Document:

EXHIBIT
      10.1

    

    

    PURCHASE
      AGREEMENT

    

    This
      purchase agreement (this “Agreement”)
      is
      dated as of June 5, 2006, by and between the purchaser set forth on the
      signature pages hereto (the “Purchasers”)
      and
      SpatiaLight, Inc., a New York corporation (the “Company”),
      whereby the parties agree as follows: 

    

    
      	 	
              1.

            	
              Offering.
                

            

    

    

    
      	 	
              a)

            	
              The
                Company has authorized the sale and issuance of up to an aggregate
                of
                650,000 of its Common Shares (the “Shares”),
                to one or more purchasers (the “Offering”).
                The Offering has been registered with the U.S. Securities and Exchange
                Commission (“SEC”)
                under the Securities Act of 1933, as amended (the “Securities
                Act”),
                pursuant to the Company’s Registration Statement on Form S-3 (No.
                333-122392), as subsequently amended from time to time (including
                by the
                Form S-3MEF filed by the Company on May 31, 2006, No. 333-134626),
                which
                registration statement has been declared effective by the SEC, and
                to the
                Company’s knowledge has remained effective since the SEC declared it
                effective and is effective on the date hereof (the “Registration
                Statement”).
                

            

    

    

    
      	 	
              b)

            	
              The
                Company and the Purchaser agree that, at the Closing (as defined
                in
                Section 2), the Purchaser will purchase from the Company and the
                Company
                will issue and sell to the Purchaser the number of Shares set forth
                on the
                signature page of this Agreement for a purchase price set forth on
                the
                signature page of this Agreement (the “Purchase
                Price”)
                pursuant to the terms and conditions set forth herein. Certificates
                representing the Shares purchased by the Purchaser may not be delivered
                to
                the Purchaser; instead, such Shares, if not physically delivered,
                will be
                credited to the Purchaser using customary book-entry
                procedures.

            

    

    

    
      	 	
              c)

            	
              The
                Company may enter into agreements with certain other purchasers (the
                "Other
                Purchasers"),
                with terms and conditions, including but not limited to purchase
                price and
                quantity of Shares, which may be different from those set forth herein.
                (The Purchaser and the Other Purchasers are hereinafter sometimes
                collectively referred to as the "Purchasers" and this Agreement and
                the
                stock purchase agreements executed by the Other Purchasers are hereinafter
                sometimes collectively referred to as the "Purchase
                Agreements").
                The Company may accept or reject Purchase Agreements in its sole
                discretion.

            

    

    

    
      	 	
              d)

            	
              Pursuant
                to Rule 424(b) of the Securities Act, the Company agrees to file
                with the
                SEC a prospectus supplement in a form similar to Exhibit
                A
                hereto regarding the sale of the Shares to Purchaser (the “Prospectus
                Supplement”)
                after consummation of the sale of the Shares contemplated by this
                Agreement.

            

    

    

    
      	 	
              2.
                

            	
              Delivery
                of the Shares at Closing.

            

    

    

    
      	 	
              a)

            	
              The
                completion of the purchase and sale of the Shares (the "Closing")
                shall occur on June 6, 2006 (the "Closing
                Date").
                At the Closing, the Purchaser shall deliver to the Company a certified
                or
                official bank check or wire transfer of funds in the full amount
                of the
                purchase price for the Shares being purchased hereunder as set forth
                on
                the signature page hereto, and the Company shall deliver to the Purchaser,
                at the sole discretion of the Purchaser, stock certificates or using
                customary book-entry procedures (such as the Depository Trust Company’s
                Deposit Withdrawal Agent Commission system) evidencing the number
                of
                Shares, set forth on the signature page
                hereto.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              b)

            	
              The
                Company's obligation to issue and sell the Shares to the Purchaser
                shall
                be conditioned upon the accuracy of the representations and warranties
                made by the Purchaser and the fulfillment of those undertakings of
                the
                Purchaser to be fulfilled prior to the
                Closing.

            

    

    

    
      	 	
              3.

            	
              Company
                Representations and Warranties.
                The Company hereby represents and warrants that: (a) it has full
                right,
                power and authority to enter into this Agreement and to perform all
                of its
                obligations hereunder; (b) this Agreement has been duly authorized
                and
                executed by and constitutes a valid and binding agreement of the
                Company
                enforceable in accordance with its terms, except as such enforceability
                may be limited by applicable bankruptcy, insolvency, reorganization,
                moratorium or similar laws affecting creditors' and contracting parties'
                rights generally and except as enforceability may be subject to general
                principles of equity (regardless of whether such enforceability is
                considered in a proceeding in equity or at law); (c) the execution
                and
                delivery of this Agreement and the consummation of the transactions
                contemplated hereby do not conflict with or result in a material
                breach of
                (i) the Company's Amended and Restated Certificate of Incorporation
                or
                by-laws, as amended, or (ii) any material agreement to which the
                Company
                is a party or by which any of its property or assets is bound; and
                (d)
                upon receipt of the Purchase Price, the Shares will be duly and validly
                issued, fully paid and non-assessable, and the Purchaser will be
                entitled
                to all rights accorded to a holder of the Company’s Common
                Shares.

            

    

    

    
      	 	
              4.

            	
              Purchaser
                Representations and Warranties.

            

    

    

    
      	 	
              a)

            	
              The
                Purchaser represents and warrants that (a) it has had no position,
                office
                or other material relationship within the past three years with the
                Company or persons known to it to be affiliates of the Company, and
                (b) it
                has no direct or indirect affiliation or association with any NASD
                member
                as of the date hereof.

            

    

    

    
      	 	
              b)

            	
              The
                Purchaser hereby confirms receipt of the base prospectus included
                in the
                Registration Statement, as amended, and the Prospectus Supplement
                (together, the “Prospectus”).
                The Purchaser confirms that it has had full access to the Prospectus
                and
                has been fully able to read, review, download and print the
                Prospectus.

            

    

    

    
      	 	
              c)

            	
              The
                Purchaser further represents and warrants to, and covenants with,
                the
                Company that (i) the Purchaser has full right, power, authority and
                capacity to enter into this Agreement and to consummate the transactions
                contemplated hereby and has taken all necessary action to authorize
                the
                execution, delivery and performance of this Agreement, and (ii) this
                Purchase Agreement constitutes a valid and binding obligation of
                the
                Purchaser enforceable against the Purchaser in accordance with its
                terms,
                except as such enforceability may be limited by applicable bankruptcy,
                insolvency, reorganization, moratorium or similar laws affecting
                creditors' and contracting parties' rights generally and except as
                such
                enforceability may be subject to general principles of equity (regardless
                of whether such enforceability is considered in a proceeding in equity
                or
                at law).

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              d)

            	
              The
                Purchaser understands that nothing in the Prospectus, this Agreement
                or
                any other materials presented to the Purchaser in connection with
                the
                purchase and sale of the Shares constitutes legal, tax or investment
                advice. The Purchaser has consulted such legal, tax and investment
                advisors as it, in its sole discretion, has deemed necessary or
                appropriate in connection with its purchase of
                Shares.

            

    

    

    
      	 	
              e)

            	
              The
                Purchaser has not, directly or indirectly, during the period beginning
                180
                days before the Company first contacted Purchaser regarding the
                transactions contemplated by this Agreement and ending on the Closing
                Date, engage in: (i) any “short sales” (as such term is defined in Rule
                200 promulgated under the Securities and Exchange Act of 1934, as
                amended
                (the “Exchange Act”) of the Company’s Common Shares, including without
                limitation, the maintaining of any short position with respect to,
                establishing or maintaining a “put equivalent position” (within the
                meaning of Rule 16a-1(h) under the Exchange Act) with respect to,
                entering
                into any swap, derivative transaction or other arrangement (whether
                any
                such transaction is to be settled by delivery of Common Shares, other
                securities, cash or other consideration) that transfers to another,
                in
                whole or in part, any economic consequences or ownership, or otherwise
                dispose of, any Common Shares by Purchaser; or (ii) any hedging
                transaction which establishes a net short position with respect to
                the
                Common Shares.

            

    

    
      

      
        	 	
                5.

              	
                Notice. 
                  All communications hereunder, except as may be otherwise specifically
                  provided herein, shall be in writing and shall be mailed, hand
                  delivered,
                  sent by a recognized overnight courier service such as Federal
                  Express, or
                  sent via facsimile and confirmed by letter, to the party to whom
                  it is
                  addressed at the following addresses or such other address as such
                  party
                  may advise the other in writing:

              

      

       

      To
        the
        Company:  as
        set
        forth on the signature page hereto.

    

     

    To
      the
      Purchaser:  as
      set
      forth on the signature page hereto.

    

    All
      notices hereunder shall be effective upon receipt by the party to which it
      is
      addressed.

     

    
      	 	
              6.

            	
              Jurisdiction.
                This Agreement shall be governed by and interpreted in accordance
                with the
                laws of the State of New York, as if fully performed in New York,
                without
                giving effect to the principles of conflicts of law thereof. Each
                of the
                parties consents to the exclusive jurisdiction of the United States
                district court of the Southern District of New York or the state
                courts of
                the State of New York sitting in the City of New York in connection
                with
                any dispute arising under this Agreement, and hereby waives, to the
                maximum extent permitted by law, any objection based on forum
                non conveniens.
                

            

    

    

    
      	 	
              7.

            	
              Miscellaneous.
                

            

    

    

    
      	 	
              a)

            	
              This
                Agreement (and the Prospectus and any prospectus supplement) constitutes
                the entire understanding and agreement between the parties with respect
                to
                its subject matter and there are no agreements or understandings
                with
                respect to the subject matter hereof which are not contained in this
                Agreement.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              b)

            	
              This
                Agreement may be executed in any number of counterparts, all of which
                taken together shall constitute one and the same instrument and shall
                become effective when counterparts have been signed by each party
                and
                delivered to the other parties hereto, it being understood that all
                parties need not sign the same counterpart. Execution may be made
                by
                delivery by facsimile.

            

    

    

    
      	 	
              c)

            	
              This
                Agreement may not be modified or amended except pursuant to an instrument
                in writing signed by the Company and the
                Purchaser.

            

    

    

    
      	 	
              d)

            	
              The
                headings of the various sections of this Agreement have been inserted
                for
                convenience of reference only and shall not be deemed to be part
                of this
                Agreement.

            

    

    

    
      	 	
              e)

            	
              In
                case any provision contained in this Agreement should be invalid,
                illegal
                or unenforceable in any respect, the validity, legality and enforceability
                of the remaining provisions contained herein shall not in any way
                be
                affected or impaired thereby.

            

    

    

    ***********************

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                               
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Goldman
      Sachs Global Manager Strategies 

    

    By:
      Wellington
      Management Company, LLP as 

    investment
      advisor

    By:
      /s/
      Julie Jenkins

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      32,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $89,000

    

    Tax
      ID
      No.:                          
      

     

    Address
      for Notice:
      

    c/o:     
      Wellington
      Management Company, LLP

    Attn:   
      Peter
      Ryan

                
      75
      State Street

               
       Boston,
      MA 02109

     

    Name
      in which book-entry should be made (if  different):_____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                               
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    WTC-CTF
      Smaller Companies Portfolio 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      75,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $210,000

    

    Tax
      ID
      No.:                    
         

     

    Address
      for Notice:
      

    c/o:     
      Wellington
      Management Company, LLP

    Attn:   Peter
      Ryan

               
      75 State Street

               
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different):
      _____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                                
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Central
      States, Southeast and Southwest Areas Pension 

    Fund 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      85,500

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $239,400

    

    Tax
      ID
      No.:
      36-6044243

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: Peter
      Ryan

              
      75 State Street

               Boston,
      MA 02109

     

    Name
      in which book-entry should be made (if  different):
      _____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                                
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    SEI
      U.S. Small Companies Fund 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      12,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $33,600

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:    
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
      75 State Street

               
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different): 
      ____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                                 
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    SEI
      Institutional Managed Trust, Small Cap Growth

    Fund 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      90,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $252,000

    

    Tax
      ID
      No.:
      23-2675669

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
      75 State Street

               
Boston,
      MA 02109

     

    Name
      in which book-entry should be made (if  different):
      _____________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                        
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    SEI
      Institutional Investments Trust, Small/Mid Cap

    Equity
      Fund 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      51,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $142,800

    

    Tax
      ID
      No.:
      20-0037778

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
      75 State Street

               
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different): 
      ____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                   
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Optimix
      Investment Management Limited 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      10,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $28,000

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
75
      State
      Street

               
Boston,
      MA 02109

     

    Name
      in which book-entry should be made (if  different): 
      ____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                               
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Telstra
      Super Pty Ltd 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      22,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $61,600

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
      75 State Street

               
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different):
      __________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                  
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    JB
      Were Global Small Companies Pooled Fund 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      119,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $333,200

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:  
      Wellington
      Management Company, LLP

    Attn: Peter
      Ryan

              
      75 State Street

              
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different): 
      ____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                  
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Retail
      Employees Superannuation Trust 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      30,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $84,000

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
      75 State Street

                Boston,
      MA 02109

     

    Name
      in which book-entry should be made (if  different):
       ___________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                        
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Australian
      Retirement Fund 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      25,500

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $71,400

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
      75 State Street

                Boston,
      MA 02109

     

    Name
      in which book-entry should be made (if  different):  _____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                       
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    JB
      Were Global Small Companies Fund - CFS 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      32,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $89,600

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:   
      Wellington
      Management Company, LLP

    Attn: 
      Peter
      Ryan

               
      75 State Street

               
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different):
       ______________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                       
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    BC
      Telecom Pension Plan for Management and Exempt

    Employees 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      4,500

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $12,600

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:  
      Wellington
      Management Company, LLP

    Attn: Peter
      Ryan

              
      75 State Street

              
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different):
      __________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A.
      Olins                    
   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Pension
      Plan for Management and Professionals of 

    TELUS
      Corp. - Alpha 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      9,000

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $25,200

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:  
      Wellington
      Management Company, LLP

    Attn:
      Peter
      Ryan

              
      75 State Street

              
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different):
      _____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth our agreement with respect to the subject matter
      hereof, please confirm this by signing and returning to us the duplicate copy
      of
      this letter.

     

     

    SPATIALIGHT,
      INC.

     

    By: /s/
      Robert A. Olins   

    Name:
      Robert A. Olins

    Title:
      CEO

    

    Address
      for Notice:

    5
      Hamilton Landing

    Suite
      100

    Novato,
      CA 94949

    

    AGREED
      AND ACCEPTED:

    

    PURCHASER:

    

    Talvest
      Small Cap Cdn. Equity Fund 

    

    By:
      Wellington
      Management Company, LLP as

    investment
      advisor

    By:
      /s/
      Julie Jenkins 

    Name:
      Julie A. Jenkins

    Title:
      Vice President and Counsel

     

    Number
      of Shares:
      3,500

    

    Purchase
      Price per Share:
      $2.80  

    

    Aggregate
      Purchase Price:
      $9,800

    

    Tax
      ID
      No.:
      N/A

    

    Address
      for Notice:
      

    c/o:  
      Wellington
      Management Company, LLP

    Attn:
      Peter
      Ryan

              
      75 State Street

              
      Boston, MA 02109

     

    Name
      in which book-entry should be made (if  different): 
      __________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    

    Filed
      Pursuant to Rule 424(b)(2) [or (5)]      
       Registration
      No. 333-______

    

    PROSPECTUS
      SUPPLEMENT

    (TO
      PROSPECTUS DATED _________________)

    

    SPATIALIGHT,
      INC.

    

    ___________
      Common Shares

    

    You
      should read this prospectus supplement and the accompanying Prospectus carefully
      before you invest. Both documents contain information you should consider when
      making your investment decision.

    

    AN
      INVESTMENT IN OUR SECURITIES INVOLVES SUBSTANTIAL RISKS. THESE RISKS ARE
      DESCRIBED UNDER THE CAPTION "RISK FACTORS" BEGINNING ON PAGE ___ OF THE
      PROSPECTUS ACCOMPANYING THIS PROSPECTUS SUPPLEMENT.

    

    We
      are
      offering _____________ of our Common Shares to one or more institutional
      investors pursuant to this prospectus supplement. The purchase price for these
      Common Shares is $_______ in the aggregate, or $_____ per Share.

    

    Our
      Common Shares are quoted on the Nasdaq SmallCap Market under the symbol "HDTV".
      On _______, the last reported sales price of our Common Shares was $____ per
      Share.

    

    NEITHER
      THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY BODY HAS
      APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR
      ADEQUACY OF THIS PROSPECTUS SUPPLEMENT OR THE RELATED PROSPECTUS. ANY
      REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

    

    The
      date
      of this prospectus supplement is ________________.FIRST
      HORIZON ASSET SECURITIES INC.

     

    Depositor

     

    and

     

    THE
      BANK
      OF NEW YORK

     

    Trustee

     

    _____________________________________________________

     

    POOLING
      AGREEMENT

     

    Dated
      as
      of May 31, 2006

     

    _____________________________________________________

     

    FIRST
      HORIZON ALTERNATIVE MORTGAGE SECURITIES TRUST 2006-RE2

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-RE2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    

      
        	 	
                 Page

              
	
                ARTICLE
                  I DEFINITIONS

              	
                5

              
	 	 
	
                ARTICLE
                  II CONVEYANCE OF TRUST FUND; REPRESENTATIONS AND
                  WARRANTIES

              	
                16

              
	
                SECTION
                  2.1 Conveyance of Trust Fund.

              	
                
                  16

                

              
	
                SECTION
                  2.2 Acceptance by Trustee of the Trust Fund.

              	
                
                  16

                

              
	
                SECTION
                  2.3 Representations and Warranties of the Depositor as to the Underlying
                  Certificates.

              	
                
                  16

                

              
	 	 
	
                ARTICLE
                  III COLLECTIONS ON THE UNDERLYING CERTIFICATES; DISTRIBUTIONS ON
                  THE
                  CERTIFICATES

              	
                
                  16

                

              
	
                SECTION
                  3.1 Collections on the Underlying Certificates; Distribution
                  Account.

              	
                
                  16

                

              
	
                SECTION
                  3.2 Distributions on the Certificates.

              	
                17

              
	
                SECTION
                  3.3 Method of Distribution.

              	
                18

              
	
                SECTION
                  3.4 Monthly Statements to Certificateholders.

              	
                19

              
	
                SECTION
                  3.5 Reserve Fund.

              	
                20

              
	
                SECTION
                  3.6 Separate Interest Trust.

              	
                21

              
	
                SECTION
                  3.7 Determination of Pass-Through Rates for LIBOR
                  Certificates.

              	
                21

              
	 	 
	
                ARTICLE
                  IV THE CERTIFICATES

              	
                23

              
	
                SECTION
                  4.1 The Certificates.

              	
                23

              
	
                SECTION
                  4.2 Certificate Register; Registration of Transfer and Exchange
                  of
                  Certificates.

              	
                24

              
	
                SECTION
                  4.3 Mutilated, Destroyed, Lost or Stolen Certificates.

              	
                25

              
	
                SECTION
                  4.4 Persons Deemed Owners.

              	
                26

              
	
                SECTION
                  4.5 Access to List of Certificateholders’ Names and
                  Addresses.

              	
                26

              
	
                SECTION
                  4.6 Maintenance of Office or Agency.

              	
                26

              
	 	 
	
                ARTICLE
                  V THE DEPOSITOR

              	
                26

              
	
                SECTION
                  5.1 Liabilities of the Depositor.

              	
                26

              
	
                SECTION
                  5.2 Merger or Consolidation of the Depositor.

              	
                27

              
	
                SECTION
                  5.3 Limitation on Liability of the Depositor and Others.

              	
                27

              
	 	 
	
                ARTICLE
                  VI CONCERNING THE TRUSTEE

              	
                28

              
	
                SECTION
                  6.1 Duties of Trustee.

              	
                28

              
	
                SECTION
                  6.2 Certain Matters Affecting the Trustee.

              	
                29

              
	
                SECTION
                  6.3 Trustee Not Liable for Certificates or the Underlying
                  Certificates.

              	
                31

              
	
                SECTION
                  6.4 Trustee May Own Certificates.

              	
                31

              
	
                SECTION
                  6.5 Trustee’s Fees and Expenses.

              	
                31

              
	
                SECTION
                  6.6 Eligibility Requirements for Trustee.

              	
                31

              
	
                SECTION
                  6.7 Resignation and Removal of Trustee.

              	
                32

              
	
                SECTION
                  6.8 Successor Trustee.

              	
                33

              
	
                SECTION
                  6.9 Merger or Consolidation of Trustee.

              	
                33

              
	
                SECTION
                  6.10 Appointment of Co-Trustee or Separate Trustee.

              	
                34

              
	
                SECTION
                  6.11 Tax Matters.

              	
                35

              
	 	 
	
                ARTICLE
                  VII TERMINATION

              	
                36

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION
                  7.1 Termination upon Optional Termination of the Underlying
                  Certificates.

              	
                36

              
	
                SECTION
                  7.2 Final Distribution on the Certificates.

              	
                36

              
	 	 
	
                ARTICLE
                  VIII EXCHANGE ACT REPORTING

              	
                37

              
	
                SECTION
                  8.1 Filing Obligations.

              	
                37

              
	
                SECTION
                  8.2 Form 10-D Filings.

              	
                38

              
	
                SECTION
                  8.3 Form 8-K Filings.

              	
                39

              
	
                SECTION
                  8.4 Form 10-K Filings.

              	
                39

              
	
                SECTION
                  8.5 Sarbanes-Oxley Certification.

              	
                39

              
	
                SECTION
                  8.6 Form 15 Filing.

              	
                40

              
	
                SECTION
                  8.7 Report on Assessment of Compliance and Attestation.

              	
                40

              
	
                SECTION
                  8.8 Amendments.

              	
                41

              
	 	 
	
                ARTICLE
                  IX MISCELLANEOUS PROVISIONS

              	
                41

              
	
                SECTION
                  9.1 Amendment.

              	
                41

              
	
                SECTION
                  9.2 Recordation of Agreement; Counterparts.

              	
                42

              
	
                SECTION
                  9.3 Governing Law.

              	
                42

              
	
                SECTION
                  9.4 Intention of Parties.

              	
                43

              
	
                SECTION
                  9.5 Notices.

              	
                43

              
	
                SECTION
                  9.6 Severability of Provisions.

              	
                44

              
	
                SECTION
                  9.7 Limitation on Rights of Certificateholders.

              	
                44

              
	
                SECTION
                  9.8 Certificates Nonassessable and Fully Paid.

              	
                45

              
	
                SECTION
                  9.9 Limitations on Actions; No Proceedings.

              	
                45

              

      

    

     

    EXHIBITS

    

      
        	
                Exhibit
                  A:

              	
                Form
                  of Class A-1 Certificate

              	
                A-1

              
	
                Exhibit
                  B:

              	
                Form
                  of Reverse of Certificates

              	
                D-1

              
	
                Exhibit
                  C:

              	
                Form
                  of Annual Certification (Trustee)

              	
                I-1

              
	
                Exhibit
                  D:

              	
                List
                  of Item 1119 Parties

              	
                J-1

              

      

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    THIS
      POOLING AGREEMENT, dated as of May 31, 2006, between FIRST HORIZON ASSET
      SECURITIES INC., a Delaware corporation, as depositor (the “Depositor”), and THE
      BANK OF NEW YORK, a banking corporation organized under the laws of the State
      of
      New York, as trustee (the “Trustee”).

     

    WITNESSETH
      THAT

     

    In
      consideration of the mutual agreements herein contained, the parties hereto
      agree as follows:

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates. For federal income tax purposes, the Class
      A-1
      Certificates will represent an interest in a grantor trust and will represent
      the right to receive distributions on the Underlying Certificate and will also
      represent the right to receive the Yield Supplement Amounts. 

     

    The
      following table sets forth characteristics of the Class A-1 Certificates,
      together with the minimum denomination and integral multiple in excess thereof
      in which the Class A-1 Certificate shall be issuable (except that one Class
      A-1
      Certificate may be issued in a different amount):

     

    [Remainder
      of Page Intentionally Left Blank]

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

      
        	
                Class
                  Designation

              	 	
                Initial
                  Class 

                Certificate
                  Balance

              	 	
                Initial
                  

                Pass-Through
                  Rate

              	 	
                Minimum
                  Denominations

              	 	
                Integral
                  Multiples in Excess Minimum

              
	
                Class
                  A-1

              	 	
                $114,341,872.57

              	 	
                (1)

              	 	
                $25,000

              	 	
                $1,000

              

      

    

     

    (1)
      The
      Pass-Through Rate with respect to any Distribution Date for the Class A-1
      Certificates is the per annum rate equal to (a) 5.58125% with respect to the
      first Distribution Date, and (b) thereafter, the lesser of (i) LIBOR plus 0.500%
      and (ii) 5.500%, subject to a minimum rate of 0.500%. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              Accretion
                Directed Certificates

            	
              None.

            
	
              Accrual
                Certificates

            	
              None.

            
	
              Accrual
                Components

            	
              None.

            
	
              Book-Entry
                Certificates

            	
              All
                Classes of Certificates other than the Physical
                Certificates.

            
	
              Certificate
                Group

            	
              Not
                Applicable.

            
	
              COFI
                Certificates

            	
              None.

            
	
              Component
                Certificates

            	
              None.

            
	
              Components

            	
              None.

            
	
              Delay
                Certificates

            	
              All
                interest-bearing Classes of Certificates other than the Non-Delay
                Certificates, if any.

            
	
              ERISA-Restricted
                Certificates

            	
              None.

            
	
              Floating
                Rate Certificates

            	
              The
                LIBOR Certificates.

            
	
              Group
                I Senior Certificates

            	
              Not
                Applicable.

            
	
              Group
                II Senior Certificates

            	
              Not
                Applicable.

            
	
              Inverse
                Floating Rate Certificates

            	
              None.

            
	
              LIBOR
                Certificates

            	
              The
                Class A-1 Certificates.

            
	
              NAS
                Certificates

            	
              None.

            
	
              Non-Delay
                Certificates

            	
              The
                LIBOR Certificates.

            
	
              Notional
                Amount Certificates

            	
              None.

            
	
              Offered
                Certificates

            	
              The
                Class A-1 Certificates.

            
	
              Physical
                Certificates

            	
              None.

            
	
              Planned
                Principal Classes

            	
              None.

            
	
              Principal
                Only Certificates

            	
              None.

            
	
              Private
                Certificates

            	
              None.

            
	
              Rating
                Agencies

            	
              S&P
                and Moody’s.

            
	
              Regular
                Certificates

            	
              None.

            
	
              Residual
                Certificates

            	
              None.

            
	
              Retail/Lottery
                Certificates

            	
              None.
                

            
	
              Scheduled
                Certificates

            	
              None.

            
	
              Senior
                Certificates

            	
              The
                Offered Certificates.

            
	
              Senior
                Mezzanine Certificates

            	
              None.

            
	
              Subordinated
                Certificates

            	
              None.

            
	
              Super
                Senior Certificates

            	
              None.

            
	
              Support
                Classes

            	
              None.

            
	
              Targeted
                Principal Classes

            	
              None.
                

            
	
              Underwriter

            	
              UBS
                Securities LLC.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    With
      respect to any of the foregoing designations as to which the corresponding
      reference is “None,” all defined terms and provisions herein relating solely to
      such designations shall be of no force or effect, and any calculations herein
      incorporating references to such designations shall be interpreted without
      reference to such designations and amounts. Defined terms and provisions herein
      relating to statistical rating agencies not designated above as Rating Agencies
      shall be of no force or effect.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the following meanings:

     

    Accretion
      Directed Certificates: Not applicable. 

     

    Accretion
      Termination Date: Not applicable.

     

    Accrual
      Amount: Not applicable.

     

    Accrual
      Certificates: Not applicable.

     

    Accrued
      Certificate Interest: For any Class of Certificates entitled to distributions
      of
      interest for any Distribution Date, the interest accrued during the related
      Interest Accrual Period at the applicable Pass-Through Rate on the Class
      Certificate Balance of such Class of Certificates immediately prior to such
      Distribution Date. 

     

    Additional
      Designated Information: As defined in Section 8.2.

     

    Agreement:
      This Pooling Agreement and all amendments or supplements hereto.

     

    Available
      Funds: With respect to any Distribution Date, an amount equal to the sum of
      the
      Available Interest Collections, the Available Principal Collections and the
      Underlying Yield Supplement Amounts, if any, for such Distribution
      Date.

     

    Available
      Interest Collections: With respect to any Distribution Date and the Underlying
      Certificates, all collections of interest received in respect of the Underlying
      Certificates on such Distribution Date, excluding any Underlying Yield
      Supplement Amounts.

     

    Available
      Principal Collections: With respect to any Distribution Date and the Underlying
      Certificates, all collections of principal received in respect of the Underlying
      Certificates on such Distribution Date.

     

    Book-Entry
      Certificates: As specified in the Preliminary Statement.

     

    Business
      Day: Any day other than (i) a Saturday or a Sunday, or (ii) a day on which
      banking institutions in the City of Dallas, or the State of Texas or 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 one of the Certificates executed by the Trustee in substantially the forms
      attached hereto as exhibits.

     

    Certificate
      Owner: With respect to a Book-Entry Certificate, the Person who is the
      beneficial owner of such Book-Entry Certificate.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Certificate
      Purchase Agreement: The Certificate Purchase Agreement dated as of May 31,
      2006,
      by and between Citigroup Global Markets, Inc., as seller, and First Horizon
      Asset Securities Inc., as purchaser, as related to the transfer, sale and
      conveyance of the Underlying Certificates.

     

    Certificate
      Principal Balance: With respect to any Certificate and as of any Distribution
      Date, the Certificate Principal Balance on the date of the initial issuance
      of
      such Certificate, as reduced by:

     

    
      	 	
              (a)

            	
              all
                amounts distributed on previous Distribution Dates on such Certificate
                on
                account of principal, and

            

    

     

    
      	 	
              (b)

            	
              the
                principal portion of all Realized Losses previously allocated to
                such
                Certificate.

            

    

     

    Certificate
      Register: The register maintained pursuant to Section 5.2 hereof.

     

    Certificateholder
      or Holder: The person in whose name a Certificate is registered in the
      Certificate Register, except that, solely for the purpose of giving any consent
      pursuant to this Agreement, any Certificate registered in the name of the
      Depositor or the Seller or any affiliate or agent of the Depositor or the Seller
      shall be deemed not to be Outstanding and the Percentage Interest evidenced
      thereby shall not be taken into account in determining whether the requisite
      amount of Percentage Interests necessary to effect such consent has been
      obtained; provided, however, that if any such Person (including the Depositor)
      owns 100% of the Percentage Interests evidenced by a Class of Certificates,
      such
      Certificates shall be deemed to be Outstanding for purposes of any provision
      hereof that requires the consent of the Holders of Certificates of a particular
      Class as a condition to the taking of any action hereunder. The Trustee is
      entitled to rely conclusively on a certification of the Depositor or any
      affiliate of the Depositor in determining which Certificates are registered
      in
      the name of an affiliate of the Depositor.

     

    Certification
      Party: As defined in Section 8.5.

     

    Certifying
      Person: As defined in Section 8.5.

     

    Class:
      All Certificates bearing the same class designation as set forth in the
      Preliminary Statement.

     

    Class
      Certificate Balance: With respect to any Class of Certificates and as of any
      Distribution Date the aggregate of the Certificate Principal Balances of all
      Certificates of such Class as of such date.

     

    Closing
      Date: May 31, 2006.

     

    Code:
      The
      Internal Revenue Code of 1986, including any successor or amendatory
      provisions.

     

    Corporate
      Trust Office: The designated office of the Trustee in the State of New York
      at
      which at any particular time its corporate trust business with respect to this
      Agreement shall be administered, which office at the date of the execution
      of
      this Agreement is located at The Bank of New York, 101 Barclay Street, 8E,
      New
      York, New York 10286 (Attn: Corporate Trust, Resecuritization Unit - First
      Horizon Asset Securities Inc. Series 2006-RE2), facsimile no. (212) 815-3115,
      and which is the address to which notices to and correspondence with the Trustee
      should be directed.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Corridor
      Contract: The transaction evidenced by that certain Confirmation between the
      Separate Interest Trust and the Corridor Contract Counterparty with a Trade
      Date
      of May 24, 2006 and a reference number of 897987. 

     

    Corridor
      Contract Counterparty: Swiss Re Financial Products Corporation and its
      successors and permitted assigns.

     

    Corridor
      Contract Notional Balance: For any Distribution Date, the amount specified
      as
      such in the Corridor Contract.

     

    Corridor
      Contract Termination Date: The Distribution Date occurring in February
      2018.

     

    Corridor
      Residual Owner: As specified in Section 3.5(b).

     

    Definitive
      Certificates: Any Certificate evidenced by a Physical Certificate and any
      Certificate issued in lieu of a Book-Entry Certificate pursuant to Section
      5.2(e).

     

    Delay
      Certificates: As specified in the Preliminary Statement.

     

    Denomination:
      With respect to each Certificate, the amount set forth on the face thereof
      as
      the “Initial Certificate Balance of this Certificate” or the Percentage Interest
      appearing on the face thereof.

     

    Depositor:
      First Horizon Asset Securities Inc., a Delaware corporation, or its successor
      in
      interest.

     

    Depository:
      The initial Depository shall be The Depository Trust Company, the nominee of
      which is CEDE & Co., as the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(a)(5) 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: As to any Distribution Date, the earlier of (i) the third Business Day
      after the 15th day of each month, and (ii) the second Business Day prior to
      the
      related Distribution Date.

     

    Distribution
      Account: The separate Eligible Account created and maintained by the Trustee
      pursuant to Section 3.5 in the name of the Trustee for the benefit of the
      Certificateholders and designated “The Bank of New York, in trust for registered
      Holders of First Horizon Asset Securities Inc. Mortgage Pass-Through
      Certificates, Series 2006-RE2.” Funds in the Distribution Account shall be held
      in trust for the Certificateholders for the uses and purposes set forth in
      this
      Agreement.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Distribution
      Account Deposit Date: As to any Distribution Date, 10:00 a.m. Central time
      on
      such Distribution Date.

     

    Distribution
      Date: The 25th day of each calendar month after the initial issuance of the
      Certificates, or if such 25th day is not a Business Day, the next succeeding
      Business Day, commencing in June 2006.

     

    EDGAR:
      The SEC’s Electronic Data Gathering, Analysis and Retrieval system.

     

    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 debt
      obligations of such holding company) have the highest short-term ratings of
      each
      Rating Agency at the time any amounts are held on deposit therein, or (ii)
      an
      account or accounts in a depository institution or trust company in which such
      accounts are insured by the FDIC or the SAIF (to the limits established by
      the
      FDIC or the SAIF, as applicable) and the uninsured deposits in which accounts
      are otherwise secured such that, as evidenced by an Opinion of Counsel delivered
      to the Trustee and to each Rating Agency, the Certificateholders have a claim
      with respect to the funds in such account or a perfected first priority security
      interest against any collateral (which shall be limited to Permitted
      Investments) securing such funds that is superior to claims of any other
      depositors or creditors of the depository institution or trust company in which
      such account is maintained, or (iii) a trust account or accounts maintained
      with
      (a) the trust department of a federal or state chartered depository institution
      or (b) a trust company, acting in its fiduciary capacity or (iv) any other
      account acceptable to each Rating Agency. Eligible Accounts may bear interest,
      and may include, if otherwise qualified under this definition, accounts
      maintained with the Trustee.

     

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

     

    ERISA-Qualifying
      Underwriting: With respect to any ERISA-Restricted Certificate, a best efforts
      or firm commitment underwriting or private placement that meets the requirements
      of the Underwriters’ Exemption.

     

    ERISA-Restricted
      Certificate: As specified in the Preliminary Statement.

     

    Exchange
      Act: The Securities Exchange Act of 1934, as amended, and the rules and
      regulations promulgated thereunder.

     

    Exchange
      Act Reports: Any reports on Form 10-D, Form 8-K and Form 10-K required to be
      filed by the Depositor with respect to the Trust Fund under the Exchange
      Act.

     

    Final
      Scheduled Distribution Date: For all the Certificates is the Distribution Date
      on which the Underlying Final Scheduled Distribution Date
      occurs.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    FIRREA:
      The Financial Institutions Reform, Recovery, and Enforcement Act of
      1989.

     

    First
      Horizon: First Horizon Home Loan Corporation, a Kansas corporation and an
      indirect wholly owned subsidiary of First Horizon National Corporation, a
      Tennessee corporation.

     

    Fitch:
      Fitch Ratings and its successors and/or assigns. If Fitch is designated as
      a
      Rating Agency in the Preliminary Statement, for purposes of Section 11.5(b)
      the
      address for notices to Fitch shall be Fitch, Inc., One State Street Plaza,
      New
      York, New York 10004, Attention: Residential Mortgage Surveillance Group, or
      such other address as Fitch may hereafter furnish to the Depositor.

     

    Form
      10-D
      Disclosure Item: With respect to any Person, any material litigation or
      governmental proceedings pending against such Person, or against any of the
      Trust Fund, the Depositor, the Trustee or any Co-Trustee if such Person has
      actual knowledge thereof.

     

    Form
      10-K
      Disclosure Item: With respect to any Person, (a) any Form 10-D Disclosure Item,
      and (b) any affiliations or relationships between such Person and any Item
      1119
      Party.

     

    Indirect
      Participant: A broker, dealer, bank or other financial institution or other
      Person that clears through or maintains a custodial relationship with a
      Depository Participant.

     

    Initial
      Component Balance: Not applicable.

     

    Initial
      LIBOR Rate: 5.08125%.

     

    Interest
      Accrual Period: With respect to each Class of Delay Certificates and any
      Distribution Date, the calendar month prior to the month of such Distribution
      Date. With respect to any Non-Delay Certificates and any Distribution Date,
      the
      one month period commencing on the 25th day of the month preceding the month
      in
      which such Distribution Date occurs and ending on the 24th day of the month
      in
      which such Distribution Date occurs.

     

    Item
      1119
      Party: The Depositor, the Trustee, any originator identified in the Prospectus
      Supplement and any other material transaction party, as identified in Exhibit
      D
      hereto, as updated pursuant to Section 8.4.

     

    Latest
      Possible Maturity Date: The Distribution Date following the third anniversary
      of
      the scheduled maturity date of the Underlying Mortgage Loans having the latest
      scheduled maturity date as of the cut-off date specified in the Underlying
      PSA.

     

    LIBOR:
      The London interbank offered rate for one month United States dollar deposits
      calculated in the manner described in Section 3.7.

     

    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.

     

    LIBOR
      Certificates: As specified in the Preliminary Statement.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    LIBOR
      Determination Date: For the LIBOR Certificates, the second LIBOR Business Day
      immediately preceding the commencement of each Interest Accrual Period for
      each
      LIBOR Certificate.

     

    Majority
      in Interest: As to any Class of Regular Certificates, the Holders of
      Certificates of such Class evidencing, in the aggregate, at least 51% of the
      Percentage Interests evidenced by all Certificates of such Class.

     

    Master
      Servicer: First Horizon Home Loan Corporation, a Kansas corporation, and its
      successors and assigns, in its capacity as master servicer of the Underlying
      Mortgage Loans pursuant to the Underlying PSA.

     

    Monthly
      Statements: The statements to be delivered to the Certificateholders pursuant
      to
      Section 3.4.

     

    Moody’s:
      Moody’s Investors Service, Inc. and its successors and/or assigns. If Moody’s is
      designated as a Rating Agency in the Preliminary Statement, for purposes of
      Section 11.5(b) the address for notices to Moody’s shall be Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10007, Attention:
      Residential Pass-Through Monitoring, or such other address as Moody’s may
      hereafter furnish to the Depositor.

     

    Notice
      of
      Final Distribution: The notice to be provided pursuant to Section 9.2 to the
      effect that final distribution on any of the Certificates shall be made only
      upon presentation and surrender thereof.

     

    Offered
      Certificates: As specified in the Preliminary Statement.

     

    Officer’s
      Certificate: A Certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President, a Managing Director, a Vice President
      (however denominated), an Assistant Vice President, the Treasurer, the
      Secretary, or one of the Assistant Treasurers or Assistant Secretaries of the
      Depositor.

     

    Opinion
      of Counsel: A written opinion of counsel, who may be counsel for the Depositor,
      including, in-house counsel, reasonably acceptable to the Trustee.

     

    Optional
      Termination: The termination of the trust created hereunder in connection with
      the purchase of the Underlying Certificates pursuant to Section 9.1(a)
      hereof.

     

    Outstanding:
      With respect to the Certificates as of any date of determination, all
      Certificates theretofore executed and authenticated under this Agreement
      except:

     

    
      	 	
              (c)

            	
              Certificates
                theretofore canceled by the Trustee or delivered to the Trustee for
                cancellation; and

            

    

     

    
      	 	
              (d)

            	
              Certificates
                in exchange for which or in lieu of which other Certificates have
                been
                executed and delivered by the Trustee pursuant to this
                Agreement.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Pass-Through
      Rate: For any interest bearing Class of Certificates, the per annum rate set
      forth or calculated in the manner described in the Preliminary
      Statement.

     

    Percentage
      Interest: As to any Certificate, the percentage interest evidenced thereby
      in
      distributions required to be made on the related Class, such percentage interest
      being set forth on the face thereof or equal to the percentage obtained by
      dividing the Denomination of such Certificate by the aggregate of the
      Denominations of all Certificates of the same Class.

     

    Permitted
      Investments: At any time, any one or more of the following obligations and
      securities:

     

    
      	 	
              (i)

            	
              obligations
                of the United States or any agency thereof, provided such obligations
                are
                backed by the full faith and credit of the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              general
                obligations of or obligations guaranteed by any state of the United
                States
                or the District of Columbia receiving the highest long-term debt
                rating of
                each Rating Agency;

            

    

     

    
      	 	
              (iii)

            	
              commercial
                or finance company paper which is then receiving the highest commercial
                or
                finance company paper rating of each Rating
                Agency;

            

    

     

    
      	 	
              (iv)

            	
              certificates
                of deposit, demand or time deposits, or bankers’ acceptances issued by any
                depository institution or trust company incorporated under the laws
                of the
                United States or of any state thereof and subject to supervision
                and
                examination by federal and/or state banking authorities, provided
                that the
                commercial paper and/or long term unsecured debt obligations of such
                depository institution or trust company (or in the case of the principal
                depository institution in a holding company system, the commercial
                paper
                or long-term unsecured debt obligations of such holding company,
                but only
                if Moody’s is not a Rating Agency) are then rated one of the two highest
                long-term and/or the highest short-term ratings of each Rating Agency
                for
                such securities;

            

    

     

    
      	 	
              (v)

            	
              demand
                or time deposits or certificates of deposit issued by any bank or
                trust
                company or savings institution to the extent that such deposits are
                fully
                insured by the FDIC and receiving the highest short-term debt rating
                of
                each Rating Agency;

            

    

     

    
      	 	
              (vi)

            	
              guaranteed
                reinvestment agreements issued by any bank, insurance company or
                other
                corporation and receiving the highest short-term debt rating of each
                Rating Agency and containing, at the time of the issuance of such
                agreements, such terms and conditions as will not result in the
                downgrading or withdrawal of the rating then assigned to the Certificates
                by either Rating Agency;

            

    

     

    
      	 	
              (vii)

            	
              repurchase
                obligations with respect to any security described in clauses (i)
                and (ii)
                above, in either case entered into with a depository institution
                or trust
                company (acting as principal) described in clause (iv)
                above;

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	 	
              (viii)

            	
              securities
                (other than stripped bonds, stripped coupons or instruments sold
                at a
                purchase price in excess of 115% of the face amount thereof) bearing
                interest or sold at a discount issued by any corporation incorporated
                under the laws of the United States or any state thereof which, at
                the
                time of such investment, have one of the two highest ratings of each
                Rating Agency (except if the Rating Agency is Moody’s or S&P, such
                rating shall be the highest commercial paper rating of Moody’s or S&P,
                as applicable, for any such
                securities);

            

    

     

    
      	 	
              (ix)

            	
              units
                of a taxable money-market portfolio having the highest rating assigned
                by
                each Rating Agency (except if Fitch is a Rating Agency and has not
                rated
                the portfolio, the highest rating assigned by Moody’s) and restricted to
                obligations issued or guaranteed by the United States of America
                or
                entities whose obligations are backed by the full faith and credit
                of the
                United States of America and repurchase agreements collateralized
                by such
                obligations; and

            

    

     

    
      	 	
              (x)

            	
              such
                other investments bearing interest or sold at a discount acceptable
                to
                each Rating Agency as will not result in the downgrading or withdrawal
                of
                the rating then assigned to the Certificates by either Rating Agency,
                as
                evidenced by a signed writing delivered by each Rating
                Agency;

            

    

     

    provided that
      no such
      instrument shall be a Permitted Investment if such instrument evidences the
      right to receive interest only payments with respect to the obligations
      underlying such instrument.

     

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

     

    Physical
      Certificates: As specified in the Preliminary Statement.

     

    Plan:
      An
      employee benefit plan or other retirement arrangement which is subject to
      Section 406 of ERISA and/or Section 4975 of the Code or any entity whose
      underlying assets include such plan’s or arrangement’s assets by reason of their
      investment in the entity.

     

    Private
      Certificates: As specified in the Preliminary Statement.

     

    Prospectus:
      The Prospectus dated April 20, 2006 generally relating to mortgage pass-through
      certificates to be sold by the Depositor from time to time.

     

    Prospectus
      Supplement: The Prospectus Supplement, dated May __, 2006, relating to the
      Offered Certificates.

     

    Rating
      Agency: Each of the Rating Agencies specified in the Preliminary Statement.
      If
      any such organization or a successor is no longer in existence, “Rating Agency”
shall be such nationally recognized statistical rating organization, or other
      comparable Person, as is designated by the Depositor, notice of which
      designation shall be given to the Trustee. References herein to a given rating
      category of a Rating Agency shall mean such rating category without giving
      effect to any modifiers.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Record
      Date: With respect to any Distribution Date, the close of business on the last
      Business Day of the month preceding the month in which such Distribution Date
      occurs.

     

    Reference
      Bank: A leading bank with an established place of business in London engaged
      in
      transactions in Eurodollar deposits in the international Eurocurrency market,
      not controlled by, or under the common control with, the Trustee.

     

    Regular
      Certificates: As specified in the Preliminary Statement.

     

    Regulation
      AB: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the SEC in the
      adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
      70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the SEC, or as
      may
      be provided by the SEC or its staff from time to time.

     

    Reportable
      Event: Any event required to be reported on Form 8-K, and in any event, the
      following:

     

    (a) entry
      into a definitive agreement related to the Trust Fund, the Certificates or
      the
      Underlying Certificates, or an amendment to a Transaction Document, even if
      the
      Depositor is not a party to such agreement (e.g., a servicing agreement with
      a
      servicer contemplated by Item 1108(a)(3) of Regulation AB);

     

    (b) termination
      of this Agreement or any other document entered into in connection with the
      Trust Fund, the Certificates or the Underlying Certificates (other than by
      expiration of the applicable agreement on its stated termination date or as
      a
      result of all parties completing their obligations under such agreement), even
      if the Depositor is not a party to such agreement (e.g., a servicing agreement
      with a servicer contemplated by Item 1108(a)(3) of Regulation AB);

     

    (c) with
      respect to the Depositor only, if the Depositor becomes aware of any bankruptcy
      or receivership with respect to the Depositor, the Trustee, the Co-Trustee,
      any
      enhancement or support provider contemplated by Items 1114(b) or 1115 of
      Regulation AB, or any other material party contemplated by Item 1101(d)(1)
      of
      Regulation AB;

     

    (d) the
      occurrence of an early amortization, performance trigger or other
      event;

     

    (e) the
      resignation, removal, replacement, substitution of the Trustee or any
      Co-Trustee;

     

    (f) with
      respect to the Depositor only, if the Depositor becomes aware that (i) any
      material enhancement or support specified in Item 1114(a)(1) through (3) of
      Regulation AB or Item 1115 of Regulation AB that was previously applicable
      regarding one or more classes of the Certificates has terminated other than
      by
      expiration of the contract on its stated termination date or as a result of
      all
      parties completing their obligations under such agreement; (ii) any material
      enhancement specified in Item 1114(a)(1) through (3) of Regulation AB or Item
      1115 of Regulation AB has been added with respect to one or more classes of
      the
      Certificates; or (iii) any existing material enhancement or support specified
      in
      Item 1114(a)(1) through (3) of Regulation AB or Item 1115 of Regulation AB
      with
      respect to one or more classes of the Certificates has been materially amended
      or modified; and 

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (g) a
      required distribution to Holders of the Certificates is not made as of the
      required Distribution Date under this Agreement.

     

    Reserve
      Fund: A fund created as part of the Separate Interest Trust pursuant to Section
      3.5(a) of this Agreement.

     

    Residual
      Certificates: As specified in the Preliminary Statement.

     

    Responsible
      Officer: When used with respect to the Trustee, any Vice President, any
      Assistant Vice President, the Secretary, any Assistant Secretary, any Trust
      Officer or any other officer of the Trustee customarily performing functions
      similar to those performed by any of the above designated officers and having
      direct responsibility for the administration of this Agreement and also to
      whom,
      with respect to a particular matter, such matter is referred because of such
      officer’s knowledge of and familiarity with the particular subject.

     

    Sarbanes-Oxley
      Certification: As defined in Section 8.5.

     

    SEC:
      The
      U.S. Securities and Exchange Commission.

     

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

     

    Seller:
      Citigroup Global Markets, Inc., a [Delaware] corporation, and its successors
      and
      assigns, in its capacity as seller of the Underlying Certificates pursuant
      to
      the Certificate Purchase Agreement.

     

    Separate
      Interest Trust: A trust created pursuant to Section 3.6(a) of this
      Agreement.

     

    Servicing
      Criteria: The “servicing criteria” set forth in Item 1122(d) of Regulation
      AB.

     

    S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and its
      successors and/or assigns. If S&P is designated as a Rating Agency in the
      Preliminary Statement, for purposes of Section 11.5(b) the address for notices
      to S&P shall be Standard & Poor’s, 55 Water Street, 41st Floor, New
      York, New York 10041, Attention: Mortgage Surveillance Monitoring, or such
      other
      address as S&P may hereafter furnish to the Depositor.

     

    Startup
      Day: The Closing Date.

     

    Trust
      Fund: The corpus of the trust created hereunder consisting of (i) the Underlying
      Certificates and all collections received by the Trustee on or with respect
      thereto after the Closing Date; (ii) all of the Depositor’s rights as purchaser
      under the Certificate Purchase Agreement; (iii) the Distribution Account and
      all
      amounts deposited therein pursuant to the applicable provisions of this
      Agreement; and (iv) all proceeds of the conversion, voluntary or involuntary,
      of
      any of the foregoing.

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Trustee:
      The Bank of New York and its successors and, if a successor trustee is appointed
      hereunder, such successor.

     

    Underlying
      Certificates: A 68.2488509% interest in the Class I-A-1 Certificates issued
      pursuant to the Underlying PSA. 

     

    Underlying
      Corridor Contract: The “Class I-A-1 Corridor Contract” as such term is defined
      in the Underlying PSA.

     

    Underlying
      Final Scheduled Distribution Date: The last scheduled distribution date for
      the
      Underlying Certificates as described in the Underlying Prospectus
      Supplement.

     

    Underlying
      Monthly Statement: The statement delivered to the holders of the Underlying
      Certificates pursuant to Section 4.6 of the Underlying PSA.

     

    Underlying
      Prospectus Supplement: The Prospectus Supplement dated February 25, 2005 to
      the
      Prospectus dated February 25, 2005 with respect to the offering of the
      Underlying Certificates.

     

    Underlying
      PSA: The Pooling and Servicing Agreement dated as of February 1, 2005 by and
      among the Depositor, the Master Servicer and the Trustee pursuant to which
      the
      Underlying Certificates were issued.

     

    Underlying
      Yield Supplement Amount: 68.2488509 % of the “Class I-A-1 Yield Supplement
      Amount” as such term is defined in the Underlying PSA.

     

    Underwriter:
      As specified in the Preliminary Statement.

     

    Underwriters’
      Exemption: An individual administrative exemption granted by the U.S. Department
      of Labor to the Underwriter providing exceptions from some of the prohibited
      transaction rules of ERISA with respect to the initial purchase, the holding
      and
      the subsequent resale by employee benefit plans in certificates in pass-through
      trusts having assets and meeting conditions described therein, as amended by
      Prohibited Transaction Exemption 2000-58 (65 Fed. Reg. 67765, November 13,
      2000), as amended, and Prohibited Transaction Exemption 2002-41 (67 Fed. Reg.
      54487, August 22, 2002), as amended (or any successor thereto), or any
      substantially similar administrative exemption granted by the U.S. Department
      of
      Labor.

     

    Voting
      Rights: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. As of any date of determination, 100% of all
      Voting Rights will be allocated among all Holders of the Certificates in
      proportion to their then outstanding Class Certificate Balance.

     

    Yield
      Supplement Amount: For any Distribution Date on or prior to the Corridor
      Contract Termination date on which the LIBOR exceeds 5.00%, an amount equal
      to
      interest for the related Interest Accrual Period on the lesser of (a) the Class
      Certificate Balance of the Class A-1 Certificates immediately prior to such
      Distribution Date, less 68.2488509% of the notional balance of the Underlying
      Corridor Contract, or (b) the Class A-1 Corridor Contract Notional Balance
      for
      such Distribution Date at a rate equal to one twelfth of the excess of (i)
      the
      lesser of LIBOR and 9.00% over (ii) 5.00%.

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

    CONVEYANCE
      OF TRUST FUND; 

    REPRESENTATIONS
      AND WARRANTIES

     

    SECTION
      2.1 Conveyance of Trust Fund. 

     

    The
      Depositor, concurrently with the execution and delivery hereof, hereby sells,
      transfers, assigns, sets over and otherwise conveys to the Trustee for the
      benefit of the Certificateholders, without recourse, all the right, title and
      interest of the Depositor in and to the Trust Fund together with the Depositor’s
      right to require the Seller to cure any breach of a representation or
      warranty made by the Seller pursuant to the Certificate Purchase
      Agreement.

     

    SECTION
      2.2 Acceptance by Trustee of the Trust Fund.

     

    The
      Trustee acknowledges receipt of the Underlying Certificates and the other assets
      constituting the Trust Fund and declares that it will hold the Underlying
      Certificates and such other assets as are included in the Trust Fund in trust
      for the exclusive use and benefit of all present and future Certificateholders.
      

     

    SECTION
      2.3 Representations and Warranties of the Depositor as to the Underlying
      Certificates.

     

    The
      Depositor hereby represents and warrants to the Trustee with respect to each
      Underlying Certificate as of the date hereof or such other date set forth herein
      that as of the Closing Date, and following the transfer of the Underlying
      Certificates to it pursuant to the Certificate Purchase Agreement and
      immediately prior to the conveyance of the Underlying Certificates by it to
      the
      Trustee pursuant to Section 2.1 hereof, the Depositor had good title to the
      Underlying Certificates, free and clear of any liens, offsets, defenses or
      counterclaims.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.3 shall survive delivery of the Underlying Certificates to the
      Trustee. Upon discovery by the Depositor or the Trustee of a breach of the
      foregoing representation and warranty (referred to herein as a “breach”), which
      breach materially and adversely affects the interest of the Certificateholders,
      the party discovering such breach shall give prompt written notice to the others
      and to each Rating Agency. 

     

    ARTICLE
      III

    COLLECTIONS
      ON THE UNDERLYING CERTIFICATES; DISTRIBUTIONS ON THE
      CERTIFICATES

     

    SECTION
      3.1 Collections on the Underlying Certificates; Distribution
      Account.

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
      	 	
              (a)

            	
              The
                Trustee shall establish and maintain, on behalf of the Certificateholders,
                the Distribution Account. The Trustee shall, promptly upon receipt,
                deposit in the Distribution Account and retain therein the
                following:

            

    

     

    
      	 	
              (i)

            	
              the
                Available Funds collected in respect of the Underlying Certificates
                on
                each Distribution Date; and

            

    

     

    
      	 	
              (ii)

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

            

    

     

    All
      funds
      deposited in the Distribution Account shall be held by the Trustee in trust
      for
      the related Certificateholders until disbursed in accordance with this
      Agreement. In no event shall the Trustee incur liability for withdrawals from
      the Distribution Account at the direction of the Depositor.

     

    
      	 	
              (b)

            	
              The
                funds on deposit in the Distribution Account from time to time shall
                remain uninvested.

            

    

     

    
      	 	
              (c)

            	
              On
                each Distribution Date, the Trustee shall withdraw funds from the
                Distribution Account for distributions to the related Certificateholders
                in the manner specified in this Agreement; provided that the Trustee
                will
                withhold from the amounts so withdrawn the amount of any taxes that
                it is
                authorized to withhold pursuant to the last paragraph of Section
                6.11 of
                this Agreement.

            

    

     

    SECTION
      3.2 Distributions on the Certificates.

     

    
      	 	
              (a)

            	
              On
                each Distribution Date, the Trustee shall withdraw the Available
                Interest
                Collections from the Distribution Account and apply such funds in
                the
                following order and priority and, in each case, to the extent of
                Available
                Interest Collections remaining:

            

    

     

    
      	 	
              (i)

            	
              to
                the Depositor and/or the Trustee, as applicable, any amounts owed
                to such
                Persons as payment for or reimbursement of their respective expenses
                and
                indemnities under Sections 5.3 and 6.2 of this
                Agreement;

            

    

     

    
      	 	
              (ii)

            	
              to
                the Holders of the Class A-1 Certificates, the Accrued Certificate
                Interest on such Class for such Distribution Date;
                and

            

    

     

    
      	 	
              (iii)

            	
              to
                the Holders of the Class A-1 Certificates, any Accrued Certificate
                Interest thereon remaining undistributed from previous Distribution
                Dates.

            

    

     

    
      	 	
              (b)

            	
              On
                each Distribution Date, the Trustee shall withdraw the Underlying
                Yield
                Supplement Amount, if any, from the Distribution Account and shall
                distribute such amount to the Holders of the Class A-1 Certificates
                as an
                additional distribution of interest
                thereon.

            

    

     

    
      	 	
              (c)

            	
              On
                each Distribution Date, the Trustee shall withdraw the Available
                Principal
                Collections from the Distribution Account and shall distribute such
                funds
                to the Holders of the Class A-1 Certificates in reduction of the
                Class
                Certificate Balance thereof.

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    SECTION
      3.3 Method of Distribution.

     

    
      	 	
              (a)

            	
              All
                distributions with respect to each Class of Certificates on each
                Distribution Date shall be made pro
                rata
                among the outstanding Certificates of such Class, based on the Percentage
                Interest in such Class represented by each Certificate. Payments
                to the
                Certificateholders on each Distribution Date will be made by the
                Trustee
                to the Certificateholders of record on the related Record Date by
                check or
                money order mailed to a Certificateholder at the address appearing
                in the
                Certificate Register, or upon written request by such Certificateholder
                to
                the Trustee made not later than the applicable Record Date, by wire
                transfer to a U.S. depository institution acceptable to the Trustee,
                or by
                such other means of payment as such Certificateholder and the Trustee
                shall agree. 

            

    

     

    
      	 	
              (b)

            	
              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 financial intermediary for which it acts as agent. Each
                such
                financial intermediary 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
                applicable Certificates. The Trustee shall not have any responsibility
                therefor except as otherwise provided by applicable
                law.

            

    

     

    
      	 	
              (c)

            	
              The
                Trustee shall withhold or cause to be withheld such amounts as it
                reasonably determines are required by the Code (giving full effect
                to any
                exemptions from withholding and related certifications required to
                be
                furnished by Certificateholders or Certificate Owners and any reductions
                to withholding by virtue of any bilateral tax treaties and any applicable
                certification required to be furnished by Certificateholders or
                Certificate Owners with respect thereto) from distributions to be
                made to
                Non-U.S. Persons. If the Trustee reasonably determines that a more
                accurate determination of the amount required to be withheld for
                a
                distribution can be made within a reasonable period after the scheduled
                date for such distribution, it may hold such distribution in trust
                for a
                Holder of a Residual Certificate until such determination can be
                made. For
                the purposes of this paragraph, a “Non-U.S. Person” is (i) an individual
                other than a citizen or resident of the United States, (ii) a partnership,
                corporation or entity treated as a partnership or corporation for
                U.S.
                federal income tax purposes not formed under the laws of the United
                States, any state thereof or the District of Columbia (unless, in
                the case
                of a partnership, Treasury regulations provide otherwise), (iii)
                any
                estate, the income of which is not subject to U.S. federal income
                taxation, regardless of source, and (iv) any trust, other than a
                trust
                that a court within the United States is able to exercise primary
                supervision over the administration of the trust and one or more
                U.S.
                Persons have the authority to control all substantial decisions of
                the
                trust.

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    SECTION
      3.4 Monthly Statements to Certificateholders.

     

    
      	 	
              (a)

            	
              Not
                later than each Distribution Date, the Trustee shall prepare and
                cause to
                be forwarded by first class mail to each Certificateholder, the Depositor
                and each Rating Agency the Underlying Monthly Statement for such
                Distribution Date and a statement that complies with Item 1121 of
                Regulation AB setting forth, among other things, with respect to
                the
                related distribution: 

            

    

     

    
      	 	
              (i)

            	
              the
                amount thereof allocable to
                principal;

            

    

     

    
      	 	
              (ii)

            	
              the
                amount thereof allocable to
                interest;

            

    

     

    
      	 	
              (iii)

            	
              if
                the distribution to the Holders of a Class of Certificates is less
                than
                the full amount that would be distributable to such Holders if there
                were
                sufficient Available Funds, the amount of the shortfall and the allocation
                thereof as between principal and
                interest;

            

    

     

    
      	 	
              (iv)

            	
              the
                Underlying Yield Supplement Amount, if
                any;

            

    

     

    
      	 	
              (v)

            	
              the
                Yield Supplement Amount, if any;

            

    

     

    
      	 	
              (vi)

            	
              the
                amount of expenses and indemnities paid or reimbursed to the Depositor
                and/or the Trustee pursuant to Section 3.2(a)(1);
                

            

    

     

    
      	 	
              (vii)

            	
              the
                Class Certificate Balance of the Class A-1 Certificates after giving
                effect to the distribution of principal on such Distribution Date;
                and

            

    

     

    
      	 	
              (viii)

            	
              the
                Pass-Through Rate for the Class A-1 Certificates with respect to
                such
                Distribution Date.

            

    

     

    
      	 	
              (b)

            	
              In
                lieu of, or in addition to, furnishing the Monthly Statements by
                first
                class mail as provided in subparagraph (a) above, the Trustee may
                post the
                Monthly Statements on its website located at
                www.bnyinvestorreporting.com.

            

    

     

    
      	 	
              (c)

            	
              The
                Trustee’s responsibility for disbursing the Monthly Statements to the
                Certificateholders is limited to the availability, timeliness and
                accuracy
                of the Underlying Monthly
                Statements.

            

    

     

    
      	 	
              (d)

            	
              Within
                a reasonable period of time after the end of each calendar year,
                the
                Trustee shall cause to be furnished to each Person who at any time
                during
                the calendar year was a Certificateholder, a statement containing
                the
                information set forth in clauses (a)(i) and (a)(ii) of this Section
                3.4
                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 provided by the Trustee pursuant
                to any
                requirements of the Code as from time to time in effect.
                

            

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    SECTION
      3.5 Reserve Fund.

     

    
      	 	
              (a)

            	
              On
                the Closing Date, the Trustee shall (1) establish and maintain in
                its
                name, in trust for the benefit of the holders of the Class A-1
                Certificates, the Reserve Fund, and (ii) the Depositor will deposit
                or
                cause to be deposited $1,000 in the Reserve Fund. The Reserve Fund
                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.  The Corridor Residual Owner will own the
                residual interest in the Reserve Fund. The Reserve Fund shall be
                an asset
                of the Separate Interest Trust. 

            

    

     

    
      	 	
              (b)

            	
              On
                each Distribution Date prior to the Corridor Contract Termination
                Date,
                after the deposit of amounts into the Reserve Fund on such Distribution
                Date pursuant to Section 3.6(b), the Trustee will distribute Yield
                Supplement Amount to the holders of the Class A-1 Certificates. If
                the
                Corridor Contract is terminated early, the Trustee will allocate
                the
                amount of any termination payment between the Reserve Fund and UBS
                Securities LLC, as the owner of the residual interest in the Reserve
                Fund
                (the “Corridor Residual Owner”), based on, with respect to the Reserve
                Fund, the product of (i) a fraction, the numerator of which is the
                lesser
                of (x) the Corridor Contract Notional Amount for the first Distribution
                Date on or after the early termination and (y) the Class Certificate
                Balance of the Class A-1 Certificates immediately prior to the first
                Distribution Date on or after the early termination, less 68.2488509%
                of
                the notional balance of the Underlying Corridor Contract, and the
                denominator of which is the Corridor Contract Notional Amount for
                the
                first Distribution Date on or after the early termination and (ii)
                the
                termination payment amount, and with respect to the Corridor Residual
                Owner, the remainder, if any. The Trustee shall apply the portion
                of any
                termination payment that is allocated to the Reserve Fund to pay
                the Yield
                Supplement Amount, if any on the Class A-1 Certificates, until the
                Corridor Contract Termination Date. The Trustee shall pay any amounts
                in
                excess of $1,000 remaining on deposit in the Reserve Fund on each
                Distribution Date after the foregoing distributions have been made
                (other
                than any amounts attributable to termination payments under the Corridor
                Contract) to the Corridor Residual Owner.

            

    

     

    
      	 	
              (c)

            	
              Funds
                in the Reserve Fund shall be invested in Permitted Investments. Any
                earnings on amounts in the Reserve Fund shall be for the benefit
                of the
                Corridor Residual Owner. The Corridor Residual Owner shall own the
                Reserve
                Fund for federal income tax purposes and the Corridor Residual Owner
                shall
                direct the Trustee, in writing, as to investment of amounts on deposit
                therein.  The Corridor Residual Owner shall be liable for any losses
                incurred on such investments.  In the absence of written instructions
                from the Corridor Residual Owner as to investment of funds on deposit
                in
                the Reserve Fund, such funds shall be held uninvested.
                

            

    

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    SECTION
      3.6 Separate Interest Trust.

     

    
      	 	
              (a)

            	
              The
                Depositor hereby creates a trust, separate from the Trust, for the
                benefit
                of the holders of the Class A-1 (such trust is referred to herein
                as the
                “Separate Interest Trust”) and hereby transfers, assigns and conveys the
                sum of $1.00 into the Separate Interest Trust. The Corridor Contract
                and
                the Reserve Fund will also be assets of the Separate Interest Trust.
                The
                Trustee shall be the trustee of the Separate Interest Trust and shall
                have
                no responsibility for the contents, adequacy or sufficiency of the
                Corridor Contracts, including, without limitation, the representations
                and
                warranties of the parties contained therein. The Corridor Residual
                Owner
                will own the residual interest in the Separate Interest Trust. The
                Separate Interest Trust shall not be an asset of the Trust Fund.
                

            

    

     

    
      	 	
              (b)

            	
              The
                Trustee shall deposit into the Reserve Fund any and all amounts received
                from time to time from the Corridor Contract Counterparty in respect
                of
                the Corridor Contract.

            

    

     

    
      	 	
              (c)

            	
              Upon
                termination of the Corridor Contracts and payment of all amounts
                owed by
                the Corridor Contract Counterparty thereunder, following application
                by
                the Trustee of funds on the applicable Distribution Date to pay amounts
                owed pursuant to Section 3.5(b) hereof, the Trustee shall terminate
                the
                Reserve Fund and the Separate Interest Trust. Upon termination of
                the
                Reserve Fund and the Separate Interest Trust, any amounts remaining
                in the
                Reserve Fund after payment of the Yield Supplement Amounts, if any,
                owed
                to the holders of the Class A-1 Certificates, shall be distributed
                to the
                Corridor Residual Owner.

            

    

     

    SECTION
      3.7 Determination of Pass-Through Rates for LIBOR Certificates.

     

    
      	 	
              (a)

            	
              On
                each LIBOR Determination Date so long as any LIBOR Certificates are
                outstanding, the Trustee will determine LIBOR on the basis of the
                British
                Bankers’ Association (“BBA”) “Interest Settlement Rate” for one-month
                deposits in U.S. dollars as found on Telerate page 3750 as of 11:00
                a.m.
                London time on each LIBOR Determination Date. “Telerate Page 3750” means
                the display page currently so designated on the Bridge Telerate Service
                (formerly the Dow Jones Markets) or such other page as may replace
                that
                page on that service for the purpose of displaying comparable rates
                or
                prices. LIBOR for the initial LIBOR Determination Date will be equal
                to
                the Initial LIBOR Rate. 

            

    

     

    
      	 	
              (b)

            	
              If
                LIBOR cannot be determined as provided in paragraph (a) of this Section
                4.9, the Trustee shall either (i) request each Reference Bank inform
                the
                Trustee of the quotation offered by such Reference Bank’s principal London
                office for making one-month United States dollar deposits in leading
                banks
                in the London interbank market, as of 11:00 a.m. (London time) on
                such
                LIBOR Determination Date or (ii) in lieu of making any such request,
                rely
                on such Reference Bank quotations that appear at such time on the
                Reuters
                Screen LIBO Page (as defined in the International Swap Dealers Association
                Inc. Code of Standard Wording, Assumptions and Provisions for Swaps,
                1986
                Edition) to the extent available. With respect to clause (i) above,
                LIBOR
                for the next Interest Accrual Period will be established by the Trustee
                on
                each LIBOR Determination Date as
                follows:

            

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    
      	 	
              (i)

            	
              If
                on any LIBOR Determination Date two or more Reference Banks provide
                such
                offered quotations, LIBOR for the next Interest Accrual Period shall
                be
                the arithmetic mean of such offered quotations (rounding such arithmetic
                mean upwards if necessary to the nearest whole multiple of
                1/32%).

            

    

     

    
      	 	
              (ii)

            	
              If
                on any LIBOR Determination Date only one or none of the Reference
                Banks
                provides such offered quotations, LIBOR for the next Interest Accrual
                Period shall be whichever is the higher of (i) LIBOR as determined
                on the
                previous LIBOR Determination Date or (ii) the Reserve Interest Rate.
                The
                “Reserve Interest Rate” shall be the rate per annum which the Trustee
                determines to be either (i) the arithmetic mean (rounded upwards
                if
                necessary to the nearest whole multiple of 1/32%) of the one-month
                United
                States dollar lending rates that New York City banks selected by
                the
                Trustee are quoting, on the relevant LIBOR Determination Date, to
                the
                principal London offices of at least two of the Reference Banks to
                which
                such quotations are, in the opinion of the Trustee, being so made,
                or (ii)
                in the event that the Trustee can determine no such arithmetic mean,
                the
                lowest one-month United States dollar lending rate which New York
                City
                banks selected by the Trustee are quoting on such LIBOR Determination
                Date
                to leading European banks.

            

    

     

    
      	 	
              (iii)

            	
              If
                on any LIBOR Determination Date the trustee is required but is unable
                to
                determine the Reserve Interest Rate in the manner provided in paragraph
                (b) above, LIBOR shall be LIBOR as determined on the preceding LIBOR
                Determination Date.

            

    

     

    The
      Master Servicer shall designate at least four Reference Banks. Until all of
      the
      LIBOR Certificates are paid in full, the Trustee will refer to the four
      Reference Banks designated by the Master Servicer to determine LIBOR with
      respect to each LIBOR Determination Date. Each “Reference Bank” shall be a
      leading bank engaged in transactions in Eurodollar deposits in the international
      Eurocurrency market, shall not control, be controlled by, or be under common
      control with, the Trustee and shall have an established place of business in
      London. If any such Reference Bank should be unwilling or unable to act as
      such,
      the Master Servicer shall promptly appoint or cause to be appointed another
      Reference Bank. The Trustee shall have no liability or responsibility to any
      Person for (i) the selection of any Reference Bank for purposes of determining
      LIBOR or (ii) any inability of the Master Servicer to designate at least four
      Reference Banks. 

     

    
      	 	
              (c)

            	
              The
                Pass-Through Rate for each Class of LIBOR Certificates for each Interest
                Accrual Period shall be determined by the Trustee on each LIBOR
                Determination Date so long as the LIBOR Certificates are outstanding
                on
                the basis of LIBOR and the respective formulae appearing in footnotes
                corresponding to the LIBOR Certificates in the table relating to
                the
                Certificates in the Preliminary Statement.

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    In
      determining LIBOR, any Pass-Through Rate for the LIBOR Certificates, any
      Interest Settlement Rate, or any Reserve Interest Rate, the Trustee may
      conclusively rely and shall be protected in relying upon the offered quotations
      (whether written, oral or on the Bridge Telerate Service) from the BBA
      designated banks, the Reference Banks or the New York City banks as to LIBOR,
      the Interest Settlement Rate or the Reserve Interest Rate, as appropriate,
      in
      effect from time to time. The Trustee shall not have any liability or
      responsibility to any Person for (i) the Trustee’s selection of New York City
      banks for purposes of determining any Reserve Interest Rate or (ii) its
      inability, following a good-faith reasonable effort, to obtain such quotations
      from, the BBA designated banks, the Reference Banks or the New York City banks
      or to determine such arithmetic mean, all as provided for in this Section
      4.9.

     

    
      	 	
              (d)

            	
              The
                establishment of LIBOR and each Pass-Through Rate for the LIBOR
                Certificates by the Trustee shall (in the absence of manifest error)
                be
                final, conclusive and binding upon each Holder of a Certificate and
                the
                Trustee.

            

    

     

    ARTICLE
      IV

    THE
      CERTIFICATES

     

    SECTION
      4.1 The Certificates.

     

    The
      Certificates shall be substantially in the forms attached hereto as exhibits.
      The Certificates shall be issuable in registered form, in the minimum
      denominations, integral multiples in excess thereof (except that one Certificate
      in each Class may be issued in a different amount which must be in excess of
      the
      applicable minimum denomination) and aggregate denominations per Class set
      forth
      in the Preliminary Statement.

     

    Subject
      to Section 9.2 hereof respecting the final distribution on the Certificates,
      on
      each Distribution Date the Trustee shall make distributions to each
      Certificateholder of record on the preceding Record Date either (x) by wire
      transfer in immediately available funds to the account of such Holder at a
      bank
      or other entity having appropriate facilities therefor, if (i) such Holder
      has
      so notified the Trustee at least five Business Days prior to the related Record
      Date and (ii) such Holder shall hold (A) 100% of the Class Certificate Balance
      of any Class of Certificates or (B) Certificates of any Class with aggregate
      principal Denominations of not less than $1,000,000 or (y) by check mailed
      by
      first class mail to such Certificateholder at the address of such Holder
      appearing in the Certificate Register.

     

    The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Trustee by an authorized 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 Trustee,
      notwithstanding that such individuals or any of them have ceased to be so
      authorized prior to the countersignature 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 countersigned by the Trustee by manual signature, and such
      countersignature upon any Certificate shall be conclusive evidence, and the
      only
      evidence, that such Certificate has been duly executed and delivered hereunder.
      All Certificates shall be dated the date of their countersignature. On the
      Closing Date, the Trustee shall countersign the Certificates to be issued at
      the
      direction of the Depositor, or any affiliate thereof.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    The
      Depositor shall provide, or cause to be provided, to the Trustee on a continuous
      basis, an adequate inventory of Certificates to facilitate
      transfers.

     

    SECTION
      4.2 Certificate Register; Registration of Transfer and Exchange of
      Certificates.

     

    
      	 	
              (a)

            	
              The
                Trustee shall maintain, or cause to be maintained in accordance with
                the
                provisions of Section 5.6 hereof, a Certificate Register for the
                Trust
                Fund in which, subject to the provisions of subsections (b) and (c)
                below
                and to such reasonable regulations as it may prescribe, the Trustee
                shall
                provide for the registration of Certificates and of transfers and
                exchanges of Certificates as herein provided. Upon surrender for
                registration of transfer of any Certificate, the Trustee shall execute
                and
                deliver, in the name of the designated transferee or transferees,
                one or
                more new Certificates of the same Class and aggregate Percentage
                Interest.

            

    

     

    At
      the
      option of a Certificateholder, Certificates may be exchanged for other
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest upon surrender of the Certificates to be
      exchanged at the office or agency of the Trustee. Whenever any Certificates
      are
      so surrendered for exchange, the Trustee shall execute, authenticate, and
      deliver the Certificates which the Certificateholder making the exchange is
      entitled to receive. Every Certificate presented or surrendered for registration
      of transfer or exchange shall be accompanied by a written instrument of transfer
      in form satisfactory to the Trustee duly executed by the Holder thereof or
      his
      attorney duly authorized in writing.

     

    No
      service charge to the Certificateholders shall be made for any registration
      of
      transfer or exchange of Certificates, but 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 may be required.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled and subsequently destroyed by the Trustee in accordance with the
      Trustee’s customary procedures.

     

    
      	 	
              (b)

            	
              Except
                as provided 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 the 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 Book-Entry Certificates; (iii)
                ownership and transfers of registration of the Book-Entry 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 deal with the Depository, Depository Participants
                and indirect participating firms as representatives of the Certificate
                Owners of the Book-Entry Certificates for purposes of exercising
                the
                rights of holders under this Agreement, and requests and directions
                for
                and votes of such representatives shall not be deemed to be inconsistent
                if they are made with respect to different Certificate Owners; and
                (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.

            

    

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    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 Owner. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners it represents
      or of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures.

     

    If
      (x)
      (i) the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities as Depository, and (ii) the Trustee or the Depositor is unable
      to locate a qualified successor, (y) the Depositor at its option advises the
      Trustee in writing that it elects to terminate the book-entry system through
      the
      Depository or (z) Certificate Owners representing at least 51% of the Class
      Certificate Balance of the Book-Entry Certificates together advise the Trustee
      and the Depository through the Depository Participants in writing that the
      continuation of a book-entry system through the Depository is no longer in
      the
      best interests of the Certificate Owners, the Trustee shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of definitive, fully-registered Certificates (the
“Definitive Certificates”) to Certificate Owners requesting the same. Upon
      surrender to the Trustee of the related Class of Certificates by the Depository,
      accompanied by the instructions from the Depository for registration, the
      Trustee shall issue the Definitive Certificates. Neither the Depositor nor
      the
      Trustee shall be liable for any delay in delivery of such instruction and each
      may conclusively rely on, and shall be protected in relying on, such
      instructions. The Depositor shall provide the Trustee with an adequate inventory
      of certificates to facilitate the issuance and transfer of Definitive
      Certificates. Upon the issuance of Definitive Certificates all references herein
      to obligations imposed upon or to be performed by the Depository shall be deemed
      to be imposed upon and performed by the Trustee, to the extent applicable with
      respect to such Definitive Certificates and the Trustee shall recognize the
      Holders of the Definitive Certificates as Certificateholders hereunder; provided
      that the Trustee shall not by virtue of its assumption of such obligations
      become liable to any party for any act or failure to act of the
      Depository.

     

    SECTION
      4.3 Mutilated, Destroyed, Lost or Stolen Certificates.

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    If
      (a)
      any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate and (b) there is delivered to the Trustee such security or indemnity
      as may be required by it to save it harmless, then, in the absence of notice
      to
      the Trustee that such Certificate has been acquired by a bona fide purchaser,
      the Trustee shall execute, countersign and deliver, in exchange for or in lieu
      of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
      of like Class, tenor and Percentage Interest. In connection with the issuance
      of
      any new Certificate under this Section 5.3, the Trustee may require the payment
      of a sum sufficient to cover any tax or other governmental charge that may
      be
      imposed in relation thereto and any other expenses (including the fees and
      expenses of the Trustee) connected therewith. Any replacement Certificate issued
      pursuant to this Section 5.3 shall constitute complete and indefeasible evidence
      of ownership, as if originally issued, whether or not the lost, stolen or
      destroyed Certificate shall be found at any time.

     

    SECTION
      4.4 Persons Deemed Owners.

     

    The
      Trustee and any agent of the Trustee may treat the Person in whose name any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions as provided in this Agreement and for all other purposes
      whatsoever, and neither the Trustee nor any agent of the Trustee shall be
      affected by any notice to the contrary.

     

    SECTION
      4.5 Access to List of Certificateholders’ Names and Addresses.

     

    If
      three
      or more Certificateholders or Certificate Owners (a) request such information
      in
      writing from the Trustee, (b) state that such Certificateholders or Certificate
      Owners desire to communicate with other Certificateholders with respect to
      their
      rights under this Agreement or under the Certificates, and (c) provide a copy
      of
      the communication which such Certificateholders or Certificate Owners propose
      to
      transmit, or if the Depositor shall request such information in writing from
      the
      Trustee, then the Trustee shall, within ten Business Days after the receipt
      of
      such request, provide the Depositor or such Certificateholders or Certificate
      Owners at such recipients’ expense the most recent list of the
      Certificateholders of such Trust Fund held by the Trustee, if any. The Depositor
      and every Certificateholder or Certificate Owner, by receiving and holding
      a
      Certificate, agree that the Trustee shall not be held accountable by reason
      of
      the disclosure of any such information as to the list of the Certificateholders
      hereunder, regardless of the source from which such information was
      derived.

     

    SECTION
      4.6 Maintenance of Office or Agency.

     

    The
      Trustee will maintain or cause to be maintained at its expense an office or
      offices or agency or agencies in New York City where Certificates may be
      surrendered for registration of transfer or exchange. The Trustee initially
      designates its Corporate Trust Office for such purposes. The Trustee will give
      prompt written notice to the Certificateholders of any change in such location
      of any such office or agency.

     

    ARTICLE
      V

    THE
      DEPOSITOR

     

    SECTION
      5.1 Liabilities of the Depositor.

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    The
      Depositor shall be liable in accordance herewith only to the extent of the
      obligations specifically and respectively imposed upon and undertaken by it
      herein.

     

    SECTION
      5.2 Merger or Consolidation of the Depositor.

     

    The
      Depositor will keep in full effect its existence, rights and franchises as
      a
      corporation under the laws of the United States or under the laws of one of
      the
      states thereof and will each obtain and preserve its qualification to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement and to perform its respective duties under
      this
      Agreement.

     

    Any
      Person into which the Depositor may be merged or consolidated, or any Person
      resulting from any merger or consolidation to which the Depositor shall be
      a
      party, or any person succeeding to the business of the Depositor, shall be
      the
      successor of the Depositor 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.

     

    SECTION
      5.3 Limitation on Liability of the Depositor and Others.

     

    
      	 	
              (a)

            	
              None
                of the Depositor or any of its directors, officers, employees or
                agents
                shall be under any liability to the Certificateholders for any action
                taken or for refraining from the taking of any action in good faith
                pursuant to this Agreement, or for errors in judgment; provided,
                however,
                that this provision shall not protect the Depositor or any such Person
                against any breach of representations or warranties made by it herein
                or
                protect the Depositor or any such Person from any liability which
                would
                otherwise be imposed by reasons of willful misfeasance, bad faith
                or gross
                negligence in the performance of duties or by reason of reckless
                disregard
                of obligations and duties hereunder. The Depositor and any director,
                officer, employee or agent of the Depositor 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 Depositor and
                any
                director, officer, employee or agent of the Depositor shall be indemnified
                by the Trust Fund and held harmless against any loss, liability or
                expense
                incurred in connection with any audit, controversy or judicial proceeding
                relating to a governmental taxing authority or any legal action relating
                to this Agreement or the Certificates, other than any loss, liability
                or
                expense incurred by reason of willful misfeasance, bad faith or gross
                negligence in the performance of duties hereunder or by reason of
                reckless
                disregard of obligations and duties hereunder. The Depositor shall
                have no
                obligation to appear in, prosecute or defend any legal action that
                is not
                incidental to its respective duties hereunder and which in its opinion
                may
                involve it in any expense or liability; provided, however, that the
                Depositor may in its discretion undertake any such action that it
                may deem
                necessary or desirable in respect of this Agreement and the rights
                and
                duties of the parties hereto and interests of the Trustee and the
                Certificateholders hereunder. In such event, the legal expenses and
                costs
                of such action and any liability resulting therefrom shall be expenses,
                costs and liabilities of the Trust Fund, and the Depositor shall
                be
                entitled to be reimbursed therefor out of the applicable subaccount
                of the
                Distribution Account.

            

    

     

    
      
        
        

      

      
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    ARTICLE
      VI

    CONCERNING
      THE TRUSTEE

     

    SECTION
      6.1 Duties of Trustee.

     

    The
      Trustee shall undertake to perform such duties and only such duties as are
      specifically set forth in this Agreement. In the performance of those duties,
      the Trustee shall exercise such of the rights and powers vested in it by this
      Agreement, and use the same degree of care and skill in their exercise as a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee that
      are specifically required to be furnished pursuant to any provision of this
      Agreement shall examine them to determine whether they are in the form required
      by this Agreement; provided, however, that the Trustee shall not be responsible
      for the accuracy or content of any such resolution, certificate, statement,
      opinion, report, document, order or other instrument. If any such instrument
      is
      found not to conform in any material respect to the requirements of this
      Agreement, the Trustee shall notify the Certificateholders of such instrument
      in
      the event that the Trustee, after so requesting, does not receive a
      satisfactorily corrected instrument.

     

    The
      Trustee is hereby directed to execute and deliver to The Depository Trust
      Company the Issuer Letter of Representations dated as of the Closing Date on
      behalf of the trust created hereunder. The Depositor acknowledges and agrees
      that the Trustee is executing and delivering the Issuer Letter of
      Representations on behalf of the trust created hereunder and shall do so solely
      in its capacity as Trustee and not in its individual capacity.

     

    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 willful misconduct; provided, however, that:

     

    
      	 	
              (i)

            	
              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 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 which it believed in good faith to be genuine and
                to have
                been duly executed by the proper authorities respecting any matters
                arising hereunder;

            

    

     

    
      	 	
              (ii)

            	
              the
                Trustee shall not be liable for an error of judgment made in good
                faith by
                a Responsible Officer or Responsible Officers of the Trustee, unless
                it
                shall be finally proven that the Trustee was negligent in ascertaining
                the
                pertinent facts;

            

    

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    
      	 	
              (iii)

            	
              the
                Trustee shall not be liable with respect to any action taken, suffered
                or
                omitted to be taken by it in good faith in accordance with the direction
                of Holders of Certificates evidencing not less than 25% of the Voting
                Rights of Certificates relating to the time, method and place of
                conducting any proceeding for any remedy available to the Trustee,
                or
                exercising any trust or power conferred upon the Trustee under this
                Agreement;

            

    

     

    
      	 	
              (iv)

            	
              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 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 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 Depositor under this
                Agreement; and

            

    

     

    
      	 	
              (v)

            	
              without
                limiting the generality of this Section 6.1, the Trustee shall have
                no
                duty (A) to see to any recording, filing, or depositing of this Agreement
                or any agreement referred to herein or any financing statement or
                continuation statement evidencing a security interest, or to see to the
                maintenance of any such recording or filing or deposit or to any
                rerecording, refiling or redepositing of any thereof, (B) to see
                to any
                insurance, (C) to see to the payment or discharge of any tax, assessment,
                or other governmental charge or any lien or encumbrance of any kind
                owing
                with respect to, assessed or levied against, any part of the Trust
                Fund
                other than from funds available in the Distribution Account (D) to
                confirm
                or verify the contents of any reports or certificates of the Servicer
                delivered to the Trustee pursuant to this Agreement believed by the
                Trustee to be genuine and to have been signed or presented by the
                proper
                party or parties.

            

    

     

    SECTION
      6.2 Certain Matters Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 6.1:

     

    
      	 	
              (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 believed by it to be genuine and to have been signed
                or
                presented by the proper party or parties and the Trustee shall have
                no
                responsibility to ascertain or confirm the genuineness of any signature
                of
                any such party or parties;

            

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    
      	 	
              (ii)

            	
              the
                Trustee may consult with counsel, financial advisers or accountants
                and
                the advice of any such counsel, financial advisers or accountants
                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 not be 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;

            

    

     

    
      	 	
              (iv)

            	
              the
                Trustee shall not be bound to make any investigation into the facts
                or
                matters stated in any resolution, certificate, statement, instrument,
                opinion, report, notice, request, consent, order, approval, bond
                or other
                paper or document, unless requested in writing so to do by Holders
                of
                Certificates evidencing not less than 25% of the Voting Rights allocated
                to each Class of Certificates; 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 assured to the
                Trustee by the security afforded to it by the terms of this Agreement,
                the
                Trustee may require indemnity satisfactory to the Trustee against
                such
                cost, expense or liability as a condition to taking any such action.
                The
                reasonable expense of every such examination shall be paid to the
                Trustee
                out of Available Funds or, if paid by the Trustee, shall be reimbursed
                to
                the Trustee out of Available Funds.

            

    

     

    
      	 	
              (v)

            	
              the
                Trustee may execute any of the trusts or powers hereunder or perform
                any
                duties hereunder either directly or by or through agents, accountants
                or
                attorneys and the Trustee shall not be responsible for any misconduct
                or
                negligence on the part of such agent, accountant or attorney appointed
                by
                the Trustee with due care;

            

    

     

    
      	 	
              (vi)

            	
              the
                Trustee shall not be required to risk or expend its own funds or
                otherwise
                incur any financial liability in the performance of any of its duties
                or
                in the exercise of any of its rights or powers hereunder if it shall
                have
                reasonable grounds for believing that repayment of such funds or
                adequate
                indemnity against such risk or liability is not assured to
                it;

            

    

     

    
      	 	
              (vii)

            	
              the
                Trustee shall not be liable for any loss on any investment of funds
                pursuant to this Agreement (other than as issuer of the investment
                security);

            

    

     

    
      	 	
              (viii)

            	
              the
                Trustee shall be under no obligation to exercise any of the trusts,
                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, pursuant to
                the
                provisions of this Agreement, unless such Certificateholders shall
                have
                offered to the Trustee reasonable security or indemnity satisfactory
                to
                the Trustee against the costs, expenses and liabilities which may
                be
                incurred therein or thereby;

            

    

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    
      	 	
              (ix)

            	
              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 gross negligence or willful misconduct
                in
                the performance of such act; and 

            

    

     

    
      	 	
              (x)

            	
              the
                Trustee shall not be required to give any bond or surety in respect
                of the
                execution of the Trust Fund created hereby or the powers granted
                hereunder.

            

    

     

    SECTION
      6.3 Trustee Not Liable for Certificates or the Underlying
      Certificates.

     

    The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor and the Trustee assumes no responsibility for their
      correctness. The Trustee makes no representations as to the validity or
      sufficiency of this Agreement or of the Certificates or of any Underlying
      Certificate or related document, other than with respect to the Trustee’s
      execution and counter-signature of the Certificates. 

     

    SECTION
      6.4 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 the
      Trustee.

     

    SECTION
      6.5 Trustee’s Fees and Expenses.

     

    The
      Trustee fee for the transactions contemplated hereby shall be paid by the Seller
      in the form of a lump sum payment to the Trustee on or prior to the Closing
      Date. The Trustee and any director, officer, employee or agent of the Trustee
      shall be indemnified by the Trust Fund and held harmless against any loss,
      liability or expense (including reasonable attorney’s fees) (i) incurred in
      connection with any claim or legal action relating to (a) this Agreement, (b)
      the Certificates or (c) in connection with the performance of any of the
      Trustee’s duties hereunder, other than any loss, liability or expense incurred
      by reason of willful misfeasance, bad faith or gross negligence in the
      performance of any of the Trustee’s duties hereunder or incurred by reason of
      any action of the Trustee taken at the direction of the Certificateholders
      and
      (ii) resulting from any error in any tax or information return prepared by
      the
      Depositor. Such indemnity shall survive the termination of this Agreement or
      the
      resignation or removal of the Trustee hereunder. Except as otherwise provided
      herein, the Trustee shall not be entitled to payment or reimbursement for any
      routine ongoing expenses incurred by the Trustee in the ordinary course of
      its
      duties as Trustee, Registrar, Tax Matters Person or Paying Agent hereunder
      or
      for any other expenses.

     

    SECTION
      6.6 Eligibility Requirements for Trustee.

     

    The
      Trustee hereunder shall at all times be a corporation or association organized
      and doing business under the laws of a state or the United States of America,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000, subject to supervision or
      examination by federal or state authority and with a credit rating which would
      not cause either of the Rating Agencies to reduce their respective then current
      ratings of the Certificates (or having provided such security from time to
      time
      as is sufficient to avoid such reduction). If such corporation or association
      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 6.6 the combined capital and surplus of such
      corporation or association shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. In
      case at any time the Trustee shall cease to be eligible in accordance with
      the
      provisions of this Section 6.6, the Trustee shall resign immediately in the
      manner and with the effect specified in Section 6.7 hereof. The entity serving
      as Trustee may have normal banking and trust relationships with the Depositor
      and its affiliates; provided, however, that such entity cannot be an affiliate
      of the Depositor.

     

    
      
        
        

      

      
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    SECTION
      6.7 Resignation and Removal of Trustee.

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice of resignation to the Depositor and each Rating Agency
      not less than 60 days before the date specified in such notice when, subject
      to
      Section 6.8, such resignation is to take effect, and acceptance by a successor
      trustee in accordance with Section 6.8 meeting the qualifications set forth
      in
      Section 6.6. If no successor trustee meeting such qualifications shall have
      been
      so appointed and have accepted appointment within 30 days after the giving
      of
      such notice or resignation, the resigning Trustee may petition any court of
      competent jurisdiction for the appointment of a successor trustee.

     

    As
      a
      condition to the effectiveness of any such resignation, at least 15 calendar
      days prior to the effective date of such resignation, the Trustee shall provide
      (x) written notice to the Depositor of any successor pursuant to this Section
      and (y) in writing and in form and substance reasonably satisfactory to the
      Depositor, all information reasonably requested by the Depositor in order to
      comply with its reporting obligation under Item 6.02 of Form 8-K with respect
      to
      the resignation of the Trustee.

     

    If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.6 hereof and shall fail to resign after written request
      thereto by the Depositor, (ii) the Trustee shall become incapable of acting,
      or
      shall be adjudged as 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, (iii)(A) a tax is imposed with
      respect to the Trust Fund by any state in which the Trustee or the Trust Fund
      is
      located, (B) the imposition of such tax would be avoided by the appointment
      of a
      different trustee and (C) the Trustee fails to indemnify the Trust Fund against
      such tax, or (iv) during the period that the Depositor is required to file
      Exchange Act Reports with respect to the Trust Fund, the Trustee fails to comply
      with its obligations under the last sentence of Section 7.1, Section 6.9 or
      Article X and such failure is not remedied within the lesser of ten (10)
      calendar days or such period in which the applicable Exchange Act Report can
      be
      filed timely (without taking into account any extensions), then, in the case
      of
      clauses (i) through (iii), then the Depositor may, upon not less than 30 days
      written notice to each Rating Agency, remove the Trustee and appoint a successor
      trustee by written instrument, in duplicate, one copy of which instrument shall
      be delivered to the Trustee and one copy of which instrument shall be delivered
      to the successor trustee.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee and appoint a successor trustee by written instrument
      or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered by
      the
      successor Trustee to the Depositor, one complete set to the Trustee so removed
      and one complete set to the successor so appointed. Notice of any removal of
      the
      Trustee shall be given to each Rating Agency by the Successor
      Trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section 6.7 shall become effective
      upon acceptance of appointment by the successor trustee as provided in Section
      6.8 hereof.

     

    SECTION
      6.8 Successor Trustee.

     

    Any
      successor trustee appointed as provided in Section 6.7 hereof shall execute,
      acknowledge and deliver to the Depositor and to its predecessor trustee an
      instrument accepting such appointment hereunder and thereupon the resignation
      or
      removal of the predecessor trustee shall become effective and such successor
      trustee, without any further act, deed or conveyance, shall become fully vested
      with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as trustee herein. The
      Depositor and the predecessor trustee shall execute and deliver such instruments
      and do such other things as may reasonably be required for more fully and
      certainly vesting and confirming in the successor trustee all such rights,
      powers, duties, and obligations.

     

    No
      successor trustee shall accept appointment as provided in this Section 6.8
      unless at the time of such acceptance such successor trustee shall be eligible
      under the provisions of Section 6.6 hereof and its appointment shall not
      adversely affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section
      6.8, the Depositor shall mail notice of the succession of such trustee hereunder
      to all Holders of Certificates. If the Depositor fails to mail such notice
      within 10 days after acceptance of appointment by the successor trustee, the
      successor trustee shall cause such notice to be mailed at the expense of the
      Depositor.

     

    SECTION
      6.9 Merger or Consolidation of Trustee.

     

    Any
      corporation into which the Trustee 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 Trustee shall be a party, or any corporation
      succeeding to the business of the Trustee, shall be the successor of the Trustee
      hereunder, provided that such corporation shall be eligible under the provisions
      of Section 6.6 hereof without the execution or filing of any paper or further
      act on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      
        
        

      

      
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    The
      Trustee shall provide (x) written notice to the Depositor of any successor
      due
      to merger or consolidation of the trustee pursuant to this Section within five
      (5) days of the effectiveness of such merger or consolidation and (y) in writing
      and in form and substance reasonably satisfactory to the Depositor, all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K with respect to a replacement
      Trustee.

     

    SECTION
      6.10 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 Fund
      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 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 Fund, and to vest in such Person or Persons, in such capacity
      and
      for the benefit of the Certificateholders, such title to the Trust Fund or
      any
      part thereof, whichever is applicable, and, subject to the other provisions
      of
      this Section 6.10, such powers, duties, obligations, rights and trusts as the
      Depositor and the Trustee may consider necessary or desirable. If the Depositor
      shall not have joined in such appointment within 15 days after the receipt
      by it
      of a request to do so, 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 6.6 and
      no
      notice to Certificateholders of the appointment of any co-trustee or separate
      trustee shall be required under Section 6.8.

     

    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)

            	
              To
                the extent necessary to effectuate the purposes of this Section 6.10,
                all
                rights, powers, duties and obligations conferred or imposed upon
                the
                Trustee shall be conferred or imposed upon and exercised or performed
                by
                the Trustee and such separate trustee or co-trustee jointly (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, 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
                applicable Trust Fund 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 such appointment shall
                not,
                and shall not be deemed to, constitute any such separate trustee
                or
                co-trustee as agent of the Trustee;

            

    

     

    
      
        
        

      

      
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              (iii)

            	
              The
                Trustee may at any time accept the resignation of or remove any separate
                trustee or co-trustee; and

            

    

     

    
      	 	
              (iv)

            	
              The
                Trust Fund, and not the Trustee, shall be liable for the payment
                of
                reasonable compensation, reimbursement and indemnification to any
                such
                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 separate trustees and co-trustees, when and 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.

     

    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
      6.11 Tax Matters.

     

    
      	 	
              (a)

            	
              The
                Trust Fund shall be treated as a grantor trust, within the meaning
                of
                Subpart E, part I of Subpart J of Chapter 1 of Subtitle A of the
                Code and
                as a fixed investment trust as contemplated by Section 301.7701-4
                of the
                Treasury Regulations promulgated under the Code and not as a partnership
                nor an association taxable as a corporation. Accordingly, each
                Certificateholder will be treated for Federal income tax purposes
                as the
                owner of an undivided interest in the assets of the Trust Fund, and
                this
                Agreement shall be interpreted consistent with such intent. The Trustee
                shall furnish or cause to be furnished to the Certificateholders
                such
                information as to the income and expenses of the Trust Fund as may
                be
                required under the Code, on the cash or accrual method of accounting,
                as
                applicable. Except as provided in this Agreement, or in connection
                with,
                or incidental to, the provisions or purposes of this Agreement and
                the
                transactions contemplated hereunder, neither the Depositor nor the
                Trustee
                on behalf of the Trust Fund shall (i) issue debt or otherwise borrow
                money, (ii) merge or consolidate with any other entity, (iii) reorganize,
                or (iv) liquidate or sell any of its assets except as specifically
                provided herein. The Trustee shall not (i) invest any proceeds received
                by
                the Trustee from holding the Trust Fund except as specifically provided
                herein; (ii) acquire any assets other than as expressly provided
                herein;
                (iii) elect for the Trust Fund to be an association taxable as a
                corporation for United States federal, state or local income tax
                purposes;
                or (iv) have any power to vary the investments of the Trust Fund,
                except
                to the limited extent specifically provided
                herein.

            

    

     

    
      
        
        

      

      
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              (b)

            	
              The
                Trustee will prepare and sign on behalf of the Trust Fund and file
                in a
                timely manner with the appropriate governmental authorities any tax
                returns which the Trust Fund is required to file pursuant to applicable
                federal, state, or local tax laws. To the extent authorized under
                the
                Code, and the regulations promulgated thereunder, each Holder of
                a
                Certificate (by the acceptance of a beneficial interest in a Certificate)
                irrevocably appoints and authorizes the Trustee to be its attorney-in-fact
                for purposes of signing any tax returns required to be filed on behalf
                of
                the Trust Fund. The Depositor shall provide to the Trustee promptly
                upon
                written request therefore, any information or data that the Trustee
                may,
                from time to time, reasonably request in order to enable the Trustee
                to
                perform its duties as set forth herein. The Depositor hereby indemnifies
                the Trustee for any losses, liabilities, damages, claims or expenses
                of
                the Trustee arising from any errors or miscalculations of the Trustee
                that
                result from any failure of the Depositor to provide, or cause to
                be
                provided, accurate information or data to the Trustee on a timely
                basis.

            

    

     

    
      	 	
              (c)

            	
              For
                tax purposes, the Corridor Contract shall be deemed to have a value
                of
                $1,754,000 as of the Closing Date and the Underlying Corridor Contract
                shall be deemed to have a value of $1,623,000 as of the Closing
                Date.

            

    

     

    ARTICLE
      VII

    TERMINATION

     

    SECTION
      7.1 Termination upon Optional Termination of the Underlying
      Certificates.

     

    Subject
      to Section 7.3, the obligations and responsibilities of the Depositor and the
      Trustee created hereby with respect to the Trust Fund shall terminate upon
      the
      earlier of (a) the Distribution Date on which the Underlying Certificates are
      terminated pursuant to Section 9.1 of the Underlying PSA, and (b) the
      distribution to Certificateholders of all amounts required to be distributed
      to
      them pursuant to this Agreement. In no event shall the trusts created hereby
      continue beyond the earlier of (i) the expiration of 21 years from the death
      of
      the 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, and (ii)
      the Latest Possible Maturity Date.

     

    SECTION
      7.2 Final Distribution on the Certificates.

     

    If
      on any
      Determination Date, the Depositor determines that the class certificate balance
      of the Underlying Certificates will be reduced to zero on the related
      Distribution Date and there are no other funds or assets in the Trust Fund
      other
      than the funds on deposit in, or to be deposited into, the Distribution Account
      on the related Distribution Date, the Depositor shall direct the Trustee
      promptly to send a final distribution notice to each Certificateholder.

     

    Notice
      of
      any termination of the Trust Fund, specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee by letter
      to Certificateholders. Any such notice shall specify (a) the Distribution Date
      upon which final distribution on the Certificates will be made upon presentation
      and surrender of Certificates at the office therein designated, (b) the amount
      of such final distribution, (c) the location of the office or agency at which
      such presentation and surrender must be made, and (d) 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 therein specified. The Depositor will give such notice to each Rating
      Agency at the time such notice is given to Certificateholders.

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Certificateholders of each Class, in the order set forth
      in
      Section 3.2 hereof, on the final Distribution Date, in the case of the
      Certificateholders, in proportion to their respective Percentage Interests,
      with
      respect to Certificateholders of the same Class, an amount equal to (i) as
      to
      each Class of Regular Certificates, the Class Certificate Balance thereof plus
      accrued interest thereon in the case of an interest bearing Certificate, and
      (ii) as to the Residual Certificates, the amount, if any, which remains on
      deposit in the Distribution Account (other than the amounts retained to meet
      claims) after application pursuant to clause (i) above. 

     

    
      	 	
              (a)

            	
              In
                the event that any affected Certificateholders shall not surrender
                Certificates for cancellation within six months after the date specified
                in the above mentioned written notice, the Trustee 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 six months after the second notice all
                the
                applicable Certificates shall not have been surrendered for cancellation,
                the Trustee may take appropriate steps, or may appoint an agent to
                take
                appropriate steps, to contact the remaining Certificateholders concerning
                surrender of their Certificates, and the cost thereof shall be paid
                out of
                the funds and other assets which remain a part of the Trust Fund.
                If
                within one year after the second notice all Certificates shall not
                have
                been surrendered for cancellation, the Holders of the Class A-R
                Certificates shall be entitled to all unclaimed funds and other assets
                of
                the Trust Fund, held for distribution to such Certificateholders,
                which
                remain subject hereto.

            

    

     

    ARTICLE
      VIII

    EXCHANGE
      ACT REPORTING

     

    SECTION
      8.1 Filing Obligations.

     

    The
      Trustee shall reasonably cooperate with the Depositor in connection with the
      satisfaction of the Depositor’s reporting requirements under the Exchange Act
      with respect to the Trust Fund. In addition to the information specified below,
      if so requested by the Depositor for the purpose of satisfying its reporting
      obligation under the Exchange Act, the Trustee shall provide the Depositor
      with
      (a) such information which is available to such Person without unreasonable
      effort or expense and within such timeframe as may be reasonably requested
      by
      the Depositor to comply with the Depositor’s reporting obligations under the
      Exchange Act and (b) to the extent such Person is a party (and the Depositor
      is
      not a party) to any agreement or amendment requested of it by the Depositor
      and
      required to be filed, copies of such agreement or amendment in EDGAR-compatible
      form.

    
      
        
        

      

      
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    SECTION
      8.2 Form 10-D Filings.

     

    (a) Although
      the Depositor is responsible under Regulation AB for filing the Form 10-D,
      the
      Trustee hereby agrees it shall prepare for filing and file within fifteen days
      after each Distribution Date (subject to permitted extensions under the Exchange
      Act) with the SEC with respect to the Trust Fund, a Form 10-D with copies of
      the
      Monthly Statements and, to the extent delivered to the Trustee, no later than
      ten days following the Distribution Date, such other information identified
      by
      the Depositor, in writing, to be filed with the SEC (such other information,
      the
“Additional Designated Information”). If the Depositor directs that any
      Additional Designated Information is to be filed with any Form 10-D, the
      Depositor shall specify the Item on Form 10-D to which such information is
      responsive and, with respect to any Exhibit to be filed on Form 10-D, the
      Exhibit number. Any information to be filed on Form 10-D shall be delivered
      to
      the Trustee in EDGAR-compatible form or as otherwise agreed upon by the Trustee
      and the Depositor, at the Depositor’s expense, and any necessary conversion to
      EDGAR-compatible format will be at the Depositor’s expense. At the reasonable
      request of, and in accordance with the reasonable directions of, the Depositor,
      subject to the two preceding sentences, the Trustee shall prepare for filing
      and
      file an amendment to any Form 10-D previously filed with the SEC with respect
      to
      the Trust Fund. The Depositor shall sign the Form 10-D filed on behalf of the
      Trust Fund.

     

    (b) No
      later
      than each Distribution Date, the Trustee shall notify the Depositor of any
      Form
      10-D Disclosure Item relating to it, together with a description of any such
      Form 10-D Disclosure Item in form and substance reasonably acceptable to the
      Depositor. In addition to such information as the Trustee is obligated to
      provide pursuant to other provisions of this Agreement, if so requested by
      the
      Depositor, the Trustee shall provide such information which is available to
      the
      Trustee without unreasonable effort or expense regarding the performance or
      servicing of the Underlying Mortgage Loans (in the case of the Trustee, based
      on
      the information provided by the Master Servicer pursuant to the Underlying
      PSA)
      as is reasonably required of the Depositor to facilitate preparation of
      distribution reports in accordance with Item 1121 of Regulation AB. Such
      information shall be provided concurrently with the delivering of the Monthly
      Statements specified in Section 3.4, commencing with the first such Monthly
      Statements due not less than five (5) Business Days following such
      request.

     

    (c) The
      Trustee shall not have any responsibility to file any items (other than those
      generated by it) that have not been received in a format suitable (or readily
      convertible into a format suitable) for electronic filing via the EDGAR system
      and shall not have any responsibility to convert any such items to such format
      (other than those items generated by it or that are readily convertible to
      such
      format). The Trustee shall have no liability to the Certificateholders, the
      Trust Fund or the Depositor with respect to any failure to properly prepare
      or
      file any of Form 10-D to the extent that such failure is not the result of
      any
      gross negligence, bad faith or willful misconduct on its part. For avoidance
      of
      doubt, the Trustee shall have no liability whatsoever under the Securities
      Act
      or the Exchange Act

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    SECTION
      8.3 Form 8-K Filings.

     

    The
      Depositor shall prepare and file on behalf of the Trust Fund any Form 8-K
      required by the Exchange Act. Each Form 8-K must be signed by the Depositor.
      The
      Trustee shall promptly notify the Depositor, but in no event later than one
      (1)
      Business Day after its occurrence, of any Reportable Event related to it, of
      which it has actual knowledge.

     

    SECTION
      8.4 Form 10-K Filings.

     

    Prior
      to
      March 30th of each year, commencing in 2007 (or such earlier date as may be
      required by the Exchange Act), the Depositor shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act. The senior officer in charge of securitization of the Depositor shall
      sign
      each Form 10-K filed on behalf of the Trust Fund. Such Form 10-K shall include
      as exhibits each (i) annual compliance statement described under Section 3.16
      of
      the Underlying PSA, (ii) annual report on assessments of compliance with
      servicing criteria described under Section 8.7 and (iii) accountant’s report
      described under Section 8.7. Each Form 10-K shall also include any
      Sarbanes-Oxley Certification required to be included therewith, as described
      in
      Section 8.5.

     

    If
      the
      Item 1119 Parties listed on Exhibit D have changed since the Closing Date,
      no
      later than March 1 of each year, the Depositor shall provide the Trustee with
      an
      updated Exhibit D setting forth the Item 1119 Parties. No later than March
      15 of
      each year, commencing in 2007, the Trustee shall notify the Depositor of any
      Form 10-K Disclosure Item related to it, together with a description of any
      such
      Form 10-K Disclosure Item in form and substance reasonably acceptable to the
      Depositor. Additionally, the Trustee shall provide to the Depositor the
      following information no later than March 15 of each year in which a Form 10-K
      is required to be filed on behalf of the Trust Fund: (i) if the Trustee’s report
      on assessment of compliance with servicing criteria described under Section
      8.7
      or related registered public accounting firm attestation report described under
      Section 8.7 identifies any material instance of noncompliance, notification
      of
      such instance of noncompliance and (ii) if the Trustee’s report on assessment of
      compliance with servicing criteria or related registered public accounting
      firm
      attestation report is not provided to be filed as an exhibit to such Form 10-K,
      information detailing the explanation why such report is not
      included.

     

    SECTION
      8.5 Sarbanes-Oxley Certification.

     

    Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley Certification”) required
      by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section
      302
      of the Sarbanes-Oxley Act of 2002 and the rules and regulations of the SEC
      promulgated thereunder (including any interpretations thereof by the SEC’s
      staff)). No later than March 15 of each year, beginning in 2007, the Trustee
      shall provide to the Person who signs the Sarbanes-Oxley Certification (the
      “Certifying Person”) a certification (each, a “Performance Certification”),
      substantially in the form attached hereto as Exhibit C, unless such other form
      is mutually agreed upon, on which the Certifying Person, the entity for which
      the Certifying Person acts as an officer, and such entity’s officers, directors
      and Affiliates (collectively with the Certifying Person, “Certification
      Parties”) can reasonably rely. The senior officer in charge of securitization of
      the Depositor shall serve as the Certifying Person on behalf of the Trust Fund.
      The Depositor will not request delivery of a certification under this clause
      unless the Depositor is required under the Exchange Act to file an annual report
      on Form 10-K with respect to the Trust Fund. In the event that prior to the
      filing date of the Form 10-K in March of each year, the Trustee has actual
      knowledge of information material to the Sarbanes-Oxley Certification, the
      Trustee shall promptly notify the Depositor. The respective parties hereto
      agree
      to cooperate with all reasonable requests made by any Certifying Person or
      Certification Party in connection with such Person’s attempt to conduct any due
      diligence that such Person reasonably believes to be appropriate in order to
      allow it to deliver any Sarbanes-Oxley Certification or portion thereof with
      respect to the Trust Fund.

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

 SECTION
      8.6 Form 15 Filing.

     

    Prior
      to
      January 31 of the first year in which the Depositor is able to do so under
      applicable law, the Depositor shall file a Form 15 relating to the automatic
      suspension of reporting in respect of the Trust Fund under the Exchange
      Act.

     

    SECTION
      8.7 Report on Assessment of Compliance and Attestation.

     

    On
      or
      before March 15 of each calendar year, commencing in 2007:

     

    (i) The
      Trustee shall deliver to the Depositor a report (in form and substance
      reasonably satisfactory to the Depositor) regarding the Trustee’s assessment of
      compliance with the Servicing Criteria 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. Such report shall be signed by an authorized officer
      of
      the Trustee and shall address each of the applicable Servicing Criteria
      specified on a certification substantially in the form of Exhibit C hereto,
      unless such other form is mutually agreed upon delivered to the Depositor
      concurrently with the execution of this Agreement. To the extent any of the
      Servicing Criteria are not applicable to the Trustee, with respect to
      asset-backed securities transactions taken as a whole involving the Trustee
      and
      that are backed by the same asset type backing the Certificates, such report
      shall include such a statement to that effect. The Depositor and each of its
      officers and directors shall be entitled to rely upon each such servicing
      criteria assessment.

     

    (ii) The
      Trustee shall deliver to the Depositor a report of a registered public
      accounting firm reasonably acceptable to the Depositor that attests to, and
      reports on, the assessment of compliance made by the Trustee and delivered
      pursuant to the preceding paragraphs. Such attestation shall be in accordance
      with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act
      and
      the Exchange Act, including, without limitation that in the event that an
      overall opinion cannot be expressed, such registered public accounting firm
      shall state in such report why it was unable to express such an opinion. Such
      report must be available for general use and not contain restricted use
      language. To the extent any of the Servicing Criteria are not applicable to
      the
      Trustee, with respect to asset-backed securities transactions taken as a whole
      involving the Trustee and that are backed by the same asset type backing the
      Certificates, such report shall include such a statement that that
      effect.

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    SECTION
      8.8 Amendments.

     

    In
      the
      event the parties to this Agreement desire to further clarify or amend any
      provision of this Article VIII, this Agreement shall be amended to reflect
      the
      new agreement between the parties covering matters in this Article VIII pursuant
      to Section 9.1, which amendment shall not require any Opinion of Counsel or
      Rating Agency confirmations or the consent of any
      Certificateholder.

     

    ARTICLE
      IX 

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      9.1 Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor and the Trustee
      without the consent of any of the Certificateholders (i) to cure any ambiguity
      or mistake, (ii) to correct any defective provision herein or to supplement
      any
      provision herein which may be inconsistent with any other provision herein,
      (iii) to add to the duties of the Depositor, (iv) to add any other provisions
      with respect to matters or questions arising hereunder or (v) to modify, alter,
      amend, add to or rescind any of the terms or provisions contained in this
      Agreement; provided that any action pursuant to clauses (iv) or (v) above shall
      not, as evidenced by an Opinion of Counsel delivered to the Trustee (which
      Opinion of Counsel shall not be an expense of the Trustee or the Trust Fund),
      adversely affect in any material respect the interests of any Certificateholder;
      provided, however, that the amendment shall not be deemed to adversely affect
      in
      any material respect the interests of the Certificateholders if the Person
      requesting the amendment obtains a letter from each Rating Agency stating that
      the amendment would not result in the downgrading or withdrawal of the
      respective ratings then assigned to the Certificates; it being understood and
      agreed that any such letter in and of itself will not represent a determination
      as to the materiality of any such amendment and will represent a determination
      only as to the credit issues affecting any such rating. The Trustee and the
      Depositor also may at any time and from time to time amend this Agreement
      without the consent of the Certificateholders to modify, eliminate or add to
      any
      of its provisions to such extent as shall be necessary or helpful to (i)
      maintain the status of the Trust Fund as a grantor trust under the Code or
      to
      prevent the imposition of any material state or local taxes or (ii) to comply
      with any other requirements of the Code, provided that the Trustee has been
      provided an Opinion of Counsel, which opinion shall be an expense of the party
      requesting such opinion but in any case shall not be an expense of the Trustee
      or the Trust Fund, to the effect that such action is necessary or helpful to,
      as
      applicable, (i) maintain the qualification of the Trust Fund as a grantor trust
      under the Code, (ii) avoid or minimize the risk of the imposition of such taxes
      or (iii) comply with any such requirements of the Code.

     

    This
      Agreement may also be amended from time to time by the Depositor and the Trustee
      with the consent of the Holders of a Majority in Interest of each Class of
      Certificates affected thereby 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 shall (i) reduce in any manner the amount of,
      or
      delay the timing of, payments required to be distributed on any Certificate
      without the consent of the Holder of such Certificate, (ii) adversely affect
      in
      any material respect the interests of the Holders of any Class of Certificates
      in a manner other than as described in (i), without the consent of the Holders
      of Certificates of such Class evidencing, as to such Class, Percentage Interests
      aggregating 66%, or (iii) reduce the aforesaid percentages of Certificates
      the
      Holders of which are required to consent to any such amendment, without the
      consent of the Holders of all such Certificates then outstanding. In addition,
      the permitted activities of the Trust under this Agreement cannot be
      significantly modified without the approval of Holders of Certificates
      evidencing a Majority in Interest.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the Trustee shall furnish written notification of the
      substance or a copy of such amendment to each Certificateholder and each Rating
      Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section to
      approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    Nothing
      in this Agreement shall require the Trustee to enter into an amendment without
      receiving an Opinion of Counsel (which Opinion shall not be an expense of the
      Trustee or the Trust Fund), satisfactory to the Trustee that (i) such amendment
      is permitted and is not prohibited by this Agreement and that all requirements
      for amending this Agreement have been complied with; and (ii) either (A) the
      amendment does not adversely affect in any material respect the interests of
      any
      Certificateholder or (B) the conclusion set forth in the immediately preceding
      clause (A) is not required to be reached pursuant to this Section
      11.1.

     

    SECTION
      9.2 Recordation of Agreement; Counterparts.

     

    This
      Agreement is subject to recordation in all appropriate public recording offices
      or elsewhere, such recordation to be effected by the Depositor at its expense,
      but only upon direction a majority of the Certificateholders 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 (by facsimile or otherwise)
      simultaneously in any number of counterparts, each of which counterparts shall
      be deemed to be an original, and such counterparts shall constitute but one
      and
      the same instrument.

     

    SECTION
      9.3 Governing Law.

     

    THIS
      AGREEMENT (OTHER THAN SECTION 2.1 HEREOF) SHALL BE CONSTRUED IN ACCORDANCE
      WITH
      AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
      AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE
      CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. SECTION
      2.1
      OF THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
      SUBSTANTIVE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND
      TO
      BE PERFORMED IN THE STATE OF DELAWARE AND THE OBLIGATIONS, RIGHTS AND REMEDIES
      OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS UNDER SUCH SECTION SHALL BE
      DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    SECTION
      9.4 Intention of Parties.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Trust Fund
      by
      the Depositor to the Trustee be, and be construed as, absolute sales thereof
      to
      the Trustee. It is, further, not the intention of the parties that such
      conveyances be deemed a pledge thereof by the Depositor to the Trustee. However,
      in the event that, notwithstanding the intent of the parties, such assets are
      held to be the property of the Depositor, or if for any other reason this
      Agreement is held or deemed to create a security interest in such assets, then
      (i) this Agreement shall be deemed to be a security agreement within the meaning
      of the Uniform Commercial Code of the State of New York and (ii) the conveyance
      provided for in this Agreement shall be deemed to be an assignment and a grant
      by the Depositor to the Trustee, for the benefit of the Certificateholders,
      of a
      security interest in all of the assets that constitute the Trust Fund, whether
      now owned or hereafter acquired.

     

    The
      Depositor, for the benefit of the Certificateholders, shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the Trust
      Fund, such security interest would be deemed to be a perfected security interest
      of first priority under applicable law and will be maintained as such throughout
      the term of the Agreement. The Depositor shall arrange for filing any Uniform
      Commercial Code financing and continuation statements in connection with any
      security interest granted or assigned to the Trustee for the benefit of the
      Certificateholders.

     

    SECTION
      9.5 Notices.

     

    
      	 	
              (a)

            	
              The
                Trustee shall use its best efforts to promptly provide notice to
                each
                Rating Agency with respect to each of the following of which it has
                actual
                knowledge:

            

    

     

    
      	 	
              (A)

            	
              Any
                material change or amendment to this
                Agreement;

            

    

     

    
      	 	
              (B)

            	
              The
                resignation or termination of the Trustee and the appointment of
                any
                successor; and

            

    

     

    
      	 	
              (C)

            	
              The
                final payment to
                Certificateholders.

            

    

     

    In
      addition, the Trustee shall promptly furnish to each Rating Agency upon request
      copies of each Monthly Statement.

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              All
                directions, demands, authorizations, consents, waivers, communications
                and
                notices hereunder shall be in writing and shall be deemed to have
                been
                duly given when delivered to by first class mail, facsimile or courier
                (a)
                in the case of the Depositor, First Horizon Asset Securities Inc.,
                4000
                Horizon Way, Irving, Texas 75063, Attention: Alfred Chang; (b) in
                the case
                of the Trustee, The Bank of New York, 101 Barclay Street, 8E, New
                York,
                New York 10286, Attention: Corporate Trust, Resecuritization Unit
                - First
                Horizon 2006-RE2, or such other address as the Trustee may hereafter
                furnish to the Depositor, and (c) in the case of the Rating Agencies,
                the
                address specified therefor in the definition corresponding to the
                name of
                such Rating Agency. Notices to Certificateholders shall be deemed
                given
                when mailed, first class postage prepaid, to their respective addresses
                appearing in the Certificate
                Register.

            

    

     

    SECTION
      9.6 Severability of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this 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
      9.7 Limitation on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the trust created hereby, nor entitle such Certificateholder’s
      legal representative or heirs to claim an accounting or to take any action
      or
      commence any proceeding in any court for a petition or winding up of the trust
      created hereby, or otherwise affect the rights, obligations and liabilities
      of
      the parties hereto or any of them.

     

    No
      Certificateholder shall have any right to vote (except as provided herein)
      or in
      any manner otherwise control the operation and management of the Trust Fund,
      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 party 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 or by availing itself of any
      provisions 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 the
      occurrence of a default under this Agreement and of the continuance thereof,
      as
      herein provided, and unless the Holders of Certificates evidencing not less
      than
      25% of the Voting Rights evidenced by the Certificates shall also have made
      written request to 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 60 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 being
      understood and intended, and being 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 or by availing itself or themselves of any provisions of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of the Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder or to enforce any right under this Agreement, except
      in
      the manner herein provided and for the common benefit of all Certificateholders.
      For the protection and enforcement of the provisions of this Section 9.8, each
      and every Certificateholder and the Trustee shall be entitled to such relief
      as
      can be given either at law or in equity.

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    SECTION
      9.8 Certificates Nonassessable and Fully Paid.

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Trustee pursuant to this Agreement, are and shall be deemed fully
      paid.

     

    SECTION
      9.9 Limitations on Actions; No Proceedings.

     

    
      	 	
              (a)

            	
              Other
                than pursuant to this Agreement, or in connection with or incidental
                to
                the provisions or purposes of this Agreement, the trust created hereunder
                shall not (i) issue debt or otherwise borrow money, (ii) merge or
                consolidate with any other entity reorganize, liquidate or transfer
                all or
                substantially all of its assets to any other entity, or (iii) otherwise
                engage in any activity or exercise any power not provided for in
                this
                Agreement.

            

    

     

    
      	 	
              (b)

            	
              Notwithstanding
                any prior termination of this Agreement, the Trustee and the Depositor
                shall not, prior to the date which is one year and one day after
                the
                termination of this Agreement, acquiesce, petition or otherwise invoke
                or
                cause any Person to invoke the process of any court or government
                authority for the purpose of commencing or sustaining a case against
                the
                Depositor or the Trust Fund under any federal or state bankruptcy,
                insolvency or other similar law or appointing a receiver, liquidator,
                assignee, trustee, custodian, sequestrator or other similar official
                of
                the Depositor or the Trust Fund or any substantial part of their
                respective property, or ordering the winding up or liquidation of
                the
                affairs of the Depositor or the Trust
                Fund.

            

    

     

    *
      * * * *
      *

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	
              FIRST
                HORIZON ASSET SECURITIES INC.,

              
                as
                  Depositor

              

            
	 
 	 
 	 
 
	
            	By:  	 
	 	
              

              Alfred
                Chang

              
                Vice
                  President 

              

            

    

     

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK,

              
                not
                  in its individual capacity, but solely as Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	
               

            
	 	
               

              Name:  

            	
              

            
	 	
               

              Title: 

            	
              

            
	 	
              

            

    

     

    FHAMS
      2006-RE2

     

    Pooling
      Agreement – Signature
      Page

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    [FORM
      OF
      CLASS A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER 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”).

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

        
        

      

    

    
      	
              Certificate
                No.

            	: 
	
              Closing
                Date

            	: 
	
              First
                Distribution Date

            	: 
	
              Initial
                Certificate Balance of this Certificate (“Denominations”)

            	
               

              : 
                $

            
	
              Initial
                Certificate 

              Balances
                of all 

              Certificate
                of this 

              Class

            	
              : 
                $

            
	
              CUSIP

            	: 

    

     

    First
      Horizon Alternative Mortgage Securities Trust 2006-RE2

    Mortgage
      Pass-Through Certificates, Series 2006-RE2

    Class
      A-1

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      two
      classes of mortgage pass-through certificates (each, an “Underlying
      Certificate”) evidencing an undivided beneficial ownership interest in a pool of
      conventional mortgage loans (the “Underlying Mortgage Loans”) secured by first
      liens on one- to four-family residential properties.

     

    First
      Horizon Asset Securities Inc., as Depositor

     

    This
      certifies that __________________ is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the denomination
      of
      this Certificate by the aggregate Initial Certificate Balances of all
      Certificates of the Class to which this Certificate belongs) in certain monthly
      distributions with respect to a Trust Fund consisting primarily of the
      Underlying Certificates deposited by First Horizon Asset Securities Inc. (the
      “Depositor”). The Trust Fund was created pursuant to a Pooling Agreement dated
      as of the Closing Date specified above (the “Agreement”) by and between the
      Depositor and The Bank of New York, 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.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Balance at any time may be less than the
      Certificate Balance as set forth herein. This Certificate does not evidence
      an
      obligation of, or an interest in, and is not guaranteed by the Depositor or
      the
      Trustee referred to below or any of their respective affiliates. None of this
      Certificate, the Underlying Certificates or the Underlying Mortgage Loans are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    
      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 signatory
        of the
        Trustee.

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      May __, 2006

     

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK,

              
                not
                  in its individual capacity, but solely as Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Signatory of 

              THE
                BANK OF NEW YORK

              not
                in its individual capacity,

              but
                solely as Trustee

            

    

     

    
      	 	 
	
              Countersigned:  

               

            
	By:  	 
	 	
              

              Authorized
                Signatory of 

              THE
                BANK OF NEW YORK, 

              not
                in its individual capacity,  

              but
                solely as Trustee

            

    

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [Form
      of
      Reverse of Certificates]

     

    First
      Horizon Alternative Mortgage Securities Trust 2006-RE2

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      First Horizon Alternative Mortgage Securities Trust 2006-RE2 Mortgage
      Pass-Through Certificates, of the Series specified on the face hereof (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust Fund 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, the Business Day
      immediately following (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. The Record Date applicable to each Distribution
      Date
      is the last Business Day of the month next preceding the month of such
      Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register. The final distribution on each Certificate will be made
      in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      Corporate Trust Office or such other location 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 and the Trustee with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided 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.

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the Corporate Trust Office or the office or agency maintained by the Trustee
      in
      New York, New York, 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
      Fund 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 and the Trustee and any agent of the Depositor or the Trustee may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and neither the Depositor, the Trustee, nor any such
      agent shall be affected by any notice to the contrary.

     

    The
      Certificates are subject to optional termination on any Distribution Date on
      which the Underlying Certificates are terminated pursuant to terms of the
      Underlying PSA. In the event that no such optional termination occurs, the
      obligations and responsibilities created by the Agreement will terminate upon
      the later of the maturity or other liquidation of the Underlying Certificates
      or
      the disposition of all Trust Fund property in respect thereof and the
      distribution to Certificateholders of all amounts required to be distributed
      pursuant to the Agreement. In no event, however, will the trust created by
      the
      Agreement continue beyond the expiration of 21 years from the death of the
      last
      survivor of the descendants living at the date of the Agreement of a certain
      person named in the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

     

    ______________________________

    (Please
      insert social security or

    other
      identifying number of assignee)

     

    
      __________________________________________________________________________________________________________________

    

     

    
      __________________________________________________________________________________________________________________

    

     

    (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
      Fund.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

     

    __________________________________________________________________________________________________________________

     

    
      __________________________________________________________________________________________________________________

       

    

    __________________________________________________________________________________________________________________

     

    
      	 	 	 
	Dated: _______________	  	 
	 	
              
Signature
              by or on behalf of assignor
	 	 

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to
      ______________________________________, for the account of
      _____________________, account number ___________, or, if mailed by check,
      to
      ___________________________. Applicable statements should be mailed to
      __________________________. 

     

    This
      information is provided by ________________________________________, the
      assignee named above, or _________________, as its agent.

    
 

    
      
        
          
          

        

        
          D-3

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      C

     

    FORM
      OF
      ANNUAL CERTIFICATION

     

    (Trustee)

     

     

    Re: First
      Horizon Alternative Mortgage Securities Trust 2006-RE2 (the “Trust”),
      Mortgage Pass-Through Certificates, Series 2006-RE2, issued pursuant to the
      Pooling Agreement, dated as of May 31, 2006 (the “Pooling
      Agreement”),
      between First Horizon Asset Securities Inc., as depositor (the “Depositor”)
      and
      The Bank of New York, as trustee (the “Trustee”)

     

    I,
      [identify the certifying individual], a [title of certifying individual] of
      the
      Trustee, hereby certify to 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 report on assessment of the Trustee’s compliance with the servicing
      criteria set forth in Item 1122(d) of Regulation AB (the “Servicing
      Criteria”),
      provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange
      Act of 1934, as amended (the “Exchange
      Act”)
      and
      Item 1122 of Regulation AB (the “Servicing
      Assessment”),
      and
      the registered public accounting firm’s attestation report provided in
      accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section
      1122(b) of Regulation AB (the “Attestation
      Report”)
      (collectively, the “Trustee
      Information”);

     

    2. Based
      upon my knowledge, the Trustee Information, 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 with respect to the period of time
      covered by the Trustee Information;

     

    3. Based
      on
      my knowledge, all of the Trustee Information required to be provided by the
      Trustee under the Pooling Agreement has been provided to the
      Depositor;

     

    4. I
      am
      responsible for reviewing the activities performed by the Trustee as trustee
      under the Pooling Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Servicing Assessment or the Attestation Report, the Trustee has fulfilled its
      obligations under the Pooling Agreement in all material respects;
      and

     

    5. The
      Servicing Assessment and Attestation Report required to be provided by the
      Trustee pursuant to the Pooling Agreement have been provided to the Depositor.
      Any material instances of noncompliance described in such reports have been
      disclosed to the Depositor. Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

    
      	 	 	 
	 	
            
	 
 	
            	 
 
	 	Date:	
            
	 	
              
                

              

               

              
                

              

              [Signature]

              
                [Title]
                  

              

            
	 	
            

    

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      LIST OF ITEM 1119 PARTIES

    FIRST
      HORIZON ALTERNATIVE MORTGAGE PASS-THROUGH TRUST 2006-RE2

     

    Mortgage
      Pass-Through Certificates,

    Series
      2006-RE2

     

    
      	
              Party

            	 	
              Contact
                Information

            
	 	 	 

    

    
      
        
        

      

      
        J-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]