                           EXHIBIT D-2 - FORM OF
                                                              OPINION OF ENGLISH
                                                                 COUNSEL FOR OFP

To each of the Lenders parties to the Credit Agreement
referred to below and to Citibank, N.A. as Agent

Our Ref       FJA/539576

  June 2006

Dear Sirs

Omnicom Finance plc

1           Introduction

            We have acted as special  English lawyers for Omnicom Finance plc, a
            company  incorporated  and  existing  under the laws of England  and
            Wales ("OFP"), in connection with its authorisation of the execution
            and  delivery  of the  following  documents  (together,  the "Credit
            Documents"):

1.1         the Amended and Restated Five Year Credit Agreement dated as of June
            23, 2006 made among Omnicom  Finance Inc.,  Omnicom Capital Inc. and
            OFP   (collectively,   the  "Borrowers"),   Omnicom  Group  Inc.  as
            Guarantor,  the Initial  Lenders named therein,  the Initial Issuing
            Banks as named  therein,  Citigroup  Global  Markets  Inc.  and J.P.
            Morgan  Securities  Inc., as lead arrangers and book  managers,  ABN
            AMRO Bank N.V., as syndication  agent,  JPMorgan  Chase Bank,  N.A.,
            HSBC Bank USA, N.A., Bank of America,  N.A. and Banco Bilbao Vizcaya
            Argentaria  SA, as  documentation  agents,  and  Citibank,  N.A.  as
            Administrative Agent for the Lenders (the "Credit Agreement"); and

1.2         the  Notes of OFP,  if any,  to be  delivered  pursuant  to  Section
            2.16(a) of the Credit Agreement.

            We have been asked by OFP to give you this  opinion for the purposes
            of Section  3.01(h)(iv)  of the Credit  Agreement  and we have taken
            instructions  in this regard  solely  from OFP.  You should be aware
            that our sole  involvement  with this transaction has been in giving
            this opinion and we have not been involved in the negotiation of the
            Credit Documents or in any other aspect of the transaction.

            Terms  defined in the Credit  Agreement  have the same meanings when
            used in this opinion.

2           English law opinion

            This  opinion is limited  to English  law as applied by the  English
            courts as at the date of this  letter and is given on the basis that
            it will be governed by and construed in accordance with English law.
            We have made no investigation of the laws of any jurisdiction  other
            than those of England  and we do not express or imply any opinion as
            to the laws of any jurisdiction other than those of England.

                                     D-2-1
<PAGE>

            The  opinions  given in this  letter  are  strictly  limited  to the
            matters  stated in  paragraph 6  (Opinion)  and do not extend to any
            other matters or any matters of fact.

3           Documents examined

            For the  purpose of this  opinion  we have  examined  the  following
            documents:

3.1         a copy of the Credit  Agreement  (including  the  Exhibits  thereto)
            bearing a signature  on behalf of OFP which is stated  therein to be
            that of one of the persons identified in the certificate referred to
            at paragraph 3.2 below as a Director of OFP;

3.2         a copy of the certificate  given by OFP pursuant to Section 3.01 (h)
            (ii) and (iii) of the Credit Agreement and having attached  thereto,
            inter alia:

3.2.1       copies  of the  certificate  of  incorporation  and  Memorandum  and
            Articles of Association of OFP, each certified as true, complete and
            up-to-date as at the date hereof by a Director of OFP; and

3.2.2       certified  extracts  from the  minutes  of a meeting of the Board of
            Directors of OFP held on [ June 2006],  the  resolutions  set out in
            such extracts  having been certified as true,  complete and still in
            force as at the date hereof by a Director of OFP; and

3.3         a further certificate addressed to us from a director of OFP, a copy
            of which is attached hereto (the "Certificate").

4           Enquiries made

            For the purpose of giving this opinion, we have:

4.1         made an oral enquiry by telephone of the Central Registry of Winding
            Up Petitions in respect of OFP on [ June 2006]; and

4.2         arranged  for a  review  of  the  copy  documents  relating  to  OFP
            available from the Companies House website on [ June 2006].

            Except for the documents listed in paragraph 3 above and the matters
            referred to in this  paragraph 4, we have not examined any contracts
            or other  documents  entered into by or  affecting  any party to the
            Credit  Documents nor any  corporate  records of OFP and we have not
            made any other enquiries or searches concerning OFP.

5           Assumptions

            In examining  the  documents  referred to in  paragraph 3 above,  in
            making the enquiries  referred to in paragraph 4 above and in giving
            this opinion we have assumed without further enquiry:

5.1         the  genuineness  of all  signatures  and  seals on  documents,  the
            conformity  to the  originals  of all  documents  supplied  to us as
            copies and the authenticity of the originals of such documents;

5.2         any Notes  which are  executed by OFP will be in the form set out in
            Exhibit A to the Credit Agreement;

5.3         that the  information  disclosed  by our oral enquiry at the Central
            Registry of  Winding-up  Petitions  was then  accurate and that such
            enquiry  did not fail to disclose  any matters  which it should have

                                     D-2-2
<PAGE>

            disclosed  and which are  relevant  for the purposes of this opinion
            and since the time of such enquiry  there has been no  alteration in
            the status or  condition of OFP as  represented  by the Clerk at the
            Registry;

5.4         that the file of records  available for public  inspection  from the
            website of Companies House concerning OFP was complete, accurate and
            up-to-date  at the time of the review  referred to in paragraph  4.2
            above  and  that  there  has been no  alteration  in the  status  or
            condition of OFP as represented thereby;

5.5         that OFP has not passed a voluntary  winding-up  resolution and that
            no petition  has been  presented to or order made by a court for the
            winding-up  or  dissolution   of  OFP  or  the   appointment  of  an
            administrator of OFP and that no receiver,  administrative receiver,
            or administrator  has been appointed in respect of OFP or any of its
            assets which in any such case has not been revealed by the enquiries
            referred to in paragraph 4 above;

5.6         that OFP (i) is not unable to pay its debts  within  the  meaning of
            section 123 of the Insolvency Act 1986 at the time of its entry into
            the Credit Documents,  and/or (ii) will not as a consequence thereof
            be unable to pay its debts within the meaning of that section;

5.7         (in relation to paragraph  6.7 only,  if relevant)  that each of the
            parties to the Credit Documents (other than OFP) is in existence and
            has full  corporate  capacity,  right,  power and authority to enter
            into and to exercise  its rights and perform its  obligations  under
            the Credit Documents;

5.8         (in relation to paragraph 6.7 only, if relevant) that under the laws
            of the  State  of New  York,  USA,  each  of  the  Credit  Documents
            constitutes  valid,  legally binding and enforceable  obligations of
            the parties thereto, including OFP;

5.9         that none of the parties to the Credit Documents (i) is subject to a
            court  injunction  or order  which  affects its  performance  of its
            obligations under the Credit Documents, or (ii) has entered into any
            of the  Credit  Documents  under  duress,  undue  influence  or as a
            mistake in connection  with money  laundering or any other  unlawful
            activity;

5.10        each of the  parties to the  Credit  Documents  (other  than OFP) is
            dealing  with  OFP  in  good  faith  and  has  no  knowledge  of any
            irregularity  in  the  corporate  procedure  followed  by OFP or its
            directors  (including,  without  limitation,  any  exceeding  of the
            powers of, or any limitation imposed on, OFP or its directors or any
            breach by such directors of their fiduciary duties);

5.11        each of the Credit Documents has been entered into for the bona fide
            commercial  reasons of OFP and on arm's  length terms by each of the
            parties  thereto;  and the directors of OFP have acted in good faith
            in the interests of OFP in respect of the Credit Documents.

5.12        that any copies  certified and all documents  dated earlier than the
            date of this  letter  on which  we have  expressed  reliance  remain
            accurate,  complete and in full force and effect at the date of this
            letter;

5.13        that  there  are  no  provisions  of  the  laws  of  any  applicable
            jurisdiction  outside  England  which  would be  contravened  by the
            execution and delivery of the Credit Documents and that,  insofar as
            any obligation  under the Credit Documents is to be performed in any
            jurisdiction outside England, its performance will not be illegal or
            contrary   to   public   policy  by  virtue  of  the  laws  of  that
            jurisdiction;

5.14        the accuracy of the statements contained in the Certificate;

5.15        (as regards our opinions in  paragraphs  6.5 and 6.6 below) that all
            Advances made to OFP pursuant to the Credit  Agreement  will be made
            by persons who are (i) authorised persons (within the

                                     D-2-3
<PAGE>

            meaning of the  Financial  Services  and  Markets Act 2000) who have
            permission to accept deposits or to effect or carry out contracts of
            insurance,  or (ii)  acting in the course of  carrying on a business
            consisting  wholly or to a significant  extent of lending money,  or
            (iii)  otherwise  described  in  paragraph  6(1)  of  the  Financial
            Services and Markets Act 2000 (Regulated Activities) Order 2001; and

5.16        as regards  execution  of any Notes,  our opinion in  paragraph  6.4
            below  assumes that there will not have been,  after the date of the
            Certificate and prior to the time of such execution,  any revocation
            of the resolutions  set out in the Minutes  referred to in paragraph
            3.2.2  above  or  any  amendment  to  such  resolutions  or  to  the
            Memorandum or Articles of Association of OFP which in either case is
            material to that opinion.

6           Opinion

            Based  upon  and  subject  to  the  foregoing,  and  subject  to the
            qualifications  and reservations  mentioned below and to any matters
            not disclosed to us, we are of the following opinion.

6.1         OFP  (i) is duly  incorporated  and  validly  existing  as a  public
            limited  company  under the laws of England and Wales;  (ii) has the
            power and  authority  to own its property and assets and to transact
            the  business in which it is engaged (as such  property,  assets and
            business  are  described  in  the  Certificate);  and  (iii)  is not
            required to be qualified as a "foreign  corporation"  in order to do
            business within England and Wales.

6.2         The  enquiry  and review  referred  to in  paragraph 4 above did not
            reveal any appointment  of, or resolution or petition to appoint,  a
            liquidator, administrator or administrative receiver of OFP, or that
            OFP is delinquent in filing its statutory annual  directors'  report
            and accounts,  or any  notification by the Registrar of Companies of
            intention to strike OFP's name off the Register of Companies.

6.3         OFP has the  corporate  power to  execute,  deliver  and perform the
            terms and provisions of each of the Credit  Documents to which it is
            expressed to be a party and to borrow under the Credit Agreement and
            has taken all necessary corporate action to authorise the execution,
            delivery and performance by it of each of such Credit  Documents and
            borrowing by it under the Credit Agreement.

6.4         OFP has validly  executed the Credit  Agreement.  When the Notes are
            signed by one of the  Directors  of OFP,  such  Notes will have been
            validly executed by OFP.

6.5         The  execution,  delivery  and  performance  by OFP  of  the  Credit
            Documents to which it is expressed to be a party,  the compliance by
            it with the terms and  provisions  thereof and the  borrowing  by it
            under the Credit  Agreement will not (i) contravene any provision of
            any law,  statute,  rule or  regulation of England and Wales or (ii)
            violate any provision of the  memorandum and articles of association
            of OFP as currently in force.

6.6         Under   English   law,  no  order,   consent,   approval,   licence,
            authorisation or validation of, or filing, recording or registration
            with, or exemption by, any  governmental or public body or authority
            of or in England  and Wales  (except  such as have been  obtained or
            made  prior to the date  hereof) is  required  to  authorise,  or is
            required  in  connection  with,  (i)  the  execution,  delivery  and
            performance by OFP of any Credit  Document to which OFP is expressed
            to be a party,  (ii) the borrowing by OFP under the Credit Agreement
            or (iii) the enforceability of any such Credit Document against OFP.

6.7         The English courts would  recognize and give effect to the choice of
            the laws of the State of New York,  USA, as the governing law of the
            Credit Documents.

                                     D-2-4
<PAGE>

6.8         The submission to the jurisdiction of the courts of the State of New
            York,  USA, by OFP in the Credit  Documents is within the  corporate
            powers of OFP and does not contravene any law of England.

6.9         A judgment  rendered  by a court in the United  States has no direct
            operation  in  England  but  may  be   enforceable  by  a  claim  or
            counterclaim  or be recognised by the English courts as a defence to
            a claim or as  conclusive  of an issue in an action.  For a judgment
            rendered  by a court in the  United  States  to be  enforced  by the
            English courts it would be necessary to prove to the satisfaction of
            the English court that:-

            (i)   the United States court had jurisdiction; and

            (ii)  the judgment is final and conclusive on the merits; and

            (iii) the  judgment  is for a debt or a fixed  sum (not  being a sum
                  payable in respect of taxes or other  charges of a like nature
                  or in respect of a fine or other penalty).

                  For a defendant to such a claim to have a good defence to a
                  claim or counterclaim to enforce such a judgment, it would be
                  necessary for him to prove that:-

            (1)   the judgment was obtained by fraud; or

            (2)   the judgment is contrary to English public policy; or

            (3)   the judgment involves the enforcement of foreign public, penal
                  or revenue laws; or

            (4)   enforcement  would be contrary to section 5 of the  Protection
                  of Trading Interests Act 1980 (which prohibits the enforcement
                  of (a) judgments for multiple damages;  (b) judgments based on
                  a provision or rule of law specified by the Secretary of State
                  as being  concerned  with the  prohibition  or  regulation  of
                  anti-competitive   arrangements   or  with  the  promotion  of
                  competition;  and (c) a judgment on a claim for a contribution
                  in respect of damages awarded under (a) or (b)); or

            (5)   the judgment was obtained in a manner  opposed to the rules of
                  natural justice; or

            (6)   the judgment  involves a matter  previously  determined  by an
                  English court; or

            (7)   Recognition  of the judgment is denied under section 32 of the
                  Civil Judgment and  Jurisdiction  Act 1982. Under section 32 a
                  judgment in a United  States action shall not be recognised by
                  the English Courts if :

                      (a) the  United  States  action is  brought in breach of a
                          valid  agreement  under  which the dispute in question
                          was to be settled otherwise than by proceedings in the
                          United States; and

                      (b) the United  States  action was not  brought by or with
                          the agreement of, the person against whom the judgment
                          was given; and

                      (c) that person did not  counterclaim in the United States
                          action or otherwise  submit to the jurisdiction of the
                          United States court;

                          Except  that  section  32 does  not  apply  where  the
                          agreement  under which the dispute in question  was to
                          be  settled  is  illegal,   void,   unenforceable   or
                          incapable   of  being   performed   for   reasons  not
                          attributable  to the fault of the party  bringing  the
                          action.

                                     D-2-5
<PAGE>

            The  question  of whether  enforcement  of a judgment is contrary to
            English public policy (see (2) above)  depends on the  circumstances
            of the  transaction  as a whole and the  subsequent  conduct  of the
            litigation in the United States and English  proceedings.  Solely on
            the  basis  of our  examination  of  the  documents  referred  to in
            paragraphs  3.1 to 3.3  (inclusive)  above,  we are not aware of any
            reason why enforcement of a judgment to pay a sum of money due under
            the Credit  Agreement  would be contrary to English public policy as
            at the date of this letter.

7           Qualifications and reservations

            Our  opinion  is  subject  to  the  following   qualifications   and
            reservations.

7.1         The  opinions  in this  letter are  subject to all laws  relating to
            winding-up,  administration,  bankruptcy,  insolvency,  liquidation,
            reorganisation,  moratorium  or similar  laws  affecting  creditors'
            rights generally.

7.2         We express no opinion on the  effectiveness or enforceability of any
            of  the  provisions  of  the  Credit  Documents,  since  the  Credit
            Documents are governed by New York law.

7.3         The obligations of OFP under the Credit Documents will be subject to
            any  laws  from  time to  time in  effect  relating  to  insolvency,
            administration,  bankruptcy, liquidation, reorganisation, moratorium
            or similar laws affecting creditors' rights generally and we express
            no opinion on such laws.

7.4         The enquiry at the Central Registry of Winding-up Petitions referred
            to in paragraph  4.1 above  relates only to a compulsory  winding-up
            and  is not  conclusively  capable  of  revealing  whether  or not a
            winding-up  petition in respect of a compulsory  winding-up has been
            presented since details of the petition may not have been entered on
            the  records  of  the  Central  Registry  of  Winding-up   Petitions
            immediately  or,  in the case of a  petition  presented  to a County
            Court,  may not have  been  notified  to the  Central  Registry  and
            entered on such  records at all, and the response to an enquiry only
            relates  to the  period  of six  months  prior to the date  when the
            enquiry was made.

7.5         The search of the Companies  House website  referred to in paragraph
            4.2 above is not  conclusively  capable of revealing  whether or not
            certain events have occurred,  including the commencement of winding
            up or the making of an administration  order or the appointment of a
            receiver,  administrative receiver,  administrator or liquidator, as
            notice  of these  matters  may not be  filed  with  Companies  House
            immediately  and, when filed, may not be available from such website
            immediately.

7.6         The choice of a  particular  law to govern an  agreement or document
            would  not be  recognised  or upheld  by the  English  Courts if the
            choice of law was not bona fide and legal or if there  were  reasons
            for avoiding the choice of law on the grounds of public policy.  The
            choice of a particular law would not be upheld,  for example,  if it
            was made with the  intention of evading the law of the  jurisdiction
            with which the  contract  had its most  substantial  connection  and
            which, in the absence of the chosen law, would have  invalidated the
            contract  or been  inconsistent  with  it.  We  have  not  made  any
            investigation  into the  bona  fides of the  parties  to the  Credit
            Documents;  however  we are not aware of any  reason  for an English
            Court to find that the  choice of New York law to govern  the Credit
            Documents  is not bona  fide or not  legal,  nor are we aware of any
            English  public policy that would be violated by the  enforcement of
            the Credit Documents in accordance with their respective terms.

7.7         We have not considered the particular  circumstances of any party to
            the  Credit  Documents  (save  OFP to the  extent  expressly  stated
            herein) or the effect of such particular circumstances on the Credit
            Documents or the transactions contemplated thereby.

                                     D-2-6
<PAGE>

7.8         English  courts  can,  in  their  discretion,  give  judgments  in a
            currency  other  than  sterling  if  they  consider  that  it is the
            currency which most fairly  expresses the  plaintiff's  loss but the
            judgment may require to be converted  into sterling for  enforcement
            purposes.

7.9         If OFP is  required  to deposit  cash  collateral  into the L/C Cash
            Deposit  Account  in  accordance  with  Section  6.02 of the  Credit
            Agreement,  then it may be  necessary  or advisable to arrange for a
            registration  to be made at  Companies  House to note  the  security
            interest in such funds.

7.10        Any undertaking or indemnity to assume  liability for non-payment or
            insufficiency of United Kingdom stamp duty on any instrument is void
            under section 117 of the Stamp Act 1891.

7.11        An  English  court  will  not  necessarily   grant  any  remedy  the
            availability  of which is subject  to  equitable  considerations  or
            which is otherwise in the  discretion of the court;  in  particular,
            orders for specific  performance  and  injunctions  are, in general,
            discretionary  remedies  under  English  law and  neither  remedy is
            ordinarily available where damages are considered by the court to be
            an adequate alternative remedy.

7.12        An English  court has power to stay an action where it is shown that
            there is some other forum, having competent  jurisdiction,  which is
            more  appropriate  for the trial of the  action,  in other  words in
            which the case can be tried more  suitably for the  interests of all
            the parties and the ends of justice,  or where staying the action is
            not  inconsistent  with the EU  Council  Regulation  no  44/2001  on
            Jurisdiction   and  the   Enforcement  of  Judgments  in  Civil  and
            Commercial  Matters as  applied by virtue of the Civil  Jurisdiction
            and Judgments Order 2001.

                                     D-2-7
<PAGE>

8           Reliance

            This opinion may be relied on solely by the  addressees  and may not
            be regarded  as  addressed  to or capable of being  relied on by any
            other person (save the addressees'  successors and assigns)  without
            our prior  written  consent.  It is strictly  limited to the matters
            stated  herein  and does  not  extend  to,  and is not to be read as
            extending by implication to, any other matter in connection with the
            Credit Documents.

Yours faithfully

Macfarlanes

                                     D-2-8

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